As a contractor in Wyoming, having proper insurance coverage is crucial for protecting your business and meeting state requirements. This comprehensive guide breaks down the essential insurance coverages Wyoming contractors need, including costs based on our analysis of actual quotes from leading carriers.
Strengthen your foundation by reading about contractor business coverage insurance.
General Liability Insurance for Wyoming Contractors
General liability insurance protects your contracting business from third-party claims of property damage and bodily injury. Based on our analysis of over 800 contractor quotes, here are the typical costs for Wyoming contractors:
| Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $500K | $4,700 | 0.9% | $3,300 | 30% |
| $1M | $10,000 | 1.0% | $6,200 | 38% |
| $2.5M | $25,500 | 1.0% | $15,100 | 41% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- Typical mix of residential and commercial work
- Approximately 10% subcontractor costs
Worker’s Compensation Insurance for Wyoming Contractors
Worker’s compensation insurance is mandatory for Wyoming contractors with employees. Based on our analysis, Wyoming contractors typically pay around $1,619 per employee annually for workers’ compensation coverage, making it one of the most affordable states for workers’ comp insurance.
For Wyoming contractors, typical workers’ compensation costs per $100,000 of payroll average $4,310, which is among the lowest rates nationally.
Common contractor classification codes and their approximate rates in Wyoming:
- Code 5606 (Project Manager/Supervisor): $2-4 per $100 of payroll
- Code 5645 (Residential Construction): $6-10 per $100 of payroll
- Code 5403 (Commercial/Large Projects): $10-14 per $100 of payroll
Additional Business Insurance for Contractors in Wyoming
1. Commercial Auto Insurance
- Typical cost: $1,000-$4,000 per vehicle annually
- Required for business-owned vehicles
- Higher limits often needed for larger contractors
- Covers accidents and damage during business use
2. Tools & Equipment Coverage
- Cost: $1,500-$5,000+ annually for $15k-$50k coverage
- Protects both owned and rented equipment
- Coverage follows equipment to all jobsites
- Includes theft, damage, and vandalism protection
3. Commercial Property Insurance
- Protects offices, storage facilities, and workshops
- Annual premiums: $2,000-$20,000+ based on property value
- Coverage for fire, theft, vandalism, and natural disasters
- Protection for business personal property
4. Builder’s Risk Insurance
- Premium: 0.15-0.75% of project value
- Covers projects under construction
- Protection against fire, weather, vandalism
- Coverage duration matches project timeline
5. Surety Bonds
- Guarantees project completion and compliance
- Premium: 1-3% of bond amount
- Required for certain projects
- Rates vary based on credit and experience
Get Wyoming Contractor Liability with ContractorNerd
ContractorNerd specializes in making insurance simple and data-driven for Wyoming contractors. Our platform offers:
- Instant online quotes from top-rated carriers
- Side-by-side coverage comparisons
- Contractor-specific expertise and guidance
- Streamlined application process
- Ongoing policy management support
- Claims advocacy when needed
Our team of contractor insurance specialists understands Wyoming’s unique requirements and can help you:
- Optimize coverage levels based on your specific risks
- Find competitive rates through our carrier network
- Bundle policies for additional savings
- Ensure compliance with state regulations and contract requirements
To get started with tailored quotes for your Wyoming contracting business, visit our online quote tool or speak with one of our contractor insurance specialists today.