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Best Business Insurance in Iowa of 2024

Bryan Keith

Business Insurance protects against financial loss due to circumstances such as fire, property damage, theft, and equipment breakdowns. This can be very helpful if something happens that would make it difficult to stay open and provide merchandise or services. With so many options available to choose from, it can be challenging to choose the best policy that your business really needs. We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality. 

Offers a range of insurance poilicies

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Simply Business provides insurance policies for a range of professions and small businesses.

What we like

  • Various business insurance policies
  • Quotes from multiple providers
  • Fast and easy application
  • Strong customer satisfaction

What we don't

  • Policies are a through a third party
  • Claims must be filed through insurance provider

Serving 1,000,000+ Small Business Owners

hartford business insurance logo
4.9

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • NA

Covers a wide range of industries

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.

What we like

  • A skilled advisor to assist you
  • Free quotes from multiple insurance carriers
  • Covers low risk to even some high risk industries
  • Online account management

What we don't

  • No brick-and-mortar offices
  • Deductible costs

Affordable plans and coverage provided within minutes

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • Not available in New York

Customized solution to fit your business needs

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.

What we like

  • Established insurance company
  • Dual auto insurance
  • Customizable insurance for over 180 industries
  • Deductibles starting at $0
  • Affordable rates

What we don't

  • Limited US offices
  • Coverage limited to $2 million online

Flexible coverage by the year, month, day, or by the job

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.

What we like

  • Scheduled coverage options
  • Coverage by the job available
  • Buy a policy online within minutes
  • No hidden fees
  • Affordable plans
  • Drone insurance

What we don't

  • Not available in New York

What are the requirements for business insurance in Iowa?

There are two types of business insurance that are required by law in Iowa:

  • Workers’ compensation and general liability. These are state laws that regulate the businesses in Iowa and provide coverage for claims against them.
  • Liability insurance and commercial auto insurance. These types of policies help cover losses caused by business operations such as bodily injuries and property damage.

What are the types of business insurance in Iowa?

In general, you’ll have different kinds of insurance coverage depending on the size of your business, its assets, and its scope. Here are the most common types:

Property insurance. 

The type of coverage you buy depends on the type of property you own — not just your office or building but also things like inventory, equipment, and cars.

Liability insurance. 

Liability insurance protects you against lawsuits filed against you by your employees or customers.

Workers’ compensation insurance.

 You need this type of coverage if you want to be protected against certain types of workplace injuries, such as ones that result in long-term disability or death. It’s also important if you run a manufacturing or production facility where people could get hurt by machinery involved in the production process. Workers compensation business insurance plan excludes the following:

  • Personal injury.
  • Death or disability of an employee or a related family member.
  • Injury to or death of an employee’s dependents, including minor children and stepchildren under 18 years of age, except for medical payments and funeral expenses.
  • Damage to property of an employer caused by the negligence of an employee.

General liability insurance

This sort of coverage protects you from suits again your employees or customers that are related to something outside the scope of what their work does for your company — such as a slip-and-fall case for an employee who slips on a wet floor at home during his/her lunch break. General liability insurance typically excludes events such as:

  • Workers’ compensation claims
  • Product liability claims such as those involving defective merchandise
  • Fires and explosions
  • Bodily injury caused by animals or insects

Product liability

If you sell a product that causes someone harm and you’re not at fault, you run the risk of being liable for the injuries caused by that product. Product liability insurance can protect your company against lawsuits when there’s a problem with your product.

How much does business insurance cost in Iowa?

The cost of business insurance depends on many factors, including the size of your company, what products or services you offer, and whether you sell them online or in a physical store.

Risk Factors

Businesses are classified according to the risk they pose to insurers. The more risks your business brings to the table, the higher your premiums will be.

Business Size

Businesses with more employees and assets generally have more risk exposure than smaller businesses — and therefore may pay higher premiums.

Industry

If your business is located near a body of water, it might be considered at higher risk for flooding or water damage than one in a high-rise office building in an urban center. Similarly, some industries are considered a higher risk than others across the board. Restaurants, for example, face a greater risk of liability claims related to foodborne illness than bakeries do. As such, they may pay higher premiums for liability coverage.

How much property you have

If you own your building, you’ll most likely need to carry property insurance. If you rent an office space or storefront, you may only need a policy that replaces your computers and other equipment if they’re damaged or stolen. The more equipment and inventory you have, the more expensive your policy will be.

Your current location

Different areas will have different crime rates, and the weather is a factor as well. Businesses in high-crime areas will likely pay more for insurance than those in low-crime areas.

How to choose the best business insurance in Iowa

The following are tips on how to choose the best business insurance:

  • Know what you need and why you need it. When shopping for insurance, ask yourself whether the agency understands your specific needs as a business owner.
  • Talk to an agent who specializes in small business insurance. You may be able to bundle your policies and save money. And when claims occur, you’ll have someone who knows your situation helping you through the process.
  • Choose an insurer with a good reputation and financial strength. Once you find an agency that offers comprehensive coverage at a competitive price, you want to be sure the company will be around when you need it most.
  • Consider Your Budget: Insurance costs money — some forms more than others — so consider how much you can afford to spend on business insurance before shopping around. In some cases, it might be better to self-insure when possible rather than pay monthly premiums that aren’t always needed.
  • Know what your state requires. The state of Iowa requires certain types of businesses to carry specific types of insurance. For example, if you operate a daycare in your home, you may be required to carry liability insurance in case a child gets injured on your property.