Get a full analysis of Iowa business insurance costs, companies, & coverage.
Best Business Insurance Companies in Iowa
Average Cost of Business Insurance in Iowa
Business Insurance in Iowa FAQs
Business Insurance Near Me
Written by Ann Herro
Written by Ann HerroAnn Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Updated ноября 8, 2023Written by Ann Herro
Written by Ann HerroAnn Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Updated ноября 8, 2023Get help from one of our Iowa independent agents
They understand your risks and will find you the coverage you need.
There are over 273,000 small businesses in Iowa, which represent over 99% of the businesses in the state. Small businesses employ over 644,000 people in Iowa, making them essential to the state’s economy.
Iowa business owners face various risks, from crime, severe weather, fires, and other kinds of property damage to the financial devastation that a single lawsuit can bring. A comprehensive business insurance policy can help you repair and rebuild damaged property after a disaster. It can also help you stay in business and pay for your defense if you are faced with a lawsuit.
An independent insurance agent can help you compare business insurance quotes in Iowa.
There are a lot of insurance companies that offer business insurance in Iowa. We’ve noted some of the best business insurance companies in Iowa. They are highly rated for their mix of valuable coverage offerings and competitive pricing.
An independent insurance agent in your area can help you learn more about these and other Iowa business insurance companies. A local agent can help you get competitive quotes for the coverage that fits your Iowa business insurance needs.
Business insurance is a package of insurance policies covering your property and liability risks. Most types of business insurance are not required in Iowa. If your business owns any vehicles, you likely have to buy commercial vehicle insurance that complies with the state’s financial responsibility laws.
Most employers in Iowa must also obtain workers’ compensation insurance, with a few exceptions. Workers’ compensation insurance covers employees who are injured on the job.
Your independent insurance agent can help you learn more about the requirements for commercial vehicle insurance and workers’ compensation insurance in Iowa.
A typical business insurance package in Iowa will include the following types of coverage, at a minimum:
Your business insurance in Iowa may include additional policies that cover your unique risks.
Lawsuits against businesses are common. Whether a customer trips and falls in a store or a food manufacturer is responsible for sickening hundreds with tainted products, negligence claims can quickly destroy a business.
A commercial general liability (CGL) policy is a type of small business liability insurance that offers broad protection from lawsuits. It covers the injured party's medical expenses and any property damage you are responsible for. It also covers court costs, attorney fees, and even settlements or judgments that you must pay to injured parties.
A CGL policy does not cover every kind of liability risk. There are additional small business liability policies available for times when your CGL policy isn’t sufficient.
Talk to your independent insurance agent about why you might need other liability coverage options like commercial umbrella insurance, employment practices liability insurance, cyber liability insurance, professional liability insurance, or any other customized small business liability protection.
Property losses can originate in a variety of ways and cause tremendous harm to your business. Here are the basic business property coverage options in Iowa:
Commercial property insurance
Business interruption insurance
A local independent insurance agent can help you get quotes for business property insurance in Iowa.
Your business insurance needs likely won’t end with basic property and liability coverage. Other insurance options for small business owners in Iowa include:
This is not an exhaustive list of your business insurance options in Iowa. An independent insurance agent can make sure that all of your Iowa business insurance needs are met.
Business insurance costs are not the same for every company in Iowa. In fact, a variety of factors are used to determine how much you'll pay for your business coverage. Some of the typical factors that are used to determine the cost of business insurance in Iowa are as follows:
If, for example, your city is prone to problems like crime and natural disasters, you’ll pay more for business insurance because you have a greater likelihood of filing a property damage claim.
An independent insurance agent can help you understand all of the risks you face and get quotes for affordable business insurance in Iowa.
Number of businesses in the US: 30,819,176
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
| City | No. of businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Ames | 4,202 | 2.02 | 0.85 |
| Cedar Rapids | 9,807 | 6.25 | 2.72 |
| Council Bluffs | 4,321 | 8.47 | 7.87 |
| Davenport | 7,994 | 7.28 | 3.35 |
| Des Moines | 16,543 | 10.46 | 6.01 |
| Dubuque | 5,122 | 2.38 | 1.1 |
| Iowa City | 5,912 | 4.06 | 0.92 |
| Marion | 2,552 | 2.93 | 1.23 |
| Sioux City | 5,904 | 7.83 | 3.01 |
| Urbandale | 3,813 | 1.21 | 0.81 |
| Waterloo | 4,613 | 7.61 | 1.91 |
| West Des Moines | 6,644 | 2.24 | 1.07 |
Property
You will want to be sure that all of your business property is covered at levels that will allow you to rebuild, repair, or replace as needed. Floods pose a significant risk in Cedar Rapids, but this risk is typically excluded from business property coverage.
Commercial auto
Whether you are insuring a delivery van or a fleet of semi-trucks, commercial vehicle insurance can protect your company against losses related to liability risks and property damage. If your business engages in interstate commerce, your coverage needs to meet state and federal requirements so that your business is operating within the confines of the law.
Workers' compensation
Workers' compensation insurance is required by state law for nearly all employers in Cedar Rapids. This insurance can cover medical treatment, lost wages, and other costs associated with injuries that occur on the job. Every type of business has its own risks when it comes to employee safety. Some jobs are simply safer than others. That is why workers' compensation rates often vary significantly from one business industry to the next.
Property
Hazards like theft, vandalism, and accidental fires can lead to costly business property losses. So can damage caused by Davenport’s damaging weather events like hail, heavy winds, and severe storms. Fortunately, when you have the right business insurance in place, your company will be able to repair the damage and continue to function without experiencing a large financial loss.
Commercial auto
Commercial auto insurance can protect your business from facing large liability costs if one of your drivers causes an accident in a company car. Rates are based on a number of factors, like your employees’ driving records and the types of vehicles you are covering. It costs far more to insure a 12-passenger van than a cargo van since your liability risks are greater when you have passengers.
Workers' compensation
Workers' compensation insurance is designed to cover the cost of medical treatment, lost wages, and other expenses related to injuries or illnesses your employees may suffer while doing their jobs. It is required for nearly all Iowa businesses that have employees. Workers' compensation rates are assigned according to your company’s overall payroll and the types of jobs your employees do.
Property
The high property crime rate in Des Moines makes it particularly important for you to make sure that your business assets are sufficiently covered against risks like theft and vandalism. In addition to covering against crime, your policy can also cover loss and damage due to hazards like severe weather and accidental fires.
Commercial auto
Whether your business owns a vehicle or a fleet of vehicles, you may benefit from having the added liability coverage that comes with a commercial auto insurance policy. This is because liability lawsuits often result in higher judgments when they are brought against businesses. Your rates will be based on several factors, including the number and types of vehicles you are covering, information about the employees who will be driving them, and the risk of collisions in your city.
Workers' compensation
Workers' compensation insurance can cover the cost of medical bills and lost wages if your workers are injured on the job. Rates are based primarily on your company’s overall payroll and the likelihood that your employees will be injured based on the types of jobs they do.
Property
Most businesses invest a lot in their assets, such as computers, furniture, tools, machinery, and supplies. Business property insurance can help cover the cost of repairing or replacing this property if it is lost or damaged by a covered event like a tornado.
Commercial auto
Many businesses in Iowa City have company-owned cars, trucks, vans, or buses. If yours is among them, you will need to cover these vehicles with a commercial auto insurance policy. Doing so can prevent your business from facing a financially devastating lawsuit if one of your drivers is responsible for a serious accident.
Workers' compensation
Workers' compensation insurance covers expenses like medical bills and lost wages for workers who are injured in the course of doing their jobs. It is required for nearly all Iowa businesses that have employees. Rates for this coverage are assigned according to your company’s overall payroll amount and the types of jobs your workers do.
Property
Having a sufficient amount of business property insurance can shield your company from losses related to hazards like accidental fires, property crimes, and severe weather events like tornadoes and electrical storms.
Commercial auto
If your Sioux City business owns a vehicle or fleet of vehicles, you will need to carry commercial auto insurance. Rates for coverage can vary according to the number and types of vehicles you are covering, as well as the risk of collisions and vehicle theft where your employees will be driving. If you engage in interstate commerce, you will need to make sure that your coverage meets federal as well as state minimum coverage requirements.
Workers' compensation
Workers' compensation insurance covers medical expenses and paid time off for employees who suffer occupational illnesses or are injured on the job. With few exceptions, if your Sioux City business has employees, you are required by law to have this insurance. Rates for coverage can vary significantly from one business to the next, depending on the types of jobs your employees do and your company’s overall payroll.
While you can't predict the exact costs of small business insurance in Iowa, it’s important to understand what variables play a role in your rates. Here are just a few of the factors that insurance companies use when calculating your business insurance costs in Iowa:
In Iowa, it’s essential for almost every business to carry a comprehensive business insurance package. However, business insurance is not required by law in Iowa, except for workers’ compensation insurance. Workers’ compensation is required for most employers in Iowa.
In addition, if you own any vehicles, you’re required to comply with Iowa’s car insurance laws.
Most businesses in Iowa need a combination of property and liability insurance, in addition to workers’ compensation insurance and commercial vehicle insurance, as required by the state.
Depending on your unique business and the risks you face, you’ll likely need some additional coverage, such as professional liability insurance, commercial umbrella insurance, or cyber liability insurance.
Small business general liability insurance is one of the first policies every small business owner obtains. It helps protect your operation from bodily injury and property damage lawsuits that come your way as a result of doing business. Though not mandatory by Iowa state law, this policy is necessary to avoid major financial ruin.
Health insurance and other employee benefits are important for many small businesses and their employees. A good employee benefits plan helps companies support a healthy and satisfied workforce. In addition, employers who offer employee health plans may also be eligible for significant tax benefits.
There are many different health insurance policy types and options available for you to choose from. An independent insurance agent can help you find small business health insurance plans in Iowa.
Travelers, Liberty Mutual, EMC, Progressive, and Hanover Insurance Group are some of the best small business insurance companies in Iowa. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for business owners.
Searching for the best and most affordable business insurance can be frustrating and confusing. That’s why it pays to have an experienced insurance professional in your corner.
Find an independent insurance agent in Iowa now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.
Small businesses in Iowa may need the following types of business insurance:
Business owners in Iowa may also need additional policies including professional liability insurance, equipment breakdown insurance, inland marine insurance, employment practices liability insurance, and more, to cover their unique risks.
You can try to save money on Iowa business insurance in the following ways:
A certificate of insurance is a document you obtain from your insurance company to prove you have business insurance. Certificates of insurance assure your clients that you have the right insurance before they agree to work with you. This can be very important in certain industries, such as construction.
Most insurance companies make it easy to request a certificate of insurance. You can usually request one directly from your insurance company by phone or online, or your independent insurance agent can handle it for you.
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