HawaiiBusiness Insurance

Find the Best Business Insurance Options in Hawaii

Regardless of how big or small your Hawaii business is, it must be covered by business insurance. Hawaii is an attractive choice for business owners for many reasons, including the heavy traffic the state receives from tourists every year. But businesses in Hawaii are not immune to common and even unexpected threats ranging from theft and vandalism to volcanic eruptions. 

Hawaii is now home to nearly 132,640 small businesses across its islands. Hawaii's 275,115 small business employees also deserve to be protected against incidents of illness or injury caused by their jobs. An independent insurance agent in Hawaii can help get your business set up with all the business insurance it needs to remain operational for many years to come. But up first, here's a breakdown of Hawaii business insurance.

Best Business Insurance Companies in Hawaii

Many different business insurance companies exist in Hawaii, but some are better than others in terms of coverage options and costs. That's why we selected just a few of the best. Check out these top-rated business insurance companies in Hawaii when you're ready to get coverage.

• Travelers: Travelers offers business insurance and many other kinds of coverage. Travelers also provides outstanding customer service and offers many discounts.
• Liberty Mutual: Liberty Mutual offers many business insurance and other coverages. Liberty Mutual is a Fortune 500 company that holds great ratings from AM Best and the Better Business Bureau (BBB) and offers 24/7 claims reporting.
• The Hanover: The Hanover offers a ton of different types of coverage, including all the business insurance you could need. The Hanover also has excellent ratings from both AM Best and the BBB and offers 24/7 claims service.
• Progressive: Progressive offers many coverage options, including business insurance. Progressive also holds excellent financial strength ratings and offers many discounts and 24/7/365 customer service. 

A Hawaii independent insurance agent can help you get the business insurance policy you're looking for from one of our top-rated carriers.

Hawaii Business Insurance Requirements

By state law in Hawaii, you must provide workers' compensation coverage if your company has at least one employee, regardless of full or part-time status. Though this is the only Hawaii state law-mandated type of business insurance, your business will also want to consider adding business interruption or business income coverage to protect against losses during temporary closures. Your company could also benefit from adding commercial auto insurance to protect company vehicles and cyber liability insurance to protect against incidents of data breaches.

Hawaii law dictates that your business must have workers' comp if it employs one or more workers. So, currently, the only state-mandated business coverage in Hawaii is:

• Workers' compensation

Optional Business Insurance in Hawaii

• Cyber liability insurance
• Commercial auto insurance
• Professional liability insurance
• Commercial property insurance
• Business income insurance
• Commercial general liability insurance

An independent insurance agent in Hawaii will help your company get set up with every type of coverage it needs to succeed.

What Business Insurance Covers in Hawaii

Your business insurance policy in Hawaii will cover whatever you design it to. The coverages you select to go into your policy will determine your business's level of protection and where and how it's specifically protected. A business insurance policy in Hawaii should ideally include business income insurance, commercial auto insurance, general liability insurance, workers' compensation, commercial property insurance, and cyber liability insurance. However, your Hawaii independent insurance agent can help advise you on which types of coverage your unique business needs most.

Liability Coverage Options for Small Businesses in Hawaii

All businesses in Hawaii are vulnerable to lawsuits. Without the right coverage, just one lawsuit could lead to bankruptcy, which is why getting liability coverage is crucial. Here are the three major types of Hawaii small business liability coverage to consider:

• Commercial general liability insurance: This covers the costs of lawsuits related to third-party claims of bodily injury or personal property damage caused by your business in some way.
• Cyber liability insurance: This covers the costs of lawsuits related to data breaches and other cybercrimes that may expose or distribute private data like customer credit card numbers.
• Professional liability insurance: This covers the costs of lawsuits related to claims of incorrect advice given or services performed by your business.

An independent insurance agent in Hawaii can help your business get equipped with the right types and amounts of liability protection.

Property Coverage Options for Small Businesses in Hawaii

If your Hawaii business has any type of property, including physical buildings and products you sell, it needs a special type of protection. Make sure to also consider getting this coverage for your Hawaii business:

• Commercial property insurance: This covers the costs of theft, damage, or destruction to your business's property, like buildings and inventory.

An independent insurance agent in Hawaii can help you find ample commercial property coverage for your business.

Other Insurance Options for Small Business Owners in Hawaii

A business in Hawaii might still need additional forms of coverage to be adequately protected. Consider adding these types of coverage to your Hawaii business insurance policy:

• Business income insurance: This covers any costs related to temporary closures after a covered event like a fire by providing a continued income stream and employee payroll for your business while it's shut down.
• Commercial auto insurance: This covers any costs related to losses with company vehicles, such as if theft or accidents occur.

An independent insurance agent in Hawaii can help you find any type of additional coverage that may be beneficial to include in your business insurance policy.

Average Cost of Business Insurance in Hawaii

Many different factors influence the cost of your business insurance in Hawaii. For starters, the types of coverage and the limits you select will impact the cost of your premiums. But your business's industry and operations also impact your premiums. If your business is considered riskier by nature, it'll require more expensive business insurance than a company in a traditionally safer industry. The exact location of your business also plays a role in determining its business insurance premiums because certain areas are more vulnerable to crime or severe weather threats, such as volcanic eruptions and tsunamis in Hawaii.

National Business Insurance Stats

Number of businesses in the US: 30,819,176

Burglary rate per 1,000 residents in the US: 3.76

Auto theft rate per 1,000 vehicles in the US: 2.29

City	Population	Number of Established Firms
Honolulu	345,510	20,973
Hilo	44,186	4,236
Kahului	28,219	2,123
Kapolei	21,411	938
Kihei	21,423	2,829
Makakilo	19,877	861
Mililani Mauka	21,075	1,165
Pearl City	47,698	2,899
Waipahu	43,485	2,439

How Does Your Hawaii City Measure Up?

Hilo, HI Common Coverage Options

Commercial property insurance: Businesses in Hilo need protection for their property, like inventory, office buildings, and storefronts, against many different threats like vandalism, explosions, lightning strikes, fire, theft, and more.

Commercial auto insurance: Businesses in Hilo need protection for any company vehicles, even if they're just used for occasional deliveries, against incidents of theft and vandalism, lawsuits resulting from accidents, repairs for windshield breaks, and more.

Workers' compensation: Businesses in Hilo that employ at least one worker, whether full-time or part-time, must be covered by workers' comp, which reimburses for medical costs if an employee gets injured or ill due to the work environment or job duties. In turn for having this coverage, the business is exempt from employee lawsuits related to these incidents.

Honolulu, HI Common Coverage Options

Commercial property insurance: Businesses in Honolulu need protection for their property, like inventory, office buildings, and storefronts against many different threats like vandalism, explosions, lightning strikes, fire, theft, and more.

Commercial auto insurance: Businesses in Honolulu need protection for any company vehicles, even if they're just used for occasional deliveries, against incidents of theft and vandalism, lawsuits resulting from accidents, repairs for windshield breaks, and more.

Workers' compensation: Businesses in Honolulu that employ at least one worker, whether full-time or part-time, must be covered by workers' comp, which reimburses for medical costs if an employee gets injured or ill due to the work environment or job duties. In turn for having this coverage, the business is exempt from employee lawsuits related to these incidents.

Kailua, HI Common Coverage Options

Commercial property insurance: Businesses in Kailua need protection for their property, like inventory, office buildings, and storefronts, against many different threats like vandalism, explosions, lightning strikes, fire, theft, and more.

Commercial auto insurance: Businesses in Kailua need protection for any company vehicles, even if they're just used for occasional deliveries, against incidents of theft and vandalism, lawsuits resulting from accidents, repairs for windshield breaks, and more.

Workers' compensation: Businesses in Kailua that employ at least one worker, whether full-time or part-time, must be covered by workers' comp, which reimburses for medical costs if an employee gets injured or ill due to the work environment or job duties. In turn for having this coverage, the business is exempt from employee lawsuits related to these incidents.

Pearl City, HI Common Coverage Options

Commercial property insurance: Businesses in Pearl City need protection for their property, like inventory, office buildings, and storefronts, against many different threats like vandalism, explosions, lightning strikes, fire, theft, and more.

Commercial auto insurance: Businesses in Pearl City need protection for any company vehicles, even if they're just used for occasional deliveries, against incidents of theft and vandalism, lawsuits resulting from accidents, repairs for windshield breaks, and more.

Workers' compensation: Businesses in Pearl City that employ at least one worker, whether full-time or part-time, must be covered by workers' comp, which reimburses for medical costs if an employee gets injured or ill due to the work environment or job duties. In turn for having this coverage, the business is exempt from employee lawsuits related to these incidents.

Waipahu, HI Common Coverage Options

Commercial property insurance: Businesses in Waipahu need protection for their property, like inventory, office buildings, and storefronts, against many different threats like vandalism, explosions, lightning strikes, fire, theft, and more.

Commercial auto insurance: Businesses in Waipahu need protection for any company vehicles, even if they're just used for occasional deliveries, against incidents of theft and vandalism, lawsuits resulting from accidents, repairs for windshield breaks, and more.

Workers' compensation: Businesses in Waipahu that employ at least one worker, whether full-time or part-time, must be covered by workers' comp, which reimburses for medical costs if an employee gets injured or ill due to the work environment or job duties. In turn for having this coverage, the business is exempt from employee lawsuits related to these incidents.

Hawaii Business Insurance FAQs