Business Insurance in Indiana (IN)

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Indiana is home to over 534,640 small companies that employ 1.2 million people or 43.8% of all Indiana employers, per the U.S. Small Business Administration (SBA) Office of Advocacy, 2022 report.

Small businesses in Indiana benefit from carrying commercial insurance to protect against essential business insurance claims, such as a customer injury, damage to the property of others, or an employee sustaining an injury during the workday. Without intervention, a single event could lead to significant financial losses, such as expensive claims and legal expenses.

Businesses in Indiana must comply with state laws that affect the business insurance plan they could be required to buy. Indiana laws affect these plans in every part of the state. Indiana business insurance requirements include:

Workers' Compensation - Indiana state law dictates that a business with one employee must have workers' compensation insurance, with limited exceptions. This includes both public and private companies. The policy pays for work-related injuries and occupational illnesses. Additionally, it provides disability benefits to injured workers unable to perform duties while recuperating.

Commercial Auto - Business-owned automobiles in Indiana need to be insured in accordance with state auto insurance requirements. This policy covers costs connected with vehicular accidents involving business-titled autos. Indiana's minimum requirements for automobile insurance liability are:

  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $25,000 property damage liability per accident

Trucking companies may be required to carry higher auto liability coverage limits to adhere to legal requirements.

If your company has employees using their personal vehicles for work, it is recommended that the business carry non-owned auto liability insurance (NOAL)) insurance, as personal auto policies, typically exclude business use, and the employee’s auto liability limits may not be sufficient for business auto claims. You can add this coverage to your business auto policy, and sometimes, it may be available by endorsement to a Business Owners Policy or a Commercial Package Policy.

Types of Business Insurance Offered in Indiana

Recommended small business insurance policies for Indiana-based businesses are:

General Liability Insurance Indiana

General liability insurance covers company risks like third-party injury and property damage, voluntary medical payments, and personal and advertising injury damages. It saves you from the cost of litigation and helps you meet contractual and state requirements to obtain jobs, licenses, or leases.

This liability insurance policy provides the insured with a defense and pays legal fees and settlements if you're business is liable for injuring a person or damaging their property while doing business. Small businesses need general liability coverage as part of their risk management strategies. The median premium is about $42 per month for small, low-risk businesses.

General liability insurance coverage is crucial for businesses and organizations, especially if your company has the following:

  • A location that is open to the public
  • Work involves tasks with customers or clients at their location
  • Has employees performing work
  • Owns or rents commercial property
  • Sells products that could injure persons or property
  • Contractual obligations to meet
  • Is required to get a license

Professional Liability Insurance Indiana

Professional liability insurance, also called errors and omissions insurance, protects small establishments against the financial costs of client lawsuits for professional services.

Companies that make a living off their skills, education, and specialization need professional liability insurance. Even when the most experienced and thorough service professional makes an error, clients aren't necessarily as understanding about that as you are. Professional liability insurance protects your business from lawsuits due to client dissatisfaction.

Physicians, dentists, lawyers, real estate agents, architects, accountants, and engineers are a few of the professions that must have this coverage.

Cyber Insurance Indiana

Cyber insurance coverage protects all businesses against the expenses incurred resulting from a cyber breach or malicious cyber-attack. It covers many types of expenses incurred due to an online attack.

Cyberattacks are increasingly common for small businesses. Small companies may need more cybersecurity, making them a target for cyber attackers. A cyberattack can damage a business's reputation and put you out of business within six months.

Cyber insurance pays for first-party (insured) claims for lost or damaged equipment, income loss, and regulatory fines and expenses due to compliance with notification and credit bureau monitoring for people whose private information has been compromised.

Business Owners Policy (BOP) Indiana

A Business owner's policy (BOP) package includes business general liability and commercial property insurance. You may need a business owner's policy (BOP) if you own or operate a business space. Most client contracts require general liability coverage.

A BOP is a good insurance option if you're a small business that deals with the general public and has business-owned property. The general liability covers third-party bodily injury and property damage claims, such as damage to a client’s home while performing work or injuries occurring at your location. The commercial property covers business assets, the building, contents, equipment, furniture, etc., from perils such as fire, tornado, lightning, vandalism, or theft.

Workers’ Compensation

Workers' compensation Insurance takes care of the medical expenses and lost salary in the event of work-related injuries and occupational diseases. Indiana state law requires companies to purchase workers’ compensation if they have one or more employees. If businesses don’t comply, there are substantial fines and even jail sentences for not complying in most states.

Though state laws regarding the requirement for businesses to carry this coverage vary from state to state, it is recommended that companies buy a policy when they hire their first employee, even if not required.

Your business can still be liable for any benefits required by law to be paid to an affected employee, which would have to come out of the business’s bank account if a workers’ comp is not in place.

Also, Read: Workers Compensation Cost Reduction Strategies

Commercial Auto Insurance Indiana

Commercial Auto liability insurance will pay for bodily injury and property damage liability claims and suits stemming from a car accident when your business vehicle driver is negligent. If your company owns vehicles, a business auto policy is needed.

Most states mandate auto insurance for all vehicles, and company-owned autos are no different. New Hampshire, North Carolina, and Virginia are a few states that do not require motor vehicle insurance. However, there are financial responsibility requirements to meet to go without it. Nevertheless, drivers remain responsible for any injuries or damage they might cause to others by their negligence.

Indiana Small Business Insurance Requirements

Indiana small business owners should look into several different sorts of insurance coverage. Workers' Compensation compliance is required by state law. Property insurance can help safeguard your business from asset loss. General Liability is often the first policy to be purchased; local business and occupational licenses sometimes require it.

What is the Cost of Business Insurance in Indiana?

A general liability policy for a small, low-risk business in Indiana costs an average of $46 per month. Factors that impact premiums include:

  • Type of business and its risks
  • Business revenue and location
  • Number of employees and payroll
  • Types of insurance purchased
  • Policy limits and other coverage options

Get a Quote for Indiana Business Insurance

Please visit us at for a business insurance quote for your Indiana company. Choose your state, then choose from General Liability, Commercial Property, Cyber, Commercial Flood, Business Auto, and Workers’ Compensation insurance and answer the application questions. We have workers’ compensation, cyber, and flood quoting in real time! Once we receive your request, we will provide you with a proposal for your coverage as quickly as possible.

Why Choose InsuranceAdvisor for Commercial Insurance in Indiana?

Once you create your account at, your business information is stored, making it easy to come back to request quotes at any time. You may need other lines of business insurance or a certificate of insurance on current coverage. You can update your business details or learn about different types of commercial insurance that your business may need to consider. provides quotes for General Liability, Business Owners’ Policies, Commercial Property, Commercial Flood, Workers' Compensation, Business Auto, Cyber, and Umbrella Insurance with various insurance carriers. There is no need to drive to an agent’s office. You can request quotes from the comfort of your home, office, or anywhere!

FAQs for Indiana Business Insurance

It is recommended to shop around and compare rates from different insurance agents or carriers when looking for Indiana business insurance. Different insurance companies have different financial results by industry and lines of coverage. If coverage seems too good to be true, ensure you know the policy’s exclusions!

Your industry: This can result in sizable premium differences for insuring the same business. By comparing rates from different insurers, you can ensure you get the right coverage for your business at the most competitive price. Additionally, working with one agent that offers several carrier quotes is simpler and will give you a better understanding of your coverage options to make an informed decision.

Indiana has over 534,640 small enterprises, making up 99.4% of all the firms in the state. Following are the recommended policies for the business owners of Indiana:

  • General Liability Insurance
  • Professional Liability Insurance
  • Cyber Liability Insurance
  • Business Owners Policy
  • Commercial Property Insurance
  • General Liability Insurance
  • Commercial Auto Business Insurance
  • Workers’ Compensation Insurance
  • Employment Practices Liability
  • Directors & Officers Liability

While it's true that a licensed commercial insurance agent can help you determine the best insurance company for your business, it's important to note that not all agents have access to the same carriers or specialize in the same industries.

If you're in the market for commercial insurance, it's a good idea to speak with an Indiana-licensed agent specializing in commercial insurance. You can also use our online resources at to request a quote once and receive multiple carrier quotes to compare rates and coverage options.

We can help you navigate the insurance buying process, from assessing your risk exposure to choosing the right coverage options and limits.

Requesting a certificate of liability insurance from all vendors and service providers your company uses is a crucial step in managing your risk exposure. This document provides proof of insurance coverage and can help protect your company in an accident or incident involving that provider.

When reviewing a certificate of liability insurance, it's important to verify that the named insured on the certificate matches the vendor or service provider you pay. This ensures that you are not relying on coverage from a different company or individual.

Additionally, it's a good idea to check that the policy limits listed on the certificate meet your requirements and that the insurance coverage is current and in force. If you have any doubts or questions about the coverage provided, you can always contact the insurance agent listed on the certificate to verify the coverage.

Reviewing liability insurance certificates and ensuring that your vendors and service providers are adequately insured can help protect your business from potential losses and liability.

On average, a sole proprietorship has premium costs starting at $450 annually for liability insurance with a $1M Limit. Many factors are considered by insurance companies when calculating your risk premium, including annual and projected revenue, industry, and profession.

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