Business Owners Policy Wyoming Policy Information
Business Owners Policy Wyoming. As many as half of all businesses are involved in a lawsuit within any particular year, according to the U.S. Small Business Administration. At some future point, even the smallest business is subject to being called into court to answer to a charge of negligence or liability. Carrying business insurance such as a business owners insurance policy Wyoming or BOP policy is important to continuing the growth and success of your business uninterrupted in the event of a claim, catastrophe, or peril.
Vandalism, theft, and fire are all known perils that can close your business down permanently. Many business owners find that their businesses simply cannot recover after a devastating loss. A business owner's policy protects your business from the risks faced in a perilous situation. This policy provides both liability insurance and property insurance in one custom-tailored package based on your business' needs. If you own a small or mid-sized business, this policy is right for you.
A business owners policy Wyoming protects your company from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Avoiding Myths When Purchasing A BOP Policy For Your Business
If you've been teetering on the fence and unsure if a WY BOP policy is right for you, then dispelling some of the myths surrounding these policies is a good move. Let's look at some common misnomers about business owners insurance policy Wyoming policies.
Myth: BOP policies are for big businesses; my business is too small for a BOP policy.
This is an absolutely untrue statement. This type of policy is actually not an option for big businesses; it's tailor made for small and mid-sized businesses.
Myth: General liability covers property loss and business interruption costs.
This is also untrue. General liability insurance will not protect your business from either of these inherent risks. General liability insurance is only for acts that occur due to your actions or that occur on the premises of your business.
Myth: An umbrella policy is sufficient for covering business equipment losses.
Again, untrue. This type of policy covers personal liability, not business liability. It does sometimes extend to cover business equipment under a specific set of circumstances, but the coverage is limited.
Myth: Your business is safe since it is an incorporated business with just one location or operating from the owner's home.
Although the incorporation of your business does make it its own entity legally, any attorney worth his salt can easily finagle his way around the corporate "veil" to find a business owner personally responsible. With a business owners insurance policy Wyoming policy, the liability portion of the policy protects your personal interests.
Myth: You're safe because you're incorporated, only have one location, or are home-based.
While incorporating will make your business a separate legal entity, any knowledgeable lawyer can find a way to remove that corporate protection and make you personally responsible, putting both your business and personal assets at risk. Incorporating offers zero protection against “tort” wrongs, which are judgments related to negligence, malpractice, car accidents and even slips and falls on your property. Luckily, the liability portion of a business owners insurance policy Wyoming protects you against these risks.
Moreover, if you work from your home and rely on a conventional homeowner's policy to guard against business liability, you may find yourself sorely discouraged when your policy specifically rules out business operation in its terms. A better practice is to buy a separate policy so that your insurer understands that business and home are separated, and liability in one doesn't translate to liability in another.
Myth: Your work is conducted at your client's location, so a BOP policy is useless.
A BOP policy is essential if you are conducting business on site. Electricians, caterers, and others who work in people's homes put themselves out there as far as liability goes, and an accident at a client's home or damage to a client's property can leave you holding the bag without an effective BOP policy in place.
Myth: A BOP policy is not essential because the client doesn't require it.
A BOP policy isn't really about protecting the client. At its core, it protects your business. Even if the clients has no opinion about your insurance coverage, protecting yourself from litigation, claims, and loss means having the right coverage in place at all times. Moreover, buying a BOP policy for a short time and then dropping coverage can make your policy cost more in the long run.
Myth: Your contract with your client protects you from liability.
Think again. While having a strong contract in place is always a good idea, the truth is that lawyers can always find an angle to sue, despite the contract's language. Even if the claim has no merit, the cost of defending yourself in court can be astronomical and leave a dent in your business' financial health.
Myth: BOP policies are too expensive for my business.
The opposite is true. business owners insurance policy Wyoming policies are affordable, and the risk they mitigate is priceless. Most people spend just a few hundred dollars per year for a basic BOP policy. This is a small price to pay for peace of mind in knowing that your business is protected. An independent agent can compare rates with multiple insurers to help you find the right coverage for your budget.
The Cost of Business Owners Policy
The type of business you own, the number of people who work for you, and your sales into how much you pay for bar insurance. The location of your business, your claims history, and other important factors also play a part. Work with your licensed commercial agent to find a mix of quotes from insurance companies. This can make it easy to get the right policy for your specific needs.
Wyoming Economic Data, Regulations And Limits On Commercial Insurance
Whether you are an established or a prospective business owner, the location you choose for your company is critical. If you want to achieve as much success as possible, the area needs to offer a healthy market that the goods and services you intend on offering will appeal to, otherwise there's a good chance that you won't garner the success you are hoping for.
Unemployment rate provides valuable insight about a state's economy. A lower unemployment rate indicates that there are more jobs available, and more jobs are available as a result of successful business operations in the area.
Additionally, knowing what industries are thriving in the state will allow you to determine if opening a business in your sector will be beneficial. Lastly, entrepreneurs should familiarize themselves with the kinds of commercial insurance policies they will need to invest in to protect their businesses and ensure they are operating within compliance of the laws.
If you're thinking about starting a business in Wyoming, read on for an overview of the state's economy and commercial insurance requirements so you can determine if the Equality State is the right location for your operation.
Economic Trends For Business Owners In Wyoming
According to the Bureau of Labor Statistics, the unemployment rate in Wyoming was 3.7%; just .02% of the national average of 3.5% at the same time. This rate of unemployment has remained relatively steady over the course of 2019, which is evidenced by the 3.6% rate in July, 2019, and the 3.7% rate in November.
Economists predict that the job rate will continue to remain steady or see a slight increase or decrease in the coming years.
If you are thinking about starting a business in the Equality State, the best locations include metropolitan regions and the areas that surround them. As with all states, urban areas offer larger markets, a larger workforce, and easier access to national distribution centers. With that said, some of the best places to start a business in Wyoming include:
- Rock Springs
- Salt Lake City
Several industries are thriving in WY, but the sectors that are seeing the largest boom include:
- Hospitality and tourism
- Mining and extraction
- Real estate
- State and local government
- Transportation and warehousing (logistics)
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Wyoming are favorable.
Commercial Insurance Requirements In Wyoming
The Wyoming Department of Insurance regulates insurance in WY. Wyoming mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Wyoming requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Wyoming also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Small Business Insurance
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
- Small Business
- Business General Liability
- Business Interruption
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Umbrella
- Comprehensive General Liability
- Directors and Officers Liability
- Cyber Liability
- Employers Liability
- Employment Practices Liability
- Event Cancellation
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Professional Liability
- Workers Compensation Insurance
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
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Also learn about Wyoming small business insurance requirements for general liability, business property, commercial auto & workers compensation including WY business insurance costs. Call us (307) 215-0090.