When you own a business in Iowa, there are certain types of insurance policies that you must have by law. It’s important to keep your business operating legally and to have the types of insurance you need to protect it. If you have a business and need insurance protection for it, give us a call at Maschoff Insurance in Ankeny, IA.
Required Commercial Insurance
Workers’ Compensation Insurance
In Iowa, any business with any number of employees must have a workers’ compensation policy for them. This is required even if the employees are part-time. Even one employee requires you to carry this insurance, but independent contractors are not included. This coverage protects your business by paying for the medical expenses and lost wages of any employees who are injured while on the job. It also pays for disability benefits in Iowa. This insurance helps your business to stay protected from these expenses, but it also protects your employees by keeping that money available for them.
Commercial Auto Insurance
When your Iowa business owners a vehicle, it has to have a commercial auto insurance policy. This policy must have at least two types of coverage that are each required, and there are three amounts required. There is one amount of coverage required for property damage liability. This pays for the other party’s property damage after you cause an accident. There is a minimum amount required for one person to be covered by bodily injury liability. There is also a minimum amount of coverage required for everyone in the accident who is injured. All of these amounts are relatively low in Iowa, and it’s generally recommended that you add to the minimum coverage amounts.
Get Your Commercial Insurance
Your business needs to be protected by the appropriate commercial insurance policies. It’s important to have enough insurance to protect your business from a wide range of possible risks. To get started, give us a call at Maschoff Insurance in Ankeny, IA.
