Find the Best Business Insurance Options in Idaho
There are nearly 184,000 small businesses in Idaho, representing over 99% of the businesses in the state. Small businesses employ over 347,000 people in Idaho, making small businesses essential to the state’s economy.
If you own a business in Idaho, how can you protect your assets from property losses and lawsuits? Business insurance provides the financial backup you need. An independent insurance agent can help you compare business insurance quotes in Idaho.
Best Business Insurance Companies in Idaho
Numerous insurance companies offer business insurance in Idaho. The following are some of the best business insurance companies near you. They are highly rated for their mix of valuable coverage offerings and competitive pricing.
- Progressive: Progressive is based in Ohio but offers business insurance across all 50 states, including Idaho. Idaho business owners can look to Progressive for most of their insurance needs.
- Nationwide: Nationwide provides business insurance and other popular types of insurance coverage in Idaho. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states, including Idaho.
- Liberty Mutual: Liberty Mutual is headquartered in Boston, MA, and has been offering business insurance since 1912. Today, the company offers a flexible, multiline range of coverages designed to meet the needs of any business, regardless of size or industry.
- Hanover Insurance Group: Together with local independent agents, Hanover Insurance Group offers standard and specialized insurance protection for small and mid-sized businesses.
- Travelers: Travelers offers highly rated business insurance in Idaho. The company provides a variety of business insurance options, including inland marine, workers' compensation, and general liability.
An independent insurance agent in your area can help you learn more about these and other ID business insurance companies. A local agent can help you get competitive quotes for the coverage that fits your Idaho business insurance needs.
Idaho Business Insurance Requirements
Business insurance is a package of insurance policies covering your property and liability risks. Most types of business insurance are not required in Idaho. However, if your business owns any vehicles, you likely have to buy commercial vehicle insurance that complies with the state’s financial responsibility laws.
In addition, employers with one or more full-time, part-time, seasonal, or occasional employees are required to maintain workers’ compensation insurance unless specifically exempt from the law. Workers' compensation insurance helps pay for the costs of medical care and lost wages for employees if they are injured on the job.
Your independent insurance agent can help you learn more about the requirements for commercial vehicle insurance and workers’ compensation insurance in Idaho.
What Business Insurance Covers in Idaho
Business insurance will vary somewhat for every business. A typical business insurance package in Idaho will include the following types of coverage, at a minimum:
- Commercial general liability (CGL) insurance: Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your CGL policy even covers personal injury claims such as libel and slander.
- Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, and other covered perils.
- Business interruption coverage: Protects your earnings and pays certain expenses if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you are forced to close for a while to make repairs or rebuild your business, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
- Commercial auto insurance: Protects your business-owned cars and trucks from property damage and liability claims.
- Workers’ compensation insurance: Pays for medical expenses and a portion of an employee's lost wages after a work-related injury.
Your business insurance in Idaho may include additional policies that cover your unique risks.
Liability Coverage Options for Small Businesses in Idaho
Many small businesses would have a hard time recovering if they were faced with a lawsuit. Liability insurance can cover you when you’re accused of causing harm to an individual or another business. There are numerous liability coverage options for small businesses in Idaho.
A commercial general liability (CGL) policy offers broad protection from lawsuits. It covers your legal costs, medical expenses, other damages for the injured party, and other expenses related to a liability claim against your business.
CGL policies do not protect you from every type of lawsuit. Depending on the type of work you do, you might need additional liability policies or policy endorsements that supplement your CGL policy and eliminate any gaps in your protection.
An independent insurance agent can help you assess your need for additional liability coverage, such as:
- Employment practices liability insurance: Covers your business against accusations of illegal business practices such as discrimination and wrongful termination.
- Environmental liability insurance: Covers your business if an accident results in your company polluting the land, water, or air.
- Professional liability insurance: Covers individuals in professional positions if errors in judgment or other professional mistakes cause third-party damage.
Talk to an Idaho independent insurance agent to learn more about liability risks and how to protect your business with liability coverage.
Property Coverage Options for Small Businesses in Idaho
Property losses can originate in a variety of ways and cause tremendous harm to your business. Here are the basic business property coverage options in Idaho:
Commercial Property Insurance
- Protects you when your commercial property is damaged by someone else or by some unforeseen event.
- You need business property insurance if you own your building or have tangible business assets (furniture, computers, fixtures, inventory, materials, tools, etc.).
- Repairs or replaces damaged or destroyed commercial property after damage due to fire, vandalism, smoke, theft, severe weather, and other causes of loss.
Business Interruption Insurance
- Usually included as part of a commercial property policy.
- Protects your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown, or some other covered event.
- If you’re forced to close your doors for some time to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
A local independent insurance agent can help you get quotes for business property insurance in Idaho.
Other Insurance Options for Small Business Owners in Idaho
Your business insurance needs likely won’t end with basic property and liability coverage. Other insurance options for small business owners in Idaho include:
- Business owners policy (BOP): A package policy that includes commercial liability insurance, commercial property insurance, and business interruption insurance.
- Workers’ compensation insurance: Typically required for any business that has employees. It pays for lost income and medical expenses for employees who are injured on the job.
- Commercial vehicle insurance: Covers your vehicles and drivers in the event of an accident or other types of vehicle damage.
- Cyber liability insurance: Provides coverage in the event of a data breach involving your business.
- Employment practices liability insurance: Protects you if an employee sues you for discriminatory employment practices.
- Flood or hurricane insurance: Your basic commercial property policy does not cover flood or hurricane damage. Talk to your agent about flood and hurricane insurance if you live in an area that is prone to these events.
- Professional liability insurance: Protects you if a client claims you have been negligent in providing professional services.
- Commercial umbrella insurance: Provides excess liability coverage above and beyond the limits of your applicable underlying commercial liability policies.
This is not an exhaustive list of your business insurance options in Idaho. An independent insurance agent can make sure that all of your Idaho business insurance needs are met.
Average Cost of Business Insurance in Idaho
Every business is unique, and many variables contribute to the cost of business insurance, making it difficult to compute the average price of business insurance in Idaho. Several factors, including the following, influence the cost of Idaho business insurance:
- The size and physical location of your business
- Your number of employees
- Your gross sales and payroll
- The nature of your business (What do you do?)
- The value of your physical assets (buildings, vehicles, machines, equipment, inventory, etc.)
- Your prior claims history
- The types and amounts of coverage that you need
An independent insurance agent can help you understand all the risks you face and get quotes for affordable business insurance in Idaho.
National Business Insurance Stats
Number of businesses in the US: 30,819,176
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
| City | No. of businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Boise | 6,838 | 2.03 | 0.99 |
| Caldwell | 742 | 2.66 | 2.16 |
| Coeur d'Alene | 1,835 | 1.59 | 0.96 |
| Idaho Falls | 2,163 | 4.25 | 1.09 |
| Lewiston | 877 | 4.4 | 1.67 |
| Meridian | 2,290 | 1.64 | 0.38 |
| Moscow | 489 | 2.04 | 0.27 |
| Nampa | 1,833 | 3.09 | 1.43 |
| Pocatello | 1,359 | 3.99 | 1.56 |
| Post Falls | 747 | 1.71 | 1.07 |
| Rexburg | 577 | 0.28 | 0.03 |
| Twin Falls | 1,743 | 3.01 | 1.09 |
How Does Your Idaho City Measure Up?
Property: The property crime rate in Boise is relatively low for a city of its size. This can help keep prices manageable for property insurance coverage. Of course, severe weather, fire, and other hazards can also damage expensive company assets, so be sure you have sufficient coverage.
Commercial auto: If your business owns a vehicle or a fleet of vehicles, you will be required to carry commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of theft or collisions in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Idaho employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Caldwell has a rather low crime rate, which can help keep your costs for coverage against theft and vandalism on the low side. However, you will also want to protect your business assets against loss and damage caused by disasters like floods, fires, and severe weather.
Commercial auto: While commercial auto insurance is required of businesses that own a vehicle or a fleet of vehicles, comprehensive coverage is not. This optional coverage is designed to provide compensation for loss or damage caused by non-collision events, including vehicle theft.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Idaho employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Besides major hazards like fire and severe weather, property crimes can result in large business losses if you do not have the right insurance. The crime rate in Coeur d'Alene may play a role in how your insurance company calculates your property coverage rates.
Commercial auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and vehicle theft in Coeur d'Alene.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Idaho employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Property crime rates play a role in determining the cost of your company's property insurance. Businesses in Idaho Falls will also need to be covered against risks such as fire, severe weather, and human error if they cause loss or damage to business assets.
Commercial auto: If your Idaho Falls business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Adding the option of comprehensive insurance to your policy can provide coverage against theft and damage caused by non-collision events such as falling objects, fire, and floods.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Idaho employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: In addition to severe weather events, accidental fires, and other disasters, property crimes like theft and arson can lead to large business losses if you do not have the right policies in place. The crime rate in Lewiston can affect your business insurance coverage rates.
Commercial auto: If your business property includes a vehicle or a fleet of vehicles, you will be required to purchase commercial auto insurance. Your rates will be based on several factors, including the number and types of vehicles you are insuring and the risk of collisions in Lewiston. Adding comprehensive coverage can also protect you against losses caused by theft and other non-collision events like fires and floods.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Idaho employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: The low crime rate in Meridian is good news for business owners who wish to protect their business property. However, other factors, such as severe weather, fire, and accidents, can all lead to damage and loss, so it is vital that you have the right property coverage in place.
Commercial auto: If your company owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Including comprehensive coverage can provide you with compensation if your company-owned vehicle is stolen or damaged in another non-collision event, such as a fire, flood, or falling objects.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Idaho employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: In addition to hazards like fire and severe weather, property crimes like theft and arson can cause expensive business losses if you do not have the right insurance in place. The crime rate in Nampa may affect your coverage costs.
Commercial auto: Commercial auto insurance is mandatory if your company owns a vehicle or a fleet of vehicles. Rates are calculated according to a number of factors, including how many and what types of vehicles you are covering and the risk of collisions and vehicle theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Idaho employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: If your insurance includes coverage against theft, the crime rate in your city will play a role in how your rates are calculated. You will also want to protect your business property against damage caused by disasters such as fires, floods, storms, and accidents.
Commercial auto: Businesses that own a vehicle or a fleet of vehicles are required to have commercial auto insurance. If you are worried about vehicle theft, you want to be sure that your coverage includes comprehensive insurance, which is designed to cover loss or damage caused by non-collision-related events, including theft, fire, and falling objects.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Idaho employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Operating in a city with a relatively low crime rate, Post Falls businesses will pay lower rates for coverage against theft than businesses in more crime-ridden areas. You will also want to be sure to protect your business property from other risks, such as severe weather, fire, and floods.
Commercial auto: If your business insurance includes a commercial auto policy, you will need to decide whether to add comprehensive coverage. This optional insurance covers loss and damage due to non-collision events such as theft, vandalism, fire, floods, and falling objects.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Idaho employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Disasters like severe weather events, fires and accidents, and property crimes like theft and arson can all lead to significant business losses if you do not have the right insurance in place. The crime rate in Twin Falls may play a role in how your property coverage rates are calculated.
Commercial auto: If your Twin Falls business owns a vehicle or fleet of vehicles, you will need commercial auto insurance. Your rates may be based on a number of factors, including the types of vehicles you are insuring and the risk of collisions in your city. You will want to include comprehensive coverage if you are concerned about the risk of vehicle theft.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Idaho employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Idaho Business Insurance FAQs
While you can't predict the exact cost of small business insurance in Idaho, there are a variety of factors that can help you determine whether your rates will be higher or lower than average. Some of the factors that insurance companies use when calculating your business insurance costs in Idaho are as follows:
- Type of industry
- Number of employees
- Gross annual sales
- Location of business
- Number of company vehicles
- Past claims reported
- Number of years in operation
Regardless of what the state requires, it’s essential for almost every Idaho business to carry a comprehensive business insurance package. In general, business insurance is not required by law in Idaho, except for workers’ compensation insurance. Workers’ compensation is required for every employer with one or more employees, with a few exceptions.
In addition, if your business owns any vehicles, you’re required to comply with Idaho’s car insurance laws.
Most businesses in Idaho need a combination of property and liability insurance, in addition to workers’ compensation insurance and commercial vehicle insurance, as required by the state.
Depending on your unique business and the risks you face, you’ll likely need additional coverage, such as professional liability insurance, commercial umbrella insurance, or cyber liability insurance.
Small business general liability insurance is one of the basic building blocks of business insurance in Idaho. It protects your operation from bodily injury and property damage claims and lawsuits that occur as a result of doing business. General liability insurance is essential for most small businesses in Idaho.
Health insurance and other employee benefits can help you encourage and support a healthy and satisfied workforce. What’s more, you may be eligible for certain tax benefits if you offer health insurance to your employees.
Many different small business health insurance plans are available in Idaho. A local independent insurance agent can help you find affordable small business health insurance near you.
Liberty Mutual, Nationwide, Travelers, Progressive, and Hanover Insurance Group are some of the best small business insurance companies in Idaho. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for business owners.
Searching for the best and most affordable business insurance can be frustrating and confusing. That’s why it pays to have an experienced insurance professional in your corner.
Find an independent insurance agent in Idaho now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.
Small businesses in Idaho may need the following types of business insurance:
- Commercial general liability insurance
- Commercial property insurance
- Business interruption/loss of use insurance
- Workers’ compensation insurance
- Commercial vehicle insurance
- Commercial umbrella insurance
Business owners in Idaho may also need additional policies, including professional liability insurance, equipment breakdown insurance, inland marine insurance, employment practices liability insurance, and more, to cover their unique risks.
You can try to save money on Idaho business insurance in the following ways:
- Bundle your coverage by purchasing a business owners policy (BOP) or any other type of packaged policy designed for your industry
- Implement best practices for safety
- Choose higher deductibles
- Pay annual premiums in full (many insurance companies offer a discount when you pay in full)
- Shop around to find the best prices on the coverage you need
A certificate of insurance is a document you obtain from your insurance company to prove you have business insurance. Certificates of insurance assure your clients that you have the right insurance before they agree to work with you. This can be very important in certain industries, such as construction.
Most insurance companies make it easy to request a certificate of insurance. You can usually request one directly from your insurance company by phone or online, or your independent insurance agent can handle it for you.
While your industry does not affect what business insurance is required by the state of Idaho, it does affect what business insurance is likely needed to adequately protect your assets when you have a loss. The business insurance package for a retail store will be very different than the business insurance package for a manufacturer, a landscaper, or even a restaurant.
An independent insurance agent in your area can help you understand the unique risks faced by businesses in your industry and how the right business insurance policies can protect you.
Do You Know What Your Business Insurance Covers in Idaho?
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