Idaho is nicknamed “The Gem State”, and a gem it is. Not only has practically every type of gemstone been found in Idaho, but its scenic beauty and abundant natural resources make it a great place not only to live, but start a business in Idaho. While best known for the “Idaho potato”, the state is rich in other industries, like lumber, chemical products, electronics, mining, food processing, and so much more. Idaho has also kept up with modern advances too, with both the science and technology sectors making up a good portion of the state’s total revenue. Whether you are operating a coffee shop in the Rocky Mountains or a consulting business in the Boise metropolitan area, you’ll need business insurance in Idaho for protection.
Standard Business Insurance Coverages in Idaho
Small businesses in Idaho need a comprehensive insurance package consisting of multiple insurance coverages in one policy. And that’s what they get with a business owner’s insurance policy. In a BOP, as it is frequently called, property insurance and general liability are included. Not only are Idahoan’s buildings and business equipment covered, but legal liabilities are too. A lofty benefit of business owners insurance in Idaho is that it removes the risk from the small business owner. Instead, the risk is transferred to the insurance company. The typical claims covered in this policy include employee dishonesty, equipment breakdown, and income loss. Valuable papers and property claim are also included as is personal injury, professional liability, and damages related to fire. Depending on the unique risks a Idahoan small business owner might face, additional add-ons components may be deemed appropriate as a supplement.
General liability insurance in Idaho is designed to protect the business owner from financial loss resulting from oversights, omissions, or both, caused by you or your small business employees. These negligent acts also result in either bodily injury or damage to property. A few examples of the types of risks commonly covered under general liability insurance in Idaho include contractual liabilities, liability from products sold, and accidents on the premises of the insured. The damage or injury may be unintentional or through oversight, or negligent acts. General liability insurance in Idaho may be a standalone policy or can be combined with another policy.
A package policy in Idaho is an insurance policy for the Idahoan small business owner that merges together two or more types of insurance into one policy, or package. A usual package policy in Idaho combines commercial property (described below) and general liability insurance (described above). However, a package policy can be crafted to include practically any type of coverage, depending on the needs of your Idaho organization. A package policy is advantageous for the Idaho small business owner because it allows for great flexibility to personalize a policy specifically for the unique needs and liability risks of the business.
Do you own commercial property in Idaho? Commercial Property Insurance in Idaho provides insurance protection for any type of commercial property. This includes the Idahoan’s building, equipment, office or customer furniture, inventory, supplies, and those valuable papers. Let’s not forget personal property as well. Commercial property insurance gives the business owner protection against certain perils like windstorm, fire, lightening strikes, hail, vandalism, theft, explosion, and natural disasters. This type of insurance is advised for a variety of Idaho small businesses, including service businesses, retail establishments, manufacturing companies, and not-for-profit establishments.
If you have employees working in your Idaho business, workers’ compensation insurance provides coverage when an employee becomes ill or is injured on the job. Workers’ compensation insurance in Idaho is a no-fault, state-mandated insurance system designed to protect your workers who sustained an injury or an illness while performing their work-related duties. Because the state of Idaho requires its businesses, whether small, medium, or large, who have workers to obtain workers’ compensation, failure to carry it can potentially cause you to pay severe fines and civil penalties. In certain circumstances, it can result in even have to bear the cost of injuries suffered by employees. On the other hand, with workers’ compensation insurance in Idaho, employees receive health-related care and lost wages coverage in exchange for the knowledge that the employee will not sue his employer.
It’s vital to have commercial auto insurance in Idaho if your businesses uses one or more vehicle to commence business operations. Commercial auto insurance provides financial assurance to Idahoan business owners and their drivers by providing insurance coverage for an organization’s use of trucks, vans, cars, or other vehicles in carrying out its business operations. Commercial auto insurance in Idaho not only covers damages and medical costs resulting from vehicle accidents, but hail damage and vandalism as well. We should also note that the vehicle does not have to be owned by your company. Instead, vehicles leased, rented, or hired are also covered. Moreover, employee-owned vehicles used for your business operations are also insured under commercial auto insurance. It’s highly recommended that Idaho companies purchase a commercial auto insurance policy even if employees use their own vehicles to when performing job-related tasks for the business (non-owned commercial insurance).
Commercial umbrella insurance in Idaho serves the purpose of picking up where your general liability or other liability policy coverage ends. To demonstrate, your current liability policies may have coverage limits; this comes down to your policy not covering all expenses should unforeseen or disastrous event occur. Commercial umbrella insurance in Idaho is a prudent method of protection that rounds out your insurance policies. Umbrella insurance in Idaho is an smart method to provide supplemental protection against property damage, bodily injury, or certain other liabilities.
Some Additional Business Insurance Coverages in Idaho to Consider
Do you or your business provide professional services? If so, you may need Errors and Omissions Insurance in Idaho. Errors and Omissions insurance policies protect Idaho individuals and businesses from hefty litigation claims for inadequate or incomplete work, in addition to errors, oversights, and negligent acts while completing a contract or job. The important point to note is that the act must have resulted in a client’s or customer’s lost production or income. E & O insurance, as it is often called, covers your legal defense costs and settlement costs, including court costs. In the same way that cardiologists must have malpractice insurance, small business owners in Idaho who provide professional services or consulting advice, whether directly or through contractors, need errors and omissions insurance in Idaho.
Idaho business professionals, such as lawyers, accountants, and general contractors need to have protection against having to absorb the complete legal cost of defending against an allegations and damages relating to omission, error, negligence, or failure to perform. That’s where professional liability insurance in Idaho comes in. Professional liability insurance also covers an alleged claim from a product or service sold by the professional that resulted in a client’s financial loss or loss of productivity. Even if the claim turns out to be groundless, you’re covered. Professional liability insurance in Idaho is required by law in a number of professional practices, like in law and medical professions, but is also required in other professions — typically through a contract.
Employment Practices Liability Insurance (EPLI) in Idaho provides Idahoan small business employers with protection against a multitude of employment-related claims. For instance, consider these examples: slander, promotion decisions, mental anguish, negligent hiring, wrongful termination, wage law violations, sexual harassment, discrimination, breach of contract, defamation claims, libel, false imprisonment, promotion decisions, and emotional distress. Employment practices liability insurance targets on laws, acts, and protection set forth under Title VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act, and Family and Medical Leave Act. The Equal Opportunity Employment Commission (EEOC) has the role of enforcing these acts not only in Idaho, but nationwide.
Fidelity Bonds in Idaho
Fidelity bonds are a form of business insurance designed to protect against losses, and purchased by an Idaho small business employer. Let’s take a look at several examples of losses covered under fidelity bonds in Idaho: embezzlement, fraud, or theft by a group of employees or just one employee. Since repayment from losses like employee dishonesty practices is typically not going to come to fruition due to the cash being gone, fidelity bonds are a crucial safeguard for an Idahoan small business owner who may have had to tap into his own bank account to cover such financial losses. While it’s advised to have security controls, like employee screening, internal controls, and close employee monitoring, sometimes that isn’t good enough. Financial losses encountered as a result of employee theft of money, property, or securities are all covered under fidelity bonds insurance in Idaho.
Surety Bonds in Idaho
A surety bond in Idaho is a legally binding contract or agreement among three parties: the principal, obligee, and surety (insurance company). In summary, a surety bond in Idaho relates to the promise pay a specified amount should a party renege on an obligation, like not completing work on a contract. Therefore, a surety bond, provides the recipient with a safety net against loss should the contract not be fulfilled. On the flip side, the surety company absorbs the liability for in the event of nonperformance. A surety bond in Idaho is commonly required to obtain monetary compensation. Idahoan business owners seeking to guarantee payment of utility bills or state taxes may need a surety bond. Alternatively, in order to obtain work or licenses, a contractor may need to post an Idaho surety bond. While used in the construction industry quite often, surety bonds are also used all over Idaho by notary publics, financial mortgage brokers, health club owners, medical supply professionals, and automobile dealers, to name quite a few. Because of the plethora of Idaho of small businesses that need and use surety bonds, there are many types and features of surety bonds in Idahoans that are available with several kinds of guarantees.
Whether you are running an electrician business in Boise, or a beauty salon in Meridian, Idaho, small businesses should protect their growing businesses in the event of fire, accident, theft, litigation, or any other type of liability or risk exposure. All things considered, everyday common risks may be covered by standard business insurance in Idaho, but it may be beneficial to look into supplemental Idaho business insurance coverages. Business insurance in Idaho is an important component of small business success, and sensible business owners know that a sound business insurance policy is as necessary as making a profit.