- Idaho, unlike some states,
does not offer a state-mandated disability insurance program other than the coverage offered by Worker's Compensation and
your company's health insurance plan.
Both short term and long term disability insurance can
be purchased from an insurance company. Short term
covers the early stages of a disability and is appropriate for someone who is
expected to make a full recovery. Long term disability
insurance generally covers up to 5 years or until the
person qualifies for either Medicare or Social Security
disability payments. For information on Social Security
disability insurance, visit
Disability insurance can be obtained from most insurance companies offering health insurance.
Business Liability/Property Insurance
- Protects buildings,
property and inventory owned by a business against physical loss or
damage by theft, fire, water, accident, or other occurrences.
Coverage includes property not located at the business, such as equipment and/or supplies at a job site.
Contents Insurance -
Similar to personal
renter's insurance, contents insurance covers damage, loss, or theft of
the contents of a leased or rented building.
should carry property insurance on the building (be sure to ask).
may also cover leased equipment and
items temporarily located at a job site.
Business Interruption - Protects against loss if business activities are
interrupted by a natural disaster, such as a fire or flood. It
supplements Business Liability coverage and can be added to a business
liability or property insurance policy.
- Protects the business if someone is injured while on the
premises or employees damage the property of a customer while at a job
Employment Practices Liability Insurance
- Protects against wrongful termination, discrimination, harassment
and other employment-related lawsuits
filed by employees, former employees and potential employees.
Product Liability - Protects against
lawsuits for injury or property loss due to a defect, design flaw or
malfunction of a product, food, medication or another item. Both
manufacturers and retailers may need this insurance.
Professional Liability -
Protects professionals who have greater than average knowledge in a
particular area, such as doctors, lawyers, engineers, architects and counselors, against law suits related to their
professional expertise. Medical malpractice insurance is a type of professional liability insurance.
Director's & Officers Liability Insurance -
Officers and directors of a corporation or non-profit organization can
be held personally liable for their actions on behalf of the business.
This insurance protects them should a law suit occur.
Umbrella (Supplemental Liability) -
Provides additional liability coverage beyond that offered by a primary liability
policy. This may be needed by businesses engaged in high-risk
Omissions) - CPAs and other licensed professionals, such as contractors,
real estate agents, architects, and home appraisers, may need this insurance to protect against mistakes that could cause financial harm to a
client or related party.
Automobile/Fleet - Similar to individual automobile insurance,
it covers business owned or leased vehicles (car, truck, van, or trailer). If a personal vehicle is used for business, special
insurance coverage called "non-owned automobile
coverage" may be needed. Your insurance agent can provide details.
Life Insurance - Can be an individual policy on the
business owner or a group policy on the owner and employees.
Key Person - A type of life insurance that
protects a business against financial loss caused by the
death or disability of a key person, including the owner,
partners, and members of the management team. Also used
to fund buy/sell agreements when a business is owned by more
than one person. The
business owns the policy, pays the premiums, and is the beneficiary.
Business Theft Insurance -
Covers theft by employees, competitors, and others, including
theft. This may be needed in addition to liability
insurance, which covers property theft.
Business Identity Theft Insurance
- If your business collects, stores, or handles customers',
employees' confidential, personal, or financial data, this insurance
may be needed. It covers the costs of notifying
customers or employees of theft, fees associated with
recovery of the data, legal fees, and other issues.
Banks and other financial institutions, medical offices and hospitals,
insurance agencies, retail stores that accept credit
cards, employment agencies and other businesses that collect
and store personal data for any reason may need this
Home-Based Business - Home-based
may need additional coverage beyond that offered by a
homeowner's policy. Not all home-based
business activities are covered by homeowners'
insurance, particularly if the actual activity, such as
house painting, does not occur at your home.
Check with your insurance agent for details.
Business Owners' Guide to Insurance: Published
by the Insurance Information Institute, this booklet
covers basic insurance needs for small businesses,
Information on the needs of
specific types of businesses, such as internet businesses, artists, food
service, and farms and ranches -
If you suspect an
insurance company or agent may have committed
fraud, you can
file an on-line report with the National Association of
Insurance Commissioners (NAIC) at
and with the Idaho Department of Insurance at http://www.doi.idaho.gov/investigations/investigation.aspx.
If you suspect one of your employees or a business
owner may have committed insurance fraud, contact your
insurance company or the Idaho Department of Insurance to
determine how to proceed. Also see "worker's comp
fraud" under Worker's
Compensation Insurance at the top of this page.