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In today’s litigious world, a business without insurance is a serious risk. Business insurance protects against the unexpected, protecting your company, its employees, and its bottom line. In South Dakota, the state’s insurance marketplace offers a wide range of coverage from many different companies. Getting the right business insurance coverage can require time and research. But to help you find the best business insurance in South Dakota, We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
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.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
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.
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.
To start a business in South Dakota, you must have general liability insurance. This includes any business or commercial activity that exposes others to potential harm so the business can be held responsible for any damage it causes.
Typically, this means having a liability policy covering bodily injury and property damage. The policy must also cover personal and advertising liability. If an employee is injured, workers’ compensation insurance must be provided. Business owner’s policy (BOP) packages include all three types of coverage at a lower price than purchasing them separately.
Commercial auto insurance is necessary if you operate a motor vehicle while working. This type of coverage may not be included in your standard BOP package but is required if you have employees that drive your company cars or operate vehicles during work hours.
Here are the various types of business insurance available in South Dakota:
General liability insurance is a must for any business because it covers many different risks, such as slip-and-fall accidents, property damage, and personal injury. It protects a business from lawsuits related to these issues.
However, general liability doesn’t cover everything. Here are some common exclusions in a general liability policy:
Fraud or dishonesty: General liability policies don’t cover losses due to fraud or dishonesty. If you’re the victim of fraud, you may need to look elsewhere for protection.
Employment disputes: Employment disputes might be covered by employment practices liability insurance (EPLI), but not a general liability.
Workers’ compensation insurance covers medical costs and lost wages for employees injured on the job. However, it does not cover:
Injuries sustained while traveling unless you require your employees to be at work outside normal work hours
Injuries sustained while commuting on public transportation (unless they were caused by accident with someone else)
Professional liability covers you for negligence in performing professional services, such as giving advice or counseling clients. Depending on the industry, this type of insurance is sometimes called errors & omissions insurance or malpractice insurance. For example, suppose you’re a licensed real estate agent and an error you made during a home sale results in a financial loss for your client. In that case, professional liability can help protect you from lawsuits and pay legal defense costs.
It won’t pay for negligence, fraudulent acts, or claims related to work that was performed before the policy went into effect.
Business interruption insurance is designed to help business owners recover financially if their business operations are disrupted or suspended due to an unexpected incident. It can cover a loss of income, operating expenses, and payroll while the business owner works to rebuild or relocate.
This type of coverage only covers losses from physical damage to your equipment, vehicles, or other property. So it doesn’t cover any financial losses from natural disasters like floods or earthquakes. While it does cover power outages due to a storm, it won’t cover power outages caused by mechanical failure. This type of coverage doesn’t include losses related to poor management or economic recession.
The Commercial Auto policy provides liability and physical damage coverage for the business-owned vehicles used by the company’s employees for errands and deliveries. The policy covers accidents that occur in the business use of a vehicle. But claims that occur during personal use are not covered; employees are responsible for those losses.
Commercial auto insurance typically excludes coverage for any accidents when employees are driving personal vehicles on company time. This means that personal auto policies will usually apply instead.
Several factors affect the cost of business insurance, namely:
There are many options, but here are a few tips to consider when shopping for business insurance:
