It’s no secret that we love insurance here at Talage, and odds are you don’t (that’s ok; we can still be friends). But, we do know you love your business and want to protect it, so we’ve provided information about insurance in North Dakota. Our advice: protect what you’ve built and carry both workers’ comp and liability insurance.
What kind of business insurance do I need in North Dakota?
Workers’ Compensation Insurance in North Dakota
All North Dakota employers are required by law to carry Workers’ Comp insurance. North Dakota runs a monopolistic state insurance fund, therefore you can only purchase coverage through the state
. Private insurance is not permitted, so Talage isn’t able to help you find a Workers’ Comp policy if you’re a North Dakota-based business (but we can help you with General Liability and Property insurance).
Workers’ Compensation insurance helps protect your business from the costs associated with an employee injured at work. Typically, it would pay for medical bills and recovery costs, as well as some of the missed wages. In the event of a death, workers’ compensation insurance can help with the costs of the funeral or death benefits to the employee’s family. Workers’ comp can also help cover legal expenses if an employee sues the business over an injury that isn’t covered by the policy.
General Liability Insurance in North Dakota
General liability insurance isn’t required by law, but we believe every business should protect itself with liability insurance. It pairs nicely with workers’ compensation insurance because it can cover expenses for non-employee injuries that occur at your business. What’s more, it covers product liability, libel/slander, and even damage you may cause to somebody else’s property. If your business is sued your liability insurance policy may cover you for legal expenses (both legal fees and settlements). If you like tightrope walking without a net, you’re probably not the type that would want liability insurance. For everybody else, this policy (sold together as a business owner’s policy: BOP) helps protect the business you’ve built.
Property Insurance in North Dakota
Property insurance isn’t required by law either, but if you have a landlord, they’ll likely require that you carry property insurance. It typically comes bundled with liability insurance as a business owner’s policy (BOP). This portion of the bundle protects your building and its contents from terrifying things like fire, explosions, burst water pipes, storms, and theft. Coverage against other natural disasters typically need to be added on to the policy.
What do I need to know about Workers’ Comp Insurance in North Dakota?
North Dakota runs a monopolistic state insurance fund, therefore you can only purchase coverage through the state
. Private insurance is not permitted, so Talage isn’t able to help you find a Workers’ Comp policy if you’re a North Dakota-based business.
More information about insurance in North Dakota
We’re not lawyers, but we’re insurance savvy and are here to help you get the information you’re looking for. If you want to be sure you’re fully compliant with the law, make sure you work with an attorney and read North Dakota’s current laws. You can find out more about Workers’ Compensation on North Dakota Workforce Safety website