Wyoming, nicknamed “The Equality State” and “The Sagebrush State” is known for its wildlife, lakes, grasslands and mountains. Ranked an impressive second in economy and fourth in quality of life by the 2011 CNBC Top States for Business, Wyoming is a leading producer of coal, petroleum and natural gas. The state also has the largest sodium carbonate deposits in the world and the second largest uranium deposits in the United States. Aside from natural gas, coal and petroleum, Wyoming is also a leading producer of sheep and wool, beef cattle, and hogs. The state’s farms grow wheat, sugar beets, corn, oats, barley, and alfalfa. Tourism is also a big industry in Wyoming as visitors are attracted to Yellowstone National Park, Grand Teton National Park, Jackson Hole National Monument, Flaming Gorge, and Fort Laramie National Historic Site. Because your business in Wyoming is one of a kind, its important to understand the different types of business insurance in Wyoming options.
Standard Business Insurance Coverages in Wyoming
An insurance policy held by an organization, also known as a BOP, is an all-inclusive small business insurance package that includes multiple liability coverages in bundle. A BOP integrates two chief coverages in one policy: property insurance and general liability. Business owners insurance in Wyoming transfers risk away from the business owner to the insurance company by providing protection for a variety of different areas of liability, including equipment, buildings, and legal liabilities. Common insurance claims that business owners insurance coverage protects you from include: personal injury, income loss, liability claims, valuable documents, equipment breakdown, fire, legal liability claims, employee dishonesty, money and securities, and property claims. The Wyoming-based business or organization might have additional components added to the original BOP coverage depending on the possible risks of each individual business.
General liability insurance in Wyoming is carefully organized to protect small business leaders from financial loss that can appear from negligent acts, omissions, or both, caused by the enterprise or their employees that may result in physical injury or property damage. Examples of the varieties of exposures typically covered under general liability insurance include contractual liabilities, liabilities from products sold, and accidents on the insured premises. The damage or injury may be a result of negligence or unintentional. General liability insurance for Wyomingites may be a standalone policy or can be combined with other policies.
A package policy is a type of insurance policy for a small business owner that combines two or more types of insurance into a single policy, also called a package. A typical package policy in The Cowboy State incorporates general liability insurance (summarized above) and commercial property (explained below); although a package policy may be written to include nearly any type of coverage, depending on the needs of the organization. A package policy in Wyoming is helpful for an owner of a small organization because it allows for plenty of flexibility to assemble to a policy particularly for the unique needs and risk exposures of the entity.
Commercial Property Insurance is available to provide coverage for any type of Wyoming commercial property, and includes, valuable papers, building, supplies, equipment, furniture, inventory, and personal property. Commercial property insurance in Wyoming gives protection against a number of perils, such as windstorm, hail, explosion, fire, theft, destruction, natural disasters, and lightning strikes. Not only can retailers and service-oriented businesses benefit from this type of insurance, but manufacturers and not-for-profit organizations can too.
Wyoming is a monopolistic state and therefore workers’ compensation insurance is only available through the State’s Workers’ Comp Commission.
If your company owns one vehicle or a fleet of vehicles, it’s necessary to be protected by commercial auto insurance in Wyoming. Commercial auto insurance offers financial protection to Wyomingite business owners and their workers by offering coverage for a company’s use of trucks, vans, cars, or other vehicles for job-related duties. Commercial auto insurance covers damages and medical costs that result from vehicle accidents, as well as vandalism and damage from hail storms. Coverage for businesses in the state of Wyoming may include vehicles owned, rented, leased, or hired by your enterprise, along with employee-owned vehicles used for your business operations. For this latter reason, it’s recommended that companies obtain a commercial auto insurance policy — referred to as non-owned commercial auto insurance — if workers use their own vehicle to perform transportation-related functions for the business.
Commercial umbrella insurance in Wyoming begins at the point that your general liability, commercial auto insurance, or other liability coverage ends. Your business benefits from umbrella insurance since your existing liability policies may have coverage limits, and may not cover all expenses if a disastrous or unexpected event occurs. Commercial umbrella insurance in the mountain state of Wyoming is a crucial source of coverage that fills in the gaps in your primary business liability coverage. Umbrella insurance is a wonderful way to have extra protection for property damage, bodily injury, or other types of liabilities.
Some Additional Business Insurance Coverages in Wyoming to Consider
Errors and Omissions insurance policies provide Wyoming businesses and individuals with protection against lawsuits and claims made by clients or customers for poor work, neglectful acts, errors, and oversights made while conducting business that resulted in a loss of income or output on the part of the customer or client. Errors and Omissions insurance covers legal defense and court costs, along with settlements as stated on the insurance contract. In the medical field, doctors require malpractice insurance, so small business owners who provide services or consulting advice, either directly or through subcontractors, need errors and omissions insurance in Wyoming.
Professional liability insurance provides additional protection for professionals, such as general contractors, investment analysts, and accountants from having to pay the entire legal cost of defending against a claim of carelessness, error, failure to perform, or omission made by a client as well as damages allocated in that claim. The coverage’s primary focus is on the monetary loss on the part of the client from this type of alleged claim with respect to a product or service provided by the professional. Professional liability insurance may offer claim coverage, even if the legal actions turn out to be unsupported. Professional liability insurance in Wyoming is mandated by law in some kinds of professional practices, including legal and medical, but other industries necessitate it by contract.
Employment Practices Liability Insurance in Wyoming (EPLI) provides small business leaders with protection against accusations of discrimination, wrongful termination, sexual harassment, breach of contract, pay law violations, false imprisonment, emotional distress, libel, slander, mental agony, negligent hiring and promotion decisions, and defamation claims. The VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act, and Family and Medical Leave Act — all provide the background for the Employment practices liability insurance.
Fidelity Bonds in Wyoming
Fidelity bonds in Wyoming are a form of insurance purchased by owners of small companies in order to protect against losses, like fraud, embezzlement, or theft by one or more employees. Since reimbursement from employee dishonest practices is usually not available due to the money already being spent, fidelity bonds signify extra security for a small business owner who would otherwise have to suffer these losses. Even if your company has protection against these types of acts including employee screening, internal controls, and careful supervision, it isn’t always enough. Losses suffered from employee thefts of money, property, or securities are all covered under fidelity bonds insurance in Wyoming. There are three chief types of fidelity bonds, although there are others, which include business service bonds, standard employee dishonesty bonds, and ERISA bonds.
Surety Bonds in Wyoming
A surety bond is a requisite agreement or contract shared between three parties: the principal, obligee, and surety (insurance company). It represents the assurance they will pay a specified amount should a party fail to meet a commitment, such as satisfying the terms of the contract. A surety bond protects the recipient from loss if the contract is not fulfilled, while the surety company takes on the liability for nonperformance. A surety bond is usually required for monetary compensation. Owners of Wyoming businesses may need a surety bond to promise payment of utility bills or state sales taxes, while a contractor may need to post a bond to secure work or be eligible for licenses. While surety bonds in Wyoming are more commonly seen in the construction industry, surety bonds are also used by mortgage brokers, medical suppliers, automobile dealers, health club owners, notaries public, and others. Because of the large range of small businesses that use and need bonds, there several different types and features of surety bonds in Wyoming that offer a wide range of guarantees.
You have worked hard to ensure your business in Wyoming is successful, possibly spending your life savings on it. Therefore, safeguarding that business from unforeseen circumstances is essential. No matter what type of small business you own, whether it is a pet store in Cheyenne or a meat market in Casper, it is vital that you go above and beyond the traditional business insurance policy that only covers basic liabilities and protect your business and assets. Risk exposures like theft, fire, natural disasters, fraud, and litigations can have a negative impact on your assets and business finances; therefore it is important that your Wyoming business be protected by supplemental business insurance policies.