Question 1

What types of business insurance do I need in Indiana?

Accepted Answer

Most Indiana businesses need three core coverages: General Liability protects against customer injuries, property damage, and advertising injury claims with typical limits of $1M per occurrence and $2M aggregate. Commercial Property covers your building, equipment, inventory, and business personal property against fire, theft, vandalism, and weather damage. Workers' Compensation is required by Indiana law if you have any employees and covers medical expenses, lost wages, and employer liability. Additional coverages depend on your industry: Professional services need Errors & Omissions insurance; technology companies require Cyber Liability; contractors need Inland Marine for tools and equipment; and businesses with vehicles need Commercial Auto. As an independent agency, we shop multiple carriers to build a customized package that addresses your specific risk exposures while maintaining competitive pricing.

Question 2

How much does business insurance cost for a small business?

Accepted Answer

Commercial insurance costs vary significantly based on industry classification, annual revenue, payroll, number of employees, claims history, and coverage limits. For reference: a small professional office (accountant, consultant) with $500K revenue and 3 employees typically pays $1,200-2,500 annually for a Business Owner's Policy (BOP) combining General Liability and Property. A light manufacturing operation with $2M revenue and 15 employees might pay $8,000-15,000 for GL, Property, and Workers Comp combined. Contractors with higher risk classifications can expect $3,000-8,000 for GL alone depending on trade and payroll. Cyber Liability for a business storing customer data adds $800-2,500 annually for $1M limits. The key to competitive pricing is proper classification and shopping multiple carriers—we represent multiple insurers and can often find 15-30% savings compared to captive agents limited to one company. Contact us for a detailed quote specific to your business operations and risk profile.

Question 3

Is Workers' Compensation insurance required in Indiana?

Accepted Answer

Yes, Indiana law (IC 22-3-2-9) requires Workers' Compensation insurance for any employer with one or more employees, including part-time and seasonal workers. The requirement applies immediately upon hiring your first employee. Sole proprietors, partners, and LLC members are exempt from mandatory coverage but may elect to include themselves for protection. Penalties for non-compliance are severe: fines up to $10,000, stop-work orders, potential criminal charges (Class A misdemeanor), and personal liability for all employee injury costs including medical expenses and lost wages. Additionally, you cannot deduct employee wages as a business expense without proof of Workers' Comp coverage. Indiana uses an experience modification rate (EMR) system—businesses with good safety records receive premium discounts while those with frequent claims pay surcharges. We help clients implement safety programs to maintain favorable EMRs and access competitive rates from our multiple-carrier network including state fund and private insurers.

Question 4

What does cyber insurance cover for my business?

Accepted Answer

Cyber Liability insurance provides comprehensive protection against digital threats and data breaches. First-party coverages include: data breach response costs (forensic investigation, legal counsel, public relations), notification expenses (required by law in Indiana for breaches affecting 250+ residents), credit monitoring services for affected individuals, ransomware payments and negotiation costs, business interruption income loss during system downtime, and data restoration expenses. Third-party coverages protect against: lawsuits from customers whose data was compromised, regulatory fines and penalties (HIPAA, PCI-DSS, state privacy laws), defense costs and settlements, and network security liability claims. Cyber insurance is critical for any business that stores customer information electronically, processes credit cards, maintains employee records, or relies on computer systems for operations. Recent trends show manufacturing and professional services are increasingly targeted. Policies typically include pre-breach services like security assessments and employee training. Coverage limits range from $100K to $5M+ with premiums based on revenue, data volume, security measures, and industry. We help clients assess their cyber risk exposure and secure appropriate coverage from carriers specializing in this evolving coverage area.

Question 5

Can I get business insurance the same day?

Accepted Answer

Many commercial policies can be bound within 24-48 hours. General Liability and Commercial Property often quote quickly. More complex coverage like Workers' Comp or large commercial policies may take 3-5 business days for underwriting approval. Call us at (219) 924-4500 for expedited quotes.

Commercial Insurance for Northwest Indiana Businesses

Operations We Support Best

Why Established Firms Choose Us

Commercial Insurance Coverage Solutions for Northwest Indiana

General Liability

Commercial Property

Workers' Compensation

Cyber Liability

Industries We Serve

Manufacturing

Professional Services

Contractors

Wholesale Distribution

Technology Companies

Healthcare Practices