Workers' Compensation Requirements in Indiana
In Indiana, as in most states, workers' compensation insurance is mandatory for all business owners who have employees. Even with the proper amount of safety training, you can't always prevent an accident or injury from happening. If one of your employees has a work-related injury, workers' compensation can provide coverage for their medical expenses, hospitalization, and recovery assistance until he or she can return to work. One of the most important features of this policy is that your business will be protected from liability if the injured employee opts to draw on their benefits.
General Liability Insurance in Indiana
Many small business owners in Indiana will also carry general liability insurance . A general liability policy typically covers the following exposures:
- Bodily injury: injuries caused by an employee or yourself at a customer's home and injuries that occur at your business premises
- Property damage: damage caused to a customer's property by your company
- Personal injury: damage caused to a person's rights or reputation, such as slander, invasion of privacy, libel, and copyright infringement
- Legal defense: lawsuits, legal fees, and judgments that are filed against you by a customer up to your coverage limit
Commercial Property Insurance in Indiana
If you own or lease a building or office space, one catastrophic event could be all it takes to destroy your business. If your building became damaged by fire, would you be able to recover? Or, if an expensive piece of machinery you use on a regular basis unexpectedly breaks down, could you afford to replace it out-of-pocket? A commercial property insurance policy can help cover your building, equipment, signage, inventory, and other property, so you can resume operations more efficiently and affordably if or when a problem arises.
Other Insurance Options to Consider
Every small business is different, but fortunately, there are plenty of insurance options to choose from to help ensure your business has adequate coverage. Here are some other common insurance policies for small businesses in Indiana that you might consider, depending on your company's industry, size, and specific risks:
- Professional Liability Insurance: With professional liability insurance, your business is covered against claims of negligence, faulty workmanship, mistakes you make while on the job, and other matters related to your professional trade. If a customer files a lawsuit against you, this policy can help cover the costs of legal fees. Professional liability is required for specific professions in Indiana, so check with AmVenture to understand whether you need it, and how much coverage is recommended, if so.
- Commercial Auto Insurance: Any company vehicles you own, lease, or borrow must be fully insured to mandatory state minimums in case an accident occurs. Even if you are the only one driving the car, a personal auto insurance policy most likely won't cover you if you cause an accident while using a personal vehicle for business purposes.
- Employment Practices Liability Insurance: If an employee claims he or she was harassed, discriminated against, wrongfully terminated, or experienced another employment-related issue, this policy can help pay for some or all of the associated legal and defense fees.
Learn More about Business Insurance in Indiana
The insurance professionals at AmVenture understand the unique challenges you face as a business owner in Indiana. We're here to help you understand which policies and coverage limits are appropriate for your business, and we can help provide you with insurance solutions designed for small businesses like yours. To learn more, contact us today or fill out the simple form to get started and receive a free quote.