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Recommended insurance policies for small businesses in South Dakota
General liability insurance
General liability covers common risks for small businesses in South 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, or E&O. 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 South 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
A BOP bundles property insurance and general liability insurance. It's often the most cost-effective type of commercial insurance for a South Dakota small business.
- Customer injuries
- Damaged customer property
- Damaged business property
Workers’ compensation
Workers’ compensation insurance is beneficial for South Dakota small businesses that have employees. It can cover medical costs for work injuries.
- Employee medical expenses
- Wages lost while unable to work
- Lawsuits over employee injuries
Commercial auto insurance
This policy is required for vehicles owned by South 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 South Dakota?
Workers' compensation insurance
While South Dakota state law does not require businesses that have employees to carry workers’ compensation insurance, it is strongly recommended. This policy covers medical bills for work injuries and illnesses, and protects businesses from related lawsuits.
Commercial auto insurance
South Dakota requires that every motorist provide proof of financial responsibility. Most owners of business vehicles choose to purchase commercial auto insurance to comply with this law.
South Dakota's minimum requirements for auto insurance are:
- 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
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), 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 South 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 Sioux Falls or Pierre
- Policy limits and other coverage options
- Claims history
We specialize in business insurance for South Dakota technology professionals
Our agents are experts in insurance for South Dakota technology businesses. They can help you find policies that fit your company and fulfill state requirements. TechInsurance is licensed in South Dakota by the Department of Labor's Division of Insurance as BIN Insurance Holdings LLC (NPN 15752926) for property and casualty insurance (license number 10012461). You can verify our licensure with the Sircon Corp. Verification System by selecting South Dakota, agency, and then entering our state license number.
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