Wyoming Business Insurance
Customized protection for your Wyoming business
Wyoming business owners should consider carrying business insurance to protect their livelihood from a variety of accidents involving their business including an employee injury on the job, a customer slip and fall, or a client claim of professional negligence.
Small businesses in Wyoming collectively employ over 128,000 employees which accounts for 63.8% of the state’s workforce, as reported by the US Small Business Administration (SBA). Those businesses are required by Wyoming law to carry workers’ compensation insurance to protect their employees.
Types of WY business insurance
This is the most common business insurance coverage and nearly all businesses in Wyoming should have it. It protects against third-party bodily injury and property damage, as well as personal and advertising injury.
This coverage protects against damage to your vehicles and trailers, as well as injuries or property damage related to their use. Your personal auto policy doesn’t cover vehicles while they’re being used for business reasons.
Businesses in Wyoming are required to have worker’s comp insurance if they have one or more employees. Employers must purchase coverage directly through the state. Learn more about workers’ comp in Wyoming.
Business Owners Policy (BOP)
A BOP combines property and liability coverage into one easy-to-manage policy. It’s a great option for small to medium-sized businesses that rent or own commercial property such as a storefront, warehouse or office building.
Wyoming businesses that offer professional services should consider this coverage. It protects businesses from claims of professional negligence, both actual or alleged, and helps pay for defense costs. It’s also known as errors and omissions insurance (E&O).
This protects against incidents like data breaches and cyber attacks. It includes first-party and third-party protection for things like investigative services, data recovery and legal costs. Businesses that store or manage customer data, like credit card information, typically need this coverage.
How much does business insurance cost in Wyoming?
The cost of business insurance in Wyoming depends on a variety of factors, including your business’s size, location and experience. For example, a business in Cheyenne that’s been in business for decades will have a different rate than one in Laramie that’s been in business for two years.
Another important factor is the type of work that you do. Some types of work are exposed to more risk than others and often require specialized coverage that is typically more expensive. For example, a tree trimmer that works high above the ground is exposed to more risk than a landscaper that mainly works at ground level. In this situation, the tree trimmer can expect to pay more for coverage.
Wyoming business insurance requirements
Wyoming law requires all businesses with employees to carry workers’ compensation insurance, although there are a few exceptions.
Employees of the federal government, private duty nurses working for a private party and independent contractors are a few of the many professions that don’t require their employer to carry workers’ compensation. These employers have the option to purchase coverage, should they choose to.
Private insurers are prohibited from selling workers’ comp in Wyoming. This means businesses who need coverage can only purchase it directly through the state’s insurance fund. Visit the Wyoming Department of Workforce Services for more information or to purchase coverage.
Resources for Wyoming small business owners:
Wyoming professions we insure
We help small business owners from a wide variety of industries, including these common professions:
Browse more examples of professions we insure.
Why choose Progressive?
Options – We can help you secure coverage at any stage of your business’s development with the flexibility to adjust your policy as your business changes. Our agents will work with you to make sure you’re getting protection that meets both your needs and budget.
Experts – As the #1 Commercial Auto Insurer in America*, you can trust us with all your business insurance needs. Our team of specially trained, in-house agents can assist you every step of the way to make sure you’re getting the best coverage for your business.
Convenience – There are several ways to get a quote whether you need a single Wyoming policy or a combination of business insurance coverages. Simply start a quote online or call us to speak with an agent.
Business insurance for all Wyoming cities
We can customize business insurance in all Wyoming cities, including, but not limited to:
- Green River
- Rock Springs
*No. 1 commercial auto insurer from SNL Financial’s 2019 national written premium data.