The state of Montana requires all small business owners who have employees to carry workers' compensation insurance. And, if you use one or more vehicles for businesses purposes, you're also required to carry commercial auto insurance. While it's not mandatory that you carry commercial property or general liability insurance, securing these types of coverage could be a wise decision for a variety of reasons. Here's more information about the benefits generally associated with these common types of insurance policies.
Workers' Compensation for Montana Small Businesses
This type of policy can protect an employee and your small business in multiple ways. Without regard to fault, workers' compensation may provide medical and wage-loss benefits to a worker who becomes injured, suffers an illness, or is involved in an accident stemming from a workplace incident. In many cases, workers' compensation can also shield your business against that threat of a lawsuit if an employee becomes ill or injured while on-the-job.
Commercial Auto Insurance in Montana
No matter how many vehicles you own, it's important to protect your small business with commercial auto insurance. Even if you only use your personal vehicle for business purposes a handful of times a month, if you're involved in an accident, your personal auto insurance most likely won't cover you. Commercial auto insurance typically covers:
- Medical expenses
- Vehicle damage
- Liability claims
General Liability Insurance for Small Businesses in Montana
As a small business owner in Montana, you can't always foresee a lawsuit coming. With general liability insurance, your business can be generally be covered if a person claims that you or one of your employees:
- Damaged his or her property while performing a job
- Caused bodily injury for which you're liable
- Violated a trademark or copyright
General liability insurance can help you navigate the costly process of dealing with a lawsuit, which could allow you to carry on with operating your business until the matter subsides.
Commercial Property Insurance for Montana Small Businesses
Commercial property insurance is a necessity for any business owner that owns property. It's designed to cover damage to your business premises from fire or certain inclement weather. It can also cover your business' belongings if a theft or act of vandalism occurs. Examples of business belongings usually include:
- Office equipment
Where Can I Learn More about Small Business Insurance?
At AmVenture, our licensed insurance agents know that small businesses face unique risks. That's why we focus on providing insurance solutions for small businesses like yours. We're here to provide you with the service you deserve. Give us a call today to learn more.
About Small Businesses in Montana
Small businesses are booming in the Treasure State. According to the Small Business Administration, in 2015, small business accounted for a staggering 97.4% of all businesses within the state. The organization also noted that within the same year, the state's economy grew at an annual rate of 3.5%, which was faster than the nation's overall growth rate of 1.9%. By the end of the year, the unemployment rate was also down.