Find the Right Commercial Insurance for Your Minnesota Business
Your Minnesota business needs commercial insurance. While workers’ compensation is the only commercial insurance policy that’s required by state law, too many business owners have fallen victim to the notion that if comprehensive business insurance isn’t legally required, it can wait.
The issue is that applying for insurance is a confusing process, and if business owners put it to the side for too long, one unforeseen issue can send your business spiraling.
As an entrepreneur, you’re responsible for protecting your assets, employees, and your business’s future. Minnesota insurance companies offer a variety of commercial insurance policies so that your business is protected through and through.
Let’s review why your business needs protection, what policies are available to you, and how to decide which policy is right for you.
Why All Business Owners (Even Small Business Owners) Need Commercial Insurance
We don’t blame business owners for putting insurance to the side. Getting commercial insurance can be a confusing and complicated process. You know you need it, but you can’t just walk into a store and come out with a policy.
Being proactive can protect your business from unforeseen events, ones that take a major toll without the right insurance policy. Sure, you might not use your insurance for years to come, but it is something that could be business-saving if you have it when you need it.
Here are 4 quick reasons that you want to have insurance for yourself, your employees, and your business as a whole.
4 Benefits of Insuring Your Small Business
1. Protect Your Employees
For many business owners, employees are their best assets. It’s important that you make their protection a priority. Protecting your employees with liability insurance can protect them from losing their jobs if your business gets sued.
Providing liability coverage can be used as a job perk when attracting new employees to your business.
2. Some Coverage May Be Required Anyways
In Minnesota, workers’ compensation is the only legally required insurance coverage your business must have. However, if you’re renting your commercial space, your landlord’s policy might not cover you, and you’ll need to cover your business in case something happens.
Additionally, if you’re borrowing money to finance your business, your bank might ask that you insure your business and provide proof.
3. Natural Disasters, Vandalism, or Theft
If you don’t cover your business with property insurance and a natural disaster occurs, your business might be completely destroyed with no emergency support to fund repairs.
It’s recommended that all businesses have property insurance, but it’s especially recommended for smaller businesses that wouldn’t be able to fund complete repairs should their business get suddenly destroyed.
Property insurance isn’t just for natural disasters! It also covers vandalism, fire, and theft.
4. Avoid Derailing After Being Sued
Lacking liability insurance can quickly lead to the downfall of your business in the event of a lawsuit, regardless of the lawsuit’s outcome. The financial burden of legal expenses can be overwhelming and seriously impact your business.
Which Policy is Right For My Business?
Understanding the many types of business insurance policies is essential for creating a safety net tailored to your business’s specific needs. Here’s a breakdown of the primary insurance types that Minnesota businesses should consider:
General Liability Insurance
General liability insurance is a foundational coverage policy that protects against claims of bodily injury or property damage inflicted on others by your business. Liability insurance shields against the financial fallout from lawsuits and legal claims.
Property Insurance
By protecting your physical assets, property insurance covers damages to your business premises and contents caused by fires, storms, theft, and other covered events. This coverage is crucial for ensuring speedy recovery and continuation of your business operations following unexpected damages.
Commercial Auto Insurance
Commercial auto insurance provides coverage for damages or losses from accidents, theft, and other vehicular incidents for businesses that rely on vehicles for transportation, deliveries, or other operations. This policy is essential for safeguarding your mobile assets and mitigating liability risks.
Professional Liability Insurance
For businesses that offer professional services or advice, this insurance protects against claims of professional negligence or failure to perform professional duties. It covers legal fees and settlements, safeguarding your reputation and financial health.
Consult with an Independent Insurance Agency
The one-size-fits-all approach doesn’t apply when it comes to commercial insurance. Each business has its unique risks, influenced by factors such as industry, location, size, and the nature of its operations.
Working with a local independent insurance agency can provide invaluable insights into customizing your coverage. These agencies understand the local market dynamics and can conduct thorough risk assessments to identify the specific insurance products that align with your business’s risk profile. They can guide you through the process of selecting the right mix of policies, ensuring that your coverage is both comprehensive and cost-effective.
Hermann Insurance Helps You Find the Commercial Coverage You’ve Been Looking For
Hermann Insurance bridges the gap between business owners and commercial insurance. With our expertise and understanding of Minnesota’s business environment, we can offer personalized advice and help you navigate the selection process to find the right insurance solutions for your business.
When you collaborate with Hermann Insurance, you benefit from a partner who is invested in your business’s success. We periodically review your coverage to ensure it remains aligned with your goals, and we offer necessary adjustments to address new risks or changes in your business operations.
Call Hermann Insurance today at (651) 674-4472 to find the right commercial insurance for your business.
