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In 2016, Insurance companies paid out more than $2 billion in commercial insurance claims in Minnesota. Fires, property crimes, and weather event can damage your business property at any time. And no matter what kind of business you’re in, you can be faced with liability claims and be expected to pay for property damage and medical expenses if your business causes harm to others.
You need Minnesota business insurance to protect your business from financial losses when something unexpected happens. Business insurance helps you repair or replace damaged property, reimburse others for damages, and keep your doors open while you rebuild.
40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:
Depending on your coverage, Minnesota business insurance will pay for property damage, liability claims, car accidents, and even worker injuries and illnesses. If your business is damaged by fire, severe weather, theft, vandalism—or even a lawsuit—your business insurance stands between you and financial ruin.
Here’s what a standard business insurance policy should do:
Pay For Damage To Your Building
Pay For Damage To Your Business Property
Pay For Damage To Someone Else’s Property
Pay For Someone Else’s Medical Bills
Pay For Accidents in Company Vehicles
Pay For Employee Injuries & Compensation
Every business is unique and needs a customized commercial insurance plan. Your coverage needs depend on the type of business you do, whether you own business property, whether you have employees, and the other risks that might be inherent in your industry. Your commercial insurance coverage must protect against your unique risk exposures.
An independent insurance agent in your area can help you find the right Minnesota business insurance for your needs.
Most Minnesota business owners will need commercial property insurance, general liability insurance, and commercial auto insurance in order to properly protect their assets. The coverage you need depends on your business and your risk exposures. What’s more, certain customers, vendors, suppliers, and mortgagees may require certain types of coverage in order to do business with you.
All Minnesota businesses that have one or more employees are required by law to obtain workers’ compensation insurance. Likewise, Minnesota requires all drivers to purchase a minimum amount of auto insurance. If your business owns any vehicles or employs any drivers, you need to obtain commercial auto insurance.
It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.
Business insurance rates are calculated using a number of factors such as the risks to your business property, your liability coverage needs, and the amount and types of coverage you want.
Policies can vary significantly by industry, so it is best to talk with an experienced independent insurance agent when building a suitable and comprehensive plan for your business.
Number of businesses in the US: 27,626,360
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
|City||No. businesses||Burglaries / 1,000 people||Auto thefts / 1,000 cars|
|St. Louis Park||6,024||3.25||1.17|
|Inver Grove Heights||2,448||2.92||1.43|