Best General LiabilityWyomingBest General Liability Insurance in Wyoming (2023)
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MoneyGeek examined several key elements to determine the best general liability insurance provider in Wyoming. Our analysis considered criteria such as affordability for sole proprietors and LLCs, customer satisfaction, financial stability and the online quote process.
Nationwide is the best insurance provider in Wyoming. For LLCs with 20 employees, Nationwide provides the second-cheapest monthly premiums at an average of $37, while rates for sole proprietors with no employees are $36 per month.
Next is the most affordable insurance provider in Wyoming, with average monthly premiums of $25 for sole proprietors and $28 for LLCs.
Best General LiabilityWyomingBest General Liability Insurance in Wyoming
Best Overall - Nationwide
Cheapest - Next
Best for Employers - Nationwide
Best for Sole Proprietors - Thimble
Best Overall General Liability Insurance in Wyoming
Nationwide ranks as Wyoming's best general liability insurance provider with a MoneyGeek score of 90 out of 100. Please refer to the table below to compare the scores and rates of all the companies we assessed.
How was this MoneyGeek score calculated?
Best OverallScore: 90
4/5LLC Affordability
1/5Sole Proprietor Affordability
5/5Customer Satisfaction
4/5Financial Stability
3/5Online Quote Process
PROS
Excellent customer satisfaction rating
Offers the second most affordable rates for LLCs
Strong financial strength score
CONS
Charges most expensive rates for sole proprietors
May take some time to get an online quote
Company Highlights
Nationwide stands out as the top provider of general liability insurance in Wyoming, thanks to its highly competitive rates. It offers affordable premiums for limited liability companies (LLCs), with monthly premiums of just $37, making it the second most cost-effective option. The insurer also holds a solid financial strength rating and maintains a lower-than-average number of complaints, according to data from the National Association of Insurance Commissioners (NAIC).
While Nationwide performs positively overall, it may not be the most affordable choice for sole proprietors since its monthly premium is the highest at $36. Furthermore, the insurer's online quote processing may require more time than other providers, indicating a need for improvement in this area.
Cheapest General Liability Insurance in Wyoming
MoneyGeek found that Next is the most affordable general liability insurance provider in Wyoming. For sole proprietors, the monthly premium averages $25, while for LLCs, it averages $28. We based our rankings on an affordability score, which considers the monthly costs for both categories equally, with a weight of 50%. It's worth noting that the company with the overall cheapest rates may not offer the most cost-effective rates for sole proprietors and LLCs individually.
How was this MoneyGeek score calculated?
CheapestScore: 97
5/5LLC Affordability
4/5Sole Proprietor Affordability
0/5Customer Satisfaction
2/5Financial Stability
4/5Online Quote Process
PROS
Charges the cheapest rates for LLCs
Offers the second most affordable rates for sole proprietors
Fast online quotes
CONS
Low financial strength rating
Company Highlights
Next stands out as the top choice for the cheapest general liability insurance in Wyoming. Its average monthly premiums for LLCs are the least expensive at $28, and it offers the second-lowest rates for sole proprietors at $25 per month. These highly competitive rates make Next an appealing option for businesses looking to cut down on insurance costs.
Next excels in providing quotes quickly, with an impressive response time of only one minute and 13 seconds. However, it's worth noting that Next has a low financial strength rating, which may raise concerns about its ability to handle claims effectively and offer reliable service to policyholders.
Best General Liability Insurance for Employers in Wyoming
With an overall MoneyGeek score of 95 out of 100, Nationwide holds the top position for employers seeking general liability insurance. The rankings are determined based on the average monthly rate charged for limited liability companies (LLCs) with 20 employees.
For LLCs, Nationwide's average monthly cost amounts to $37. While this may be the average price for companies with 20 employees, businesses with fewer employees can expect to pay less. Those with more employees may be charged higher rates.
How was this MoneyGeek score calculated?
Best for EmployersScore: 95
4/5LLC Affordability
5/5Customer Satisfaction
4/5Financial Stability
3/5Online Quote Process
PROS
High customer satisfaction ratings
Superior financial stability and capacity to fulfill obligations
Second-cheapest monthly rates for LLCs
CONS
Online quote application process may take some time
Company Highlights
Nationwide offers the best general liability insurance in Wyoming for employers. Its high financial strength rating indicates it has sufficient resources to pay out claims. Additionally, Nationwide offers highly competitive rates for LLCs, with the second-lowest monthly premium at $37.
The company receives fewer customer complaints compared to other insurers, reflecting its commitment to providing excellent customer service. However, obtaining an online quote from Nationwide may take longer than other providers, as it ranks last out of five competitors in this area.
Best General Liability Insurance for Sole Proprietors in Wyoming
Thimble takes the top spot for sole proprietors seeking general liability insurance in Wyoming, with an overall MoneyGeek score of 95 out of 100. These rankings are determined based on the average rates charged for sole proprietors with no employees.
Thimble offers the cheapest rates for sole proprietors, with an average monthly cost of $22. Note that rates may vary for sole proprietors in higher-risk industries like construction.
How was this MoneyGeek score calculated?
Best for Sole ProprietorsScore: 95
5/5Sole Proprietor Affordability
2/5Customer Satisfaction
3/5Financial Stability
5/5Online Quote Process
PROS
A+ AM Best rating
Offers the cheapest rates for sole proprietors
Quick online quote process
CONS
Receives more customer complaints than average
Company Highlights
Thimble is the top choice for sole proprietors seeking the best general liability insurance in Wyoming. Its A+ AM Best rating reflects its reliability as an insurer to handle claims, while its competitive rates make it the most affordable option, with monthly costs averaging $22.
This insurer delivers a seamless user experience by generating online quotes in just 16 seconds, on average. However, it's worth noting that Thimble falls short in terms of customer satisfaction, receiving more complaints than the industry average.
Do You Need General Liability Insurance in Wyoming?
While not mandatory for all businesses, buying general liability insurance in Wyoming can provide essential protection against potential risks. Unlike other types of business insurance, it is not legally required for basic operations. However, in the event of a lawsuit, it can help safeguard businesses from claims related to bodily injury, property damage, personal injury and advertising injury. Moreover, certain industries may require general liability insurance as a prerequisite for obtaining licenses or winning contracts.
Regardless of the number of employees, all businesses in Wyoming must have workers' compensation insurance to provide coverage for work-related injuries or illnesses. However, there are exemptions for federal employees, private duty nurses and independent contractors.
For commercial auto insurance, Wyoming law requires minimum coverage of $25,000 per person, $50,000 per accident for bodily injury and $20,000 for property damage.
SMALL BUSINESS RESOURCES IN WYOMING
The Wyoming Small Business Development Center Network assists small businesses in the state by offering essential consulting and training services. The organization also aids in obtaining government contracts and provides innovation funding opportunities for these businesses.
How Much Is General Liability Insurance in Wyoming?
The average cost of general liability insurance in Wyoming is $56 per month for LLCs and $29 per month for sole proprietors. These rates are for policies with a $2 million aggregate limit, a $1 million occurrence limit and a $0 deductible.
The $2 million aggregate limit is the maximum amount the insurer will pay for all claims made during the policy period. On the other hand, the $1 million occurrence limit is the maximum amount the provider will cover for each individual claim. Meanwhile, the deductible represents the out-of-pocket amount the business owner must pay before the coverage takes effect to cover a claim.
Factors That Impact General Liability Insurance Costs in Wyoming
The factors that impact the cost of general liability insurance may differ for each business:
Policy limits
Choosing higher coverage limits can offer more comprehensive protection, but it also amplifies the potential payout for the insurer in case of a claim. Generally, higher coverage limits correspond to higher insurance premiums.
Number of employees and payroll costs
Businesses with larger payrolls or more employees generally face higher risks, which can result in pricier insurance premiums. Our data indicate that LLCs in Wyoming with 20 employees pay approximately $27 more per month than sole proprietors.
Business location
Insurance premiums can vary depending on where your business is located. Cities with higher risks of natural disasters or crime rates generally have more expensive insurance premiums. As a result, the average insurance premiums for the entire state can also fluctuate based on the city where a business is situated.
Claims history
Providers may raise premiums based on a business's claims history as it may indicate a higher likelihood of future claims. Many business owners who have maintained a claims-free record often employ risk management strategies as an approach to minimize the occurrence of insurance claims.
Industry
Industries categorized as high-risk, such as construction, usually experience higher insurance premiums due to the increased likelihood of accidents. Please refer to the following table to compare the average general liability insurance cost for cleaning businesses, software development companies and general contractors in Wyoming.
Frequently Asked Questions About General Liability Insurance in Wyoming
We answered some commonly asked questions about general liability insurance in Wyoming that can help you find the best coverage for your business.
About Melissa Wylie
sources
- Wyoming SBDC. "Wyoming Small Business Development Center Network." Accessed June 8, 2023.