Idaho Business Insurance

Why Get Business Insurance in Idaho
Not many people know that the very first operating chairlift at a ski resort wasn’t in the Alps or Colorado but was actually in Sun Valley, Idaho. Today, these lifts are modernized and more reliable to keep up with the ever-increasing number of skiers. Which leads to the question of how do you go about updating a ski lift? And how is this connected to Idaho business insurance? To begin with, do you hire contractors or use your current employees to update the ski lifts? If you choose to use your regular employees then a worker’s compensation policy must be part of your business insurance. Worker’s compensation coverage will protect you from lawsuits if your employees are injured while at work. In this particular case, your employees will have inherent risk that comes with the task of updating the lift. They may work on an incline or an elevated surface as well as operating heavy equipment. Therefore, it makes sense that your company is protected against risks that are associated with this type of business activity.

Worker’s Compensation in Idaho
It is compulsory for all employers to provide worker’s compensation insurance to their employees according to the Worker’s Compensation Law in Idaho. Waivers are not allowed. Worker’s compensation insurance may be procured in one of the following ways:

  • competitive state fund
  • self-insurance
  • a private insurance provider

The provisions of this law may also be applied to agricultural employees and domestic servants. The latter may be applied by the employer as voluntary worker’s compensation coverage.Payments and benefits provided to employees are outlined below. The amount of payments is calculated by taking a percentage of the employee’s wages and is subject to a minimum and maximum weekly amount.

  • Full medical benefits with no time or monetary limits
  • Temporary total disability payments
  • Permanent total disability payments
  • Permanent partial disability payments
  • Death benefits

Coverage for Idaho Business Insurance
Business liability insurance rates in Idaho normally are based on the type of business that is being insured and the number of employees. A company which is considered “high risk” by insurance underwriters can expect to pay higher premiums than one that is classified as “low risk”. For example, a business which deals with heavy equipment or hazardous chemicals will more than likely pay more for liability insurance than a restaurant or small retail establishment.

When you are looking for business insurance coverage, it’s smart to shop around and compare prices and coverage options. As a business owner, the final decision as to what type of coverage (and the resulting cost) is up to you. Your goal is to fully protect both you and your assets in the event of a lawsuit, claim, or covered natural disaster. Don’t risk losing everything you have worked so hard to attain by being uninsured or underinsured. Protect yourself, your business, and your success by purchasing adequate business liability insurance.