Required Commercial Insurance in Iowa

In Iowa, there are certain commercial insurance policies that are mandated by law for many businesses. If your business needs one or more commercial policies, give us a call now at Aussie Agencies in Knoxville, IA.

Workers’ Compensation

For Iowa businesses, it is required that workers’ compensation insurance must be kept by any business that has at least one employee. This is mandated even if there is only one, part-time employee. When you have workers’ compensation insurance in place, it will pay for the medical bills and lost wages for an employee who gets sick or becomes injured while at work. This protects your business by supplying funds for those bills so that your business won’t have to come up with the money. 

Commercial Auto Insurance

With Iowa state law, every vehicle in the state that is owned by a business must have commercial auto insurance for it. This insurance must have a specific minimum liability amount for each person who suffers bodily in an accident and another amount for everyone who became injured in an accident. It also requires an amount of liability coverage for property damage. If you use a vehicle for work tasks, but it isn’t actually owned by the business, a personal auto policy may not payout after an accident. It’s recommended in these cases that you get a policy type called hired and non-owned. 

Other Insurance Policies

While those are the required policies, there are many other types of commercial insurance that are helpful for businesses of every size. Getting a business owners’ policy can help by giving you several types of coverage. Cyber insurance can be helpful for businesses that rely on their computer networks. 

Cover Your Business

If your business meets the requirements for commercial insurance in Iowa, it’s important to get those policies in place. Call us at Aussie Agencies in Knoxville, IA.