What are Idaho's Insurance Requirements for Small Businesses?
As with most states, Idaho mandates that small business owners carry workers' compensation insurance if they have at least one employee unless they are specifically exempt from the law. This rule applies to full-time, part-time, occasional, and seasonal workers, and the policy must be in place before the first employee is hired. In the event that one of your employees becomes injured on the job, here are five things that workers' comp in Idaho can help cover:
- The treatment of immediate illnesses and injuries, including emergency room visits, medical bills, and hospital visits.
- Compensation for the costs of ongoing care, including rehabilitation, treatment by specialists, surgeries, etc.
- Lost income, which covers a portion of the employee's regular salary while he or she recovers.
- Death benefits and funeral costs should an injury or accident lead to the death of an employee. Workers' comp can cover both funeral arrangements and paid death benefits to the employee's family.
- Legal fees, including protecting you from liability in the first place.
What Additional Business Insurance Coverage Do I Need in Idaho?
No matter what type of business you're running in Idaho, many small business owners will consider a general liability policy, which helps protect your business from financial loss if you're faced with a lawsuit.
In Idaho, general liability insurance typically covers:
- Damage caused to a third-party's property while you or an employee is conducting business.
- Legal fees stemming from accusations that you provided inadequate or neglectful work or that you engaged in willful misconduct, excluding services that should be covered by a Professional Liability policy.
- Injuries to someone other than an employee at your business premises.
- Personal injury that causes damage to an individual's rights or reputation, including copyright or trademark infringement, wrongful eviction, and similar situations.
How Can I Determine Which Insurance Coverage I Might Need?
Depending on your business's industry, number of employees, and specific liability risks, the amount of and kinds of insurance coverage you need for adequate protection will vary. For example, businesses that provide specialized advice or services, own or operate commercial vehicles, or store sensitive consumer information may require or want to purchase professional liability, commercial auto, or cyber liability insurance in addition to those outlined above. Small businesses who don't require extensive coverage limits may opt to bundle multiple types of coverage in a Business owners policy (BOP).
AmVenture prides itself on creating bespoke insurance solutions tailored to the unique needs of small businesses like yours. Our goal is to ensure your success as you continue to develop your small business in Idaho. Reach out today or fill out the easy online form above to receive a free quote and be connected to a trained AmVenture representative who can help you understand the insurance policies and limits you may need to help protect and grow your business today and in the future.
Facts about Small Businesses in Idaho
With one of the lowest tax rates in the United States, many entrepreneurs choose to start their small businesses in Idaho. According to the Idaho Department of Commerce, the state boasts the sixth-best economic outlook across the nation. Since Idaho has such a stable economy and a balanced state budget, it's no wonder it's home to so many businesses within a wide range of arenas. Reach out when you're ready to get the protection to help see your dream business succeed.