Wyoming General Liability Insurance Update Guide 2023
Wyoming General Liability Insurance Update Guide 2023 This material will help you comprehend Wyoming Commercial Liability insurance and safeguard your company and your personal assets from legal claims and settlements that could lead to financial ruin if you run a small business in the Equality State. In Wyoming, having adequate general liability insurance is crucial to any small business plan.
If you own a small business in Wyoming, the information in this article will help you comprehend Wyoming Commercial Liability insurance and safeguard both your company’s assets and your own assets from potentially disastrous legal claims and settlements.
Having adequate commercial liability coverage is a crucial component of any small business strategy in Wyoming, regardless of where you operate—in Casper, Cheyenne, Laramie, Gillette, Rock Springs, or anyplace else in the Equality State.
Fast Facts About Wyoming Small Business
Any firm with less than 500 workers is considered a small business. Over 96% of all Wyoming jobs are held by small businesses, making them crucial to the state’s economy. In 2008 (the most recent year for which data is available), 17,461 of Wyoming’s 60,855 small firms employed people, making up more than 65% of the state’s private-sector workforce. Also, 43,394 of the businesses were run by individuals who worked alone.
Wyoming’s Bare Minimums for Commercial Insurance
In Wyoming, companies are not required to have commercial liability insurance. As a modified comparative fault state, Wyoming is unique. If the plaintiff is found to be more than half at blame, they will not be able to receive any damages. In Wyoming, damages for personal injuries are not limited in any way.
There is a 4-year time restriction on filing a lawsuit over a bodily harm caused by someone else’s negligence or a defective product. Wyoming is not immune to accidents or lawsuits (both valid and baseless). In Wyoming, company owners who possess property or other valuable assets should have commercial general liability insurance policies in enough amounts.
You may be wondering, “How Much Wyoming Commercial Liability Insurance Should You Carry?”
The amount of Wyoming commercial general liability insurance you need may vary from one case to the next, but as a general rule of thumb, it will depend on the sort of Wyoming business you run or the items you create. Between $500,000 and $1,000,000 is a decent ballpark for most small enterprises.
If your firm deals heavily with the public, as in the service industry or construction, or if you have employees that frequently engage with customers, as in a restaurant or retail store, you may want to consider purchasing additional insurance. Keep in mind that if you run your business out of your house, liability and property damage are not well covered by standard homeowner’s or renter’s policies.