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Recommended insurance policies for small businesses in North Dakota
General liability insurance
General liability covers common risks for small businesses in North Dakota, including customer property damage and injuries. Commercial leases often require this policy.
- Customer injuries at your company
- Damaged customer property
- Copyright and defamation lawsuits
Errors and omissions insurance
This policy is also called professional liability insurance. It protects professionals against lawsuits over mistakes, missed deadlines, and oversights.
- Work errors and oversights
- Professional negligence lawsuits
- Late or incomplete work
Cyber liability insurance
This policy protects North Dakota small businesses against data breaches and cyberattacks that affect your business or a client.
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Business owner’s policy
This policy bundles property insurance and general liability insurance. It's often the most cost-effective commercial coverage for a North Dakota small business.
- Customer injuries
- Damaged customer property
- Damaged business property
Workers’ compensation
North Dakota requires all small businesses that have employees to purchase workers’ compensation insurance. This policy can cover medical costs for work injuries.
- Employee medical expenses
- Disability benefits
- Physical and occupational therapy
Commercial auto insurance
This policy is required for vehicles owned by North Dakota small businesses. It covers injuries and property damage in an accident, along with other types of damage.
- Accidents involving business-owned vehicles
- Theft of a business-owned vehicle
- Damage to a company vehicle
Looking for different coverage? Check out our other policies.
What are the insurance requirements for small businesses in North Dakota?
Workers' compensation insurance
North Dakota state law requires companies that have one or more employees to purchase workers’ compensation insurance. This policy covers medical bills for work-related injuries and illnesses.
North Dakota is one of four states that operates a monopolistic state fund for workers' compensation. That means employers cannot buy workers' comp from private insurers, only from the state fund.
Policies purchased through the state fund do not include employer's liability insurance, which provides financial protection against employee injury lawsuits. However, you can still purchase it through a private insurance provider.
Commercial auto insurance
Vehicles owned by small businesses in North Dakota must be covered by commercial auto insurance. North Dakota requires:
- Bodily injury liability: $25,000 per person / $50,000 per accident
- Property damage liability: $25,000 per accident
- Uninsured motorist coverage: $25,000 per person / $50,000 per accident
- Personal injury protection: $30,000
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance, as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
How much does small business insurance cost?
Commercial insurance can be affordable for small business owners in North Dakota. Based on policy data from TechInsurance customers, the average premiums are:
General liability: $45 per month
Workers' compensation: $54 per month
Professional liability / E&O: $88 per month
Factors that influence the cost of business insurance include:
- Type of business
- Business operations
- Number of employees
- Location, such as Fargo or Bismarck
- Policy limits and other coverage options
- Claims history
We specialize in business insurance for North Dakota technology professionals
Our agents are experts in insurance for North Dakota technology businesses. They can help you find policies that fit your company and fulfill state requirements. TechInsurance is licensed by the North Dakota Insurance Department as BIN Insurance Holdings LLC (NPN 15752926) for property and casualty insurance and for surplus lines (license number 2000003458). Verify our licensure with the National Association of Insurance Commissioners: select North Dakota, licensee, business entity, and then enter our NPN or license number.
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