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Recommended insurance policies for small businesses in Wyoming
General liability insurance
General liability covers common risks for small businesses in Wyoming, 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 Wyoming 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 type of commercial insurance for a Wyoming small business.
- Customer injuries
- Damaged customer property
- Damaged business property
Workers’ compensation
Workers’ compensation insurance is required for all Wyoming small businesses with employees. It can cover medical costs for work injuries.
- Employee medical expenses
- Wages lost while unable to work
- Physical and occupational therapy
Commercial auto insurance
This policy is required for vehicles owned by Wyoming 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 Wyoming?
Workers' compensation insurance
Wyoming state law requires all businesses to carry workers’ compensation insurance. This policy covers medical bills for work injuries and illnesses.
Wyoming 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 Wyoming must be covered by commercial auto insurance.
Wyoming’s minimum auto insurance requirements are:
- Bodily injury liability per person: $25,000
- Bodily injury liability per accident: $50,000
- Property damage liability per accident: $20,000
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?
Business insurance policies can be affordable for sole proprietors and small companies with low risks. Based on policy data from TechInsurance customers in Wyoming, the average premiums are:
General liability: $42 per month
Professional liability / E&O: $84 per month
Business owner's policy: $66 per month
Factors that influence the cost of business insurance include:
- Type of business
- Business operations
- Number of employees
- Location, such as Cheyenne or Casper
- Policy limits and other coverage options
- Claims history
We specialize in business insurance for Wyoming IT and technology professionals
Our agents are experts in insurance for Wyoming technology businesses. They can help you find policies that fit your company and fulfill state requirements. TechInsurance is licensed by the Wyoming Department of Insurance as BIN Insurance Holdings LLC (NPN 15752926) for property and casualty insurance (license number 199870) and for surplus lines (license number 200592). You can verify our licensure with the Sircon Corp. Verification System by selecting Wyoming, agency, and then entering either of our state license numbers.
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