Business Insurance

Why Get Business Insurance in Iowa
Iowa experiences, on average, 37 tornadoes per year. If you are a resident of Iowa, you know how this violent weather can potentially destroy your business in a matter of moments. For this reason, Iowa business owners understand the importance of adding wind damage coverage to their basic liability insurance policies. Some business owners also choose to increase their coverage to include possessions, such as desks, chairs, and computers. Wind damage and flash flooding can destroy not only the building where you have your business, but also all of its contents. A flood policy is usually separate coverage that falls under federal jurisdiction.

Worker Compensation in Iowa
Worker’s compensation insurance coverage is mandatory in Iowa. This means all employers must provide worker’s compensation insurance to all their hired employees. Business owners can procure this worker’s compensation insurance from a private insurance provider or through self-insurance. Waivers may be allowed.

Important features of the Iowa Worker Compensation Law:

  • Agricultural employees may be covered by the provisions of the law but this depends upon the amount of wages earned. The immediate family of the employer is automatically exempt.
  • An employee working in a private dwelling with income of $1,500 or more during the 12 consecutive months prior to an injury is covered. Regular members of the household are exempt.
  • Full medical benefits are given to employees with no time or monetary restrictions.
  • Payments based upon the percentage of the employee wage for the duration of the disability and subject for a weekly maximum amount are made on:
    • Temporary total disability
    • Permanent total disability
    • Permanent partial disability – depends upon the nature of the disability and payments may continue for up to 500 weeks.
  • Death benefits based upon a percentage of the employee’s wages are payable to the surviving spouse of the employee, or spouse and children. A burial allowance is also available.

Coverage for Iowa Business Insurance
There are three main types of protection covered by Iowa business liability insurance:

  • General liability – offers protection against lawsuits when services cause injury, a product you manufactured causes injury or even death or someone sustains injuries within the business premises.
  • Professional liability- offers coverage to professionals such as lawyers and doctors.
  • Advertising industry liability- offers protection to companies who provide creative services.

Furthermore, companies which use many vehicles in their business operations may also be covered by Iowa business liability insurance. This specific part of Iowa liability insurance shields the employer when an employee sustains injuries, causes damages or injures someone while he or she is driving an employee-owned vehicle.

Another optional coverage for your Iowa business liability insurance policy is employer liability. This type of coverage will guard you against work-related accidents and claims involving discrepancies of wages and number of hours worked.

When choosing an insurance policy, it makes good business sense to speak with several different insurance companies and compare rates and quotes. This can be done from the comfort of your home or office at any time. Protect your valuable investment by selecting the proper coverage for your business and its employees. The cost is small when compared to the possibility of having to pay for claims out of pocket.