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Are You Covered? A Quick Guide for Small Business Owners in North Iowa

Are You Covered? A Quick Guide for Small Business Owners in North Iowa
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Last Updated: May 22, 2025

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Starting a new business in North Iowa is a great opportunity. Over the last few years, this part of the state has been experiencing a boom in several key sectors, including technology and innovation, the logistics and distribution industry, and advanced manufacturing. 


Even outside of these industries, the overall business landscape is strong, with a business survival rate that’s 25% above the national average. But while North Iowa is a good spot to start a business and secure connections, that’s not to say the risks are lowered. 


As a business owner, it’s your job to ensure that you’re covered from a wide range of risks that could disrupt your operations or perhaps even put you out of business entirely. 


Whether it’s a workplace injury or even a cyberattack, there are always unforeseen challenges that enter into the mix and – if you haven’t taken the time to protect yourself – put your business on the back foot.

 

So how exactly do you protect yourself as a small business owner in North Iowa? Below is our quick guide to the essential insurance coverage every business needs, helping you to make the right decisions and focus on growing your business with peace of mind.


Insurance for Businesses in North Iowa

The most important insurance types to mention are probably general liability insurance and E&O insurance, which are foundational policies for most small companies. As a business owner, of course, you need to have insurance for professional errors, because professional errors do happen, whether you like it or not. 

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Whether it’s a third-party claim involving bodily injury, or a personal injury due to advertising mistakes or an omission in your marketing campaign, these insurance types are there to protect your company from potentially devastating lawsuits and legal expenses, as well as medical costs should a customer get hurt.


Getting the Full Package

Another key form of coverage could be a business owner’s policy – or BOP – which essentially bundles general liability and commercial property insurance into one convenient package. We mentioned that this is a guide for small business owners in North Iowa, and so, if we were to give our opinion, we’d urge you to check this one out if you want to cut out the hassle of managing multiple policies. 


Not only can you get it at a discounted rate, but it allows you to further protect your company, with commercial property insurance working to cover your building, equipment, inventory, and a range of other physical assets – something that could be particularly important in a region like North Iowa, where bad weather and severe storms often cause unexpected damage.


Some Mandatory Insurance Types

It’s also worth noting that there are some mandatory insurance types for small businesses in Iowa, including workers’ compensation insurance, which is a requirement if your business employs one or more individuals. This essentially provides benefits to employees who suffer work-related injuries or illnesses, covering medical expenses and a portion of lost wages should they miss out on work.


If your business owns or operates vehicles, another necessary insurance type is commercial auto insurance, which is designed to cover your vehicles in the event of an accident. Many people don’t realize, of course, that personal insurance policies typically don’t cover vehicles used for business purposes, so this can leave a significant gap in coverage if you haven’t protected yourself. 


Not to mention, failing to acquire it – and workers’ compensation insurance, for that matter – can result in a hefty fine, and potentially even felony charges if you’re found to be willfully non-compliant. 


Conclusion

This is just our quick guide on how to cover yourself as a North Iowan business, but it’s important that you do your own research too. 


Sure, there are some well-rounded coverage types like general liability insurance, but really, the kind of coverage you get should depend on your industry and specific risk sets. So take a look around and remember, in 2025, you can tailor your coverage to suit your company, so don’t be afraid to craft a plan that covers everything you’re worried about! 


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Cindy Baker
Editorial Team
Author
The editorial team behind is a group of dedicated HR professionals, writers, and industry experts committed to providing valuable insights and knowledge to empower HR practitioners and professionals. With a deep understanding of the ever-evolving HR landscape, our team strives to deliver engaging and informative articles that tackle the latest trends, challenges, and best practices in the field.
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