MoneyGeek evaluated several factors to determine the best general liability insurance providers in North Dakota, including cost, customer satisfaction, financial stability and online quote processes.

Thimble is our top choice, offering reasonable monthly policy costs of $53 for LLCs with 20 employees and $22 for sole proprietors with no employees.

On the other hand, Next is the cheapest general liability insurer in the state, at approximately $25 per month for both sole proprietors and LLCs. However, the best provider for your business ultimately depends on your specific needs and circumstances.

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Best Overall General Liability Insurance in North Dakota

Based on MoneyGeek’s analysis, Thimble is the top general liability insurance company in North Dakota. It bested four other companies by earning a MoneyGeek score of 91 out of 100, thanks to its fast online quote process and low rates for sole proprietors. The table below displays the MoneyGeek scores and average costs of all North Dakota insurers that we analyzed.

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Cheapest General Liability Insurance in North Dakota

Next is the cheapest general liability insurance provider in North Dakota, with a monthly cost of $25 for both LLCs and sole proprietors. MoneyGeek's affordability score is determined by combining the costs for both business types equally. Although Next is the most affordable option overall, it is not the cheapest insurer for sole proprietorships.

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Best General Liability Insurance for Employers in North Dakota

With a MoneyGeek score of 97 out of 100, Nationwide is the top choice for employers seeking general liability insurance in North Dakota. Our analysis was based on the average monthly cost for LLCs with 20 employees.

When it comes to insurance costs, the size of your workforce plays a crucial role. Generally, businesses with fewer than 20 employees pay below the average cost, while those with more than 20 employees pay more.

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Best General Liability Insurance for Sole Proprietors in North Dakota

Thimble is our pick as the best general liability insurance provider for sole proprietors in North Dakota, with a MoneyGeek score of 95 out of 100. For an affordable rate of around $22 per month, Thimble provides ample coverage to protect your business.

Note that our rankings are based on average costs for sole proprietors with no employees. Keep in mind that businesses in higher-risk industries, such as construction, may face higher insurance costs.

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Do You Need General Liability Insurance in North Dakota?

Acquiring general liability insurance in North Dakota is not mandatory, but it's strongly recommended. This type of insurance offers vital protection against third-party liability claims, which can be costly for your business if not covered.

The following benefits are included in a general liability insurance policy:

  • Third-party bodily injuries: If someone is injured while on your business premises, general liability insurance covers the medical expenses incurred.
  • Third-party property damage: If your business or employees cause damage to another person's property, general liability insurance will cover the costs of the damages. This can help protect your business from unexpected expenses and potential lawsuits.
  • Personal and advertising injury: If your business faces a lawsuit for libel, slander or copyright infringement, general liability insurance will cover the legal expenses and damages. This coverage can help protect your company's financial stability and reputation in case of litigation.

North Dakota state law mandates additional business insurance for those who meet certain qualifications. General liability coverage is particularly important in some industries for securing business licenses and contracts.

If you have one or more employees, workers' compensation insurance is mandatory for your company. Furthermore, if your business owns vehicles, you must obtain commercial auto insurance to comply with state regulations.

North Dakota’s minimum coverage limits for auto insurance are:

  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
  • $25,000 uninsured/underinsured motorist bodily injury liability per person
  • $50,000 uninsured/underinsured motorist bodily injury liability per accident
  • $30,000 Personal Injury Protection (PIP)
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SMALL BUSINESS RESOURCES IN NORTH DAKOTA

The North Dakota Small Business Development Centers (ND SBDC) offer free consulting services and training programs to help small business owners start and grow their operations. The organization provides guidance on various topics such as market research, financial analysis and business planning to help entrepreneurs make informed decisions and achieve their goals.

How Much Is General Liability Insurance in North Dakota?

For business owners in North Dakota with 20 employees, the average monthly cost of general liability insurance is $57, while sole proprietors with no employees can expect to pay an average of $28 per month. These rates are based on policies with a $2 million aggregate limit, a $1 million occurrence limit and a $0 deductible.

The aggregate limit represents the maximum amount the insurance provider will pay for claims throughout the policy period, while the occurrence limit is the highest coverage amount for each claim. In addition, the deductible is the amount that the business owner must pay before the insurance coverage takes effect.

It's crucial for small business owners in North Dakota to carefully evaluate their insurance needs and acquire adequate coverage to protect themselves against financial losses in the event of legal action.

Factors That Impact General Liability Insurance Costs in North Dakota

Several factors can impact the price of general liability insurance for a business in North Dakota.

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Frequently Asked Questions About General Liability Insurance in North Dakota

In order to choose the most suitable general liability insurance policy for your business, it's crucial to take into account several factors and evaluate your specific requirements. MoneyGeek has addressed some common inquiries to help guide you toward the appropriate coverage.

Our top choice for the best general liability insurance provider in North Dakota is Thimble due to its user-friendly online quote process and reasonable premiums for sole proprietors. However, the best option for you may vary based on factors such as the size of your business, employee count, payroll expenses and desired coverage amounts.

According to our research, Next provides the most cost-effective general liability insurance in North Dakota, with the lowest premiums for LLCs and the second-lowest for sole proprietors. However, selecting the best insurance option for your business ultimately hinges on your specific needs and circumstances.

General liability insurance in North Dakota can provide financial protection to your business from potential losses caused by third-party bodily injuries, property damage and personal and advertising injury claims. Nevertheless, it doesn't offer coverage for other types of risks, including professional errors, intentional or criminal acts, employee injuries, damage to your property or auto accidents.

While it is not required by law, obtaining general liability insurance is a smart move for businesses in North Dakota looking to protect themselves against liability claims from third parties.

About Melissa Wylie


Melissa Wylie headshot

Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.

Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.

Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.

Melissa's other work can be read on LendingTree and Bizwomen.


sources
  • North Dakota Small Business Development Centers. "ND SBDC." Accessed May 10, 2023.