Business Insurance

Why Get Business Insurance in Wyoming
As locals in Wyoming know, a perfectly blue sky in good weather can turn into a vicious thunderstorm in just a matter of minutes. That is why no experienced mountaineer would attempt to climb Wyoming’s towering Gannett Peak in the Wind River Mountain Range without adequate supplies. Other tourist attractions in Wyoming are the Grand Tetons and Yellowstone National Park. A smart and experienced Wyoming business owner takes the necessary precautions to protect his or her company by having an adequate business insurance policy in place. All business owners know that the success and good fortune they are experiencing today may be gone the following day if their assets are not fully protected.

In peak season, the number of visitors to the state increases dramatically as do the liability risks associated with more people doing more things. The more people you have, the higher the possibility that someone might get injured. Wyoming business insurance can help protect your business from lawsuits, claims and weather-related disasters- all of which could financially ruin a business that doesn’t have adequate coverage.

Worker’s Compensation in Wyoming
In Wyoming, worker’s compensation works as a state-mandated “no-fault” insurance system. It is intended to provide benefits to workers who are injured on the job. Employers are required to purchase worker’s compensation for any employee working in an extra-hazardous industry. If the business is not classified as extra-hazardous, the employer is not required by the state to obtain worker’s compensation insurance. There are a few exemptions to this rule. Employers who carry worker’s compensation for their employees are immune from civil lawsuits filed by employees due to injuries at the workplace. Failure to comply with this law may result in serious civil penalties and fines to the employer. In addition, employers can be held liable for the costs of injuries suffered by their employees.

If an employer chooses not to provide worker’s compensation insurance it does not mean that they are not responsible for providing benefits to their injured employees. Injured workers have the right to sue the company for damages (medical expenses) and lost wages if they cannot perform their jobs due to the injury.

Coverage for Wyoming Business Insurance
Each Wyoming business establishment needs a general liability policy to protect the owner’s assets against all potential lawsuits. Liability insurance coverage provides protection against bodily injury or property damage claims by customers or other third parties. General liability insurance will cover all payments for medical bills that relate to any injury or the cost of any damages when a company is found legally liable. Examples would be if an employee is injured in a fall or if an employee damages a customer’s property. Liability coverage also will pay for any legal and court costs associated with a lawsuit filed against the business owner. It also covers the payment of any settlement imposed by the court on the business.

The following types of liability insurance are offered by most insurance providers:

  1. Employment Practices Liability shields companies against employees’ claims for wrongful termination, discrimination or harassment.
  2. Professional Liability – also referred to as errors & omissions. This insurance will pay damages to third parties due to the negligence or wrongdoing on the part of a business.
  3. Umbrella Liability – provide additional coverage amounts above the general liability policies to guard the companies’ assets from lawsuits.

To have an idea on how much protection you need, insurers will generally evaluate the type of business which is being insured, determine the total value of your assets, and consider where the business is located. You can easily find out much of this information by contacting several insurance companies and comparing coverage options and rates. This can be done quickly and securely online. Be sure to get a comprehensive business insurance policy which fully protects both your business and your personal assets.