Wyoming may be the least populated state, but that doesn’t mean it’s short on small business opportunities. Businesses with fewer than 100 employees comprise the largest share of small business employment in the state, and nearly 99% of all companies are small.

By starting a business, you’re joining a lively community of entrepreneurs who make up the state’s economy.

But first, you’ll need to take care of some administrative tasks. If you’re starting or growing a business and feeling overwhelmed by Wyoming business insurance options, you’ve come to the right place.

Wyoming Business Insurance: The Basics

We can’t get into the nitty-gritty of Wyoming business insurance without understanding its purpose. If your business causes an accident, your business insurance policy could step in to help pay for damages or lawsuits.

Wyoming business insurance works in basically the same way as any other type of insurance, such as for your health or car:

1. You choose a policy that fits your business and budget.
2. You pay a monthly or annual premium to maintain coverage.
3. You file an insurance claim if your business causes an injury or damage.

Different policies cover varying scenarios, but all of them could help you avoid bankruptcy. Since the average customer slip-and-fall claim comes with a $20,000 price tag, your Wyoming business insurance policy could help protect you from a seriously large bill.

Wyoming business insurance isn’t all doom and gloom, either. Your policy could come in handy on your best days, such as when you want to :

• Build trust with competitors
• Set yourself apart from the competition
• Attract and retain the best employees
• Apply for business financing

As you’ll learn below, you may or may not have Wyoming business insurance requirements. We recommend that most business owners at least consider getting a policy.

Wyoming General Liability Insurance

When you think of business accidents, it’s probably the scenarios covered by Wyoming general liability insurance that come to mind. This popular policy can help you pay for claims from bumps, bruises, broken bones, and more.

Wyoming general liability insurance typically covers:

• Medical expenses
• Bodily injury
• Claims from defective products
• Third-party property damage
• Advertising injury
• And more

Let’s look at what those terms look like in real life:

• A plumber wraps up a (seemingly) job well done and heads home. Later that day, they get a frantic call from the homeowner saying that the new toilet leaked to the room below. It turns out the plumber’s apprentice didn’t properly tighten a seal, and the homeowner is suing for the damages.

Without insurance, the plumber might need to pay for the repairs out-of-pocket. General liability insurance might cover those costs, though, sparing the business owner.

• A handyman steps away from their ladder to get a tool from the truck. While they’re away, the client’s child trips over the ladder and has to go to the ER for a broken wrist. The parents are angry and sue the handyman for the medical bills.

An insured handyman could file a claim and potentially use their insurance up to the policy limit to pay the bills without touching their savings.

• A carpet cleaner is having a good day until their old machine’s fluid reservoir explodes. The cleaner rushed to clean it up, but the water leaked to the hardwood floor beneath the carpet and damaged the floor.

The uninsured carpet cleaner had been saving for new equipment, but now they have to use that money to deal with a lawsuit. A Wyoming general liability insurance policy could have helped the business owner pay the damages and still be able to afford the new equipment.

In general, there are no statewide rules regarding Wyoming general liability insurance. Still, you might have requirements based on your occupation and location. Usually, business license applications from the state or local government list insurance requirements, if there are any. You can learn more about Wyoming business permits and licenses in this guide.

Here are a couple examples of businesses that need to show proof of Wyoming general liability insurance:

• Buses for hire in Casper need a surety bond and liability insurance coverage.
• Contractors in Laramie and Gillette must submit a Certificate of Insurance (COI) to operate legally.

If you want to start a contracting business in Wyoming, check out our contractor licensing guide.

Anyone left wondering whether they need Wyoming general liability insurance can call our licensed insurance agents at 855-563-0429.

Professional Liability Insurance Wyoming

What if your business doesn’t seem at risk for the physical accidents often covered by general liability insurance? If you spend your days behind a computer advising clients, then Wyoming general liability insurance might feel unnecessary.

Businesses that offer professional services or advice should instead consider professional liability insurance.

Professional liability insurance in Wyoming usually covers:

• Negligence or alleged negligence
• Copyright infringement
• Legal defense costs
• Claims and damages
• And more

The first item on that list is the start of the professional liability show — negligence claims. If a client believes that your work harmed them in some way, they may sue you for negligence.

Mistakes that lead to negligence claims could be as simple as a small measurement error for a land surveyor or a home inspector missing a small structural error.

The real bummer is that you don’t have to actually do something wrong to be sued for negligence. Even an innocent business owner could still have to pay a sizable amount of money to defend themselves in court. If you made a mistake, then you also might be liable for the damages if you don’t have a professional liability policy to cover the costs.

While there are generally no statewide rules for professional liability insurance in Wyoming, we recommend it for many types of businesses. Some of the occupations that could benefit from this type of coverage include:

• Accountants
• Tax preparers
• Coaches
• Consultants
• Graphic designers
• Travel agents
• Real estate agents
• Photographers and Videographers
• And more

Wyoming Workers Compensation Insurance

Two conditions determine whether you need Wyoming workers compensation insurance:

• Whether you have employees
• Whether you work in an extra hazardous industry group

Workers compensation insurance typically covers medical payments, lost wages, rehab expenses, and death benefits for employees who get injured or sick on the job.

In Wyoming, workers compensation insurance is required for employers in select industries, and must be acquired through Wyoming’s Workers’ Safety and Compensation Division. If you have employees but do not work in an “extra hazardous” industry, you can choose whether or not you want coverage.

So, what types of companies does Wyoming consider dangerous enough to require workers comp insurance?

Employers in industries including these need Wyoming workers comp coverage:

• Agriculture
• Mining
• Construction
• Manufacturing
• Retail
• Motor vehicle and parts dealing
• Meat markets
• Fine art schools
• Power equipment operators
• And (much) more

The list of insurable industries is extensive, so there’s a good chance it could include your business. If Wyoming workers comp insurance is optional for you, it’s still a good policy to consider, since the average workers comp claim is $41,000.

Other types of business insurance in Wyoming

Businesses have a lot of moving parts, so Wyoming business insurance comes in all shapes and sizes. Here are a few other policies to consider:

• Security or construction bonds. While bonds aren’t insurance, they can bring a level of assurance to your business. Bonds are agreements between you, your clients, and a bond issuer that ensures you’ll complete the job and that you can pay for materials.

• Home-based business insurance. A computer and internet connection opens up countless opportunities. If you’re going to run your business from home, consider home-based business insurance. This policy fills in the gap between homeowners and general liability insurance.

• Business personal property insurance. If you have a lot of tools or equipment, a business personal property plan could help you replace them if they’re lost or stolen.

Wyoming Workers Compensation: What You Need to Know

Your industry impacts whether you need Wyoming workers compensation insurance when you hire an employee. Then, your requirements (or lack thereof) affect how you buy Wyoming workers compensation insurance.

Let’s break it down:

• If you’re required to have Wyoming workers compensation insurance, you purchase coverage through a state fund.

• If you opt in to buy coverage when you’re not required to have it, you can work with an insurance company.

Since the state decides what businesses need workers compensation based on how dangerous the industry is, it makes sense that your safety can impact pricing. Companies that implement safety programs like Health and Safety Committees might be eligible for discounts on Wyoming workers comp insurance premiums.

To view Wyoming workers compensation rules, use this Administrative Rules Search by filtering for Agency> Department of Workforce Services and Program> Workers’ Compensation Division. If you have additional questions about Wyoming workers compensation, refer to the Department of Workforce Services’ website.

How Much Does Wyoming Business Insurance Cost?

The cost of Wyoming business insurance is important for businesses that must show proof of coverage to operate legally and companies that decide they want a policy. When you’re paying close attention to your cash flow, you scrutinize each new business expense.

The good news is that Wyoming business insurance costs depend on the specifics of your business. Read: you don’t have to pay for a policy that’s beyond what you need.

Generally, Wyoming business insurance costs depend on:

• The type of work you do
• The size of your business
• Which policies you choose

There also are ways to save money on your premiums, like bundling policies or opting for a higher deductible. The cost to get insured might be lower than you expect, though.

Of course, the best way to know how much your Wyoming business insurance will cost is to compare free quotes. By answering a few questions online now, you could be reviewing coverage options in the next 10 minutes.

How Do I Get Business Insurance in Wyoming?

If this is your first business insurance rodeo, all of the info you just took in can be a bit intimidating. When you break it down into simple steps, though, finding your Wyoming business insurance requirements and comparing quotes isn’t so bad.

1. Look for state and local licensing and insurance requirements. Finding insurance rules that apply to you is the most tedious part of this process, so it’s good to get it out of the way first. Review Wyoming’s guide to business permits to learn about the various state licensing agencies. Be sure to also check for license and insurance requirements at the local level. We also have a guide to Wyoming business licenses.

2. If you don’t have insurance requirements, you may decide you want general liability or professional liability coverage anyway. We recommend that most business owners consider insurance. You can speak with one of our licensed insurance agents at 855-563-0429 to see which policies could be a good fit for your business. It also helps to talk to business owners in your area about what policies they have and like.

3. Check if your industry requires Wyoming workers compensation insurance. If you don’t have employees, you don’t need to worry about Wyoming workers compensation insurance. If you do have employees (or will soon) check to see if you need coverage.

4. Compare free business insurance quotes. Getting insurance quotes from top insurers is fast and free. Just answer a few questions here to get customized policies to choose from.

Wyoming Business Insurance Is an Investment in Your Future

Thinking about what could go wrong in your business isn’t fun. You’d like to think that everything will always go well, but accidents can happen to the best of us. Rather than letting worst-case scenarios keep you up at night, take a few minutes today to get covered.

You gain peace of mind with a Wyoming business insurance policy that you’re ready to weather any storm that comes your way. That way you can focus on doing the best job possible and growing your business beyond your wildest dreams.

This content is intended to be used for informational purposes only. It is not intended to provide legal, tax, accounting, investment, or any other form of professional advice.