What are the Consequences for Not Having Commercial Insurance?

Failure to maintain commercial insurance in Iowa can have a significant impact on the business, the business owner, and employees. To be clear, Idaho requires commercial businesses to maintain two types of insurance at the state minimum- workers’ compensation and commercial auto insurance. Workers’ compensation is required for any business that employs one or more full-time, part-time or seasonal employees which helps cover the cost of medical bills for work injuries and illnesses that occur while working or at a location belonging to the business. As the name implies, commercial auto insurance is required for any vehicle that is owned by the business. Additionally, if employees are required to drive their personal vehicles while conducting work business you may need to have hired and non-owned insurance because most personal auto policies will not cover accidents that occur while the person is on the clock.

Failure to have adequate commercial insurance coverage means that you are in violation of Idaho state law and you could be subject to substantial fines that may ultimately result in the closure of your business. Additionally, if an employee is injured while at work or during work hours than you may be on the hook for the entirety of their medical expenses and any fees or penalties resulting from legal action that is taken. 

Consequently, having adequate commercial insurance can help safeguard your investment, livelihood, and your employees. When it comes to finding coverage, let the professionals at Insure It All in Idaho Falls, ID lend a hand. Our friendly and knowledgeable team will take the time to answer your questions, learn about your business, and present a personalized insurance product that best meets your needs. Give us a call today to schedule a complimentary consultation.