Iowa (IA) Business Insurance

Choose The Hartford for All Your Iowa Business Insurance Needs

The Hawkeye State is home to 267,733 small businesses, making up 99.3% of companies in Iowa, as of 2018. Those small businesses employ 646,525 (48.3%) employees. In this case, small businesses in Iowa are defined as businesses with fewer than 500 employees.¹ Insurance in Iowa can help protect Des Moines businesses, Iowa City businesses, Cedar Rapids businesses and more. Companies have been protecting themselves in Iowa with business insurance from The Hartford for hundreds of years. Learn more about Iowa small business insurance, Iowa data breach insurance and Iowa workers’ compensation insurance from The Hartford.

Types of Iowa Business Insurance Offered

Iowa Business Owner’s Policy Insurance

An Iowa Business Owner’s Policy, sometimes referred to as a BOP, can help protect your Iowa business from the costs of damages from things like theft, fire or another covered disaster. BOP coverage also can help your business cover the costs related to claims of property damage, personal and advertising injury, and bodily injury that could arise during the day to day operations of your business. An Iowa Business Owner’s Policy is a singular insurance policy that combines both business property insurance and business liability insurance for your Iowa small business.

Businesses in the Hawkeye State can tailor a BOP to help meet their unique needs by adding additional coverages like workers’ compensation insurance, data breach insurance and more. Purchasing a Business Owner’s Policy is smart and straightforward. It simplifies business insurance coverage by including business property and business liability in one insurance policy. These two coverages are among the most important types of business insurance for most small businesses.

Consider a Business Owner’s Policy if:

Your Iowa business has a physical location; this can be your home office, a rented or owned office or another place where you do business.
Your Iowa business has digital and physical property that can be damaged or stolen. These include digital hardware and software, tools, inventory, furniture, equipment, customer information and other data.
Your Iowa business has the potential to be sued. For example, a customer gets hurt in your store or office and sues you for the costs.

Iowa Commercial Property Insurance

Commercial Property Insurance in Iowa can help protect the building your business owns or leases as well as your business’ personal property. This includes inventory, furniture, tools, and equipment. A commercial property insurance policy from The Hartford can help your business replace lost income when it must suspend operations due to a covered loss. Businesses in Iowa can tailor their coverage by adding additional protection like valuable records coverage. This can help cover the costs to reproduce essential documents and valuable papers, move and provide temporary storage for records to avoid a loss.

Commercial Property Insurance coverage provides broad protection designed to help get businesses in Iowa back on their feet after a fire, theft or other covered disaster. The Hartford offers a wide selection of optional commercial property insurance coverages that can be added to a policy to provide extensive coverage and exceptional value.

Available to larger businesses, learn how to reduce your Iowa business’ risk exposure. The Hartford’s Risk Engineering team provides loss control services designed to help larger businesses anticipate risks, avoid accidents, and prevent potential loss incidents. The team can perform risk exposure evaluations, consultations, and offer recommendations for ways to improve your company’s workplace safety and security.

Iowa Workers’ Compensation Insurance

Workers’ compensation insurance, or workman's compensation insurance, provides benefits to Iowa employees for work-related injuries or illnesses contracted on the job. In Iowa, employers who have employees that are exempt may help protect these employees by purchasing a workers’ compensation insurance policy. This insurance coverage includes medical care, help replacing lost wages when unable to work, and more. Workers’ compensation protection may also provide a deceased worker’s family with financial compensation. If a family member of an employee decides to sue your business, workers compensation insurance may even help cover the legal fees.

Worker’s compensation insurance can help protect your Iowa business and employees from the costs of accidents such as these:

An employee injures his knee moving furniture around the office and requires a doctor’s visit, topical medication, and time off to fully recover.
An employee is driving to the office after meeting with a client and is severely injured in an automobile accident, requiring an ambulance ride to the hospital and medical attention.
An employee slips and falls on the floor in the breakroom, injures her neck, and requires a hospital visit and weeks of recovery time.

Iowa Business Income Insurance

Iowa Business Income Insurance coverage can help replace income lost when an Iowa business is unable to operate due to a covered property loss such as damage from theft, fire or wind. If your company is unable to function and generate revenue due to a break-in at your office, business income insurance coverage can help you cover your costs until your business is up and running. With this, you can continue to cover your expenses like monthly bills and payroll while your business property is being repaired or replaced.

Business Income Insurance is already included in a Business Owner’s Policy from The Hartford, but you can easily increase coverage to meet the specific risks your business may face. You can do this by choosing from a variety of business insurance coverages that can be added to your BOP. Consider getting Business Income coverage if you rely on a physical location, equipment or other property to generate income.

Companies that may benefit from this coverage include:

Service businesses like hair salons and car repair shops that rely on a physical location to operate in order to serve customers.
Retail stores and businesses that require a physical storefront and/or an online presence for customers to come to and make purchases.
Software companies that rely on physical and digital property including computers, servers and cloud storage to do business.

Iowa Minimum Business Insurance Requirements

Iowa law, overseen by the Iowa Department of Insurance,² requires most employers to have a reliable method of providing workers’ compensation benefits to eligible employees. An employer may purchase a workers’ compensation policy through a private insurance company or become self-insured by meeting specific requirements of the Iowa Insurance Commissioner. In Iowa, a workers comp covered “injury” includes any health impairment other than the normal building up and tearing down of body tissues that are a result of employment activities. Employees with diseases and hearing losses are also eligible for benefits if they are a result of employment activities or exposures.³

Additional Iowa Business Insurance Links

Get a quote on Small Business Insurance for your business today.

¹ https://www.sba.gov/sites/default/files/advocacy/2018-Small-Business-Profiles-IA.pdf

² https://iid.iowa.gov/

³ http://publications.iowa.gov/2445/1/guidessixth.pdf