Bloomington, MN Business Insurance

Your Complete Guide to Bloomington, MN Business Insurance

Find the right business insurance policy for you.


There are about half a million small businesses in Minnesota, and they employ approximately 1.2 million people. Bloomington is home to 9,730 of these firms. Manufacturing and retail businesses tend to do well in this city, but businesses in a wide range of industries have the potential to succeed here. 

If you are a business owner in Bloomington, it is important that you protect your investment with a suitable business insurance policy. With approximately $2.6 billion paid out in commercial insurance claims in Minnesota each year, this is certainly coverage worth having. 

Independent agents can help you identify the various hazards your business faces, and can offer appropriate commercial insurance products to cover against those risks. 

Liability Insurance for Small Businesses in Bloomington

Considering that the majority of liability lawsuits result in judgments exceeding $1 million, liability insurance can prove very valuable to your company. It is designed to cover court costs, legal defense fees, and damages for covered liability lawsuits.

Every business insurance policy includes commercial general liability insurance, also known as “CGL.” This coverage includes two main components:

  • Premises liability coverage: This covers your business if you are sued for third-party injuries, illnesses, or property damage that occurred as a result of accidents on your business premises. 
  • Product liability coverage:  This covers your business if you are sued for third-party injuries, illnesses or property damage caused by products your company produces, sells, or promotes.

To be covered against a given liability lawsuit, you must have the right insurance product in place. There are several different liability insurance products available to businesses. An independent agent can help you identify which are right for your Bloomington business. Some liability coverage types commonly purchased by business owners include:

  • Professional liability insurance: Also known as errors and omissions insurance, this can cover individuals in professional positions against charges of errors in judgement and other professional mistakes. 
  • Employment practices liability insurance: This protects your business against lawsuits related to illegal business practices such as harassment, discrimination, or wrongful termination if you are sued by a current or former employee.
  • Environmental liability insurance: If your business deals in toxic substances, such as paints or chemicals, a catastrophic event may lead to accidental pollution of land, water or air. This insurance covers liability damages as well as clean-up costs.

An independent agent in Bloomington can further explain these and other liability insurance products and can identify which are appropriate for your small business.

Cybercrime Insurance for Bloomington Small Businesses

Cybercrime insurance is one liability insurance product that deserves further attention. This relatively new product can provide coverage if criminals hack into your business computer system and steal sensitive customer information such as financial or personal data.

  • Number of identity theft complaints in Minnesota per year: 3,229
  • Ranked 38th highest for identity theft complaints in the US
  • Only 22% of businesses have a cyber/data breach response plan

Even with firewalls and password protections, sophisticated hackers can find ways to access data. If your company is sued following a data breach, the resulting costs can be overwhelming if you are not property covered.

As reports of electronic data theft continue to rise, the need for cyber-liability insurance is increasing. Talk to your local independent agent to learn more about how your Bloomington business can benefit from including cybercrime insurance in your commercial insurance portfolio.

Property Insurance for Small Businesses in Bloomington, MN

Commercial property insurance is designed cover your business-owned property. This includes everything from computers and office furnishings to tools and machinery to outdoor signs. Some business property requires specialized insurance coverage.

Bloomington businesses are at risk for damage caused by such hazards as structure fires, property crimes and severe weather.

  • Number of federally declared disasters in MN since 1953: 60
  • Most common reasons for declared disasters: Flood and Severe Storms

A severe storm or tornado can lead to the destruction of business property. Fortunately, your commercial property insurance can cover you against these risks. 

Flood damage is also a serious risk for many Bloomington businesses, but floods are not typically covered by business insurance. If your business is at risk, your independent agent can help you supplement your coverage with a commercial flood insurance policy. 

Business Interruption Insurance for Bloomington Businesses

Businesses in Bloomington and throughout the state of Minnesota contribute to the overall health of the United States economy.

  • Gross domestic product (GDP) for US: 2.2%
  • Gross state product (GSP) for Minnesota: 2.8%
  • The GSP is 0.6% greater than the GDP

Unfortunately, your business cannot generate revenue if it is not operational.  That is why, in times of catastrophe, business interruption insurance can be invaluable.

Business interruption insurance is designed to provide your company with a continuation of income when it is forced to close for an extended period due to forces beyond its control. With this coverage, which typically lasts for up to one year, you can continue to pay monthly expenses and employee salaries until you can resume normal business operations.

A local independent agent can help you review quotes for this important coverage.

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Workers' Compensation for Bloomington Businesses

If your employees sustain injuries or illness related to their work, your company is responsible for covering associated costs. Workers’ compensation insurance (commonly called “workman’s comp”) is designed to cover medical treatment and lost wages, and can even provide death benefits to surviving family members if an injury proves fatal. 

Workers’ compensation insurance protects your employees. It can also protect your business by preventing liability lawsuits related to workplace injuries. It is therefore beneficial all around to have this coverage.

In Minnesota, most businesses are required to carry workers’ compensation insurance. Exceptions include sole proprietors and family farms. You have the option of purchasing through a commercial provider or, if approved, your business can choose to self-insure. An independent insurance agent can explain more.

Employee Benefits for Small Businesses in Bloomington

If your Bloomington-based business employs at least 50 full-time workers, you are required by law to provide them with subsidized health insurance. There are many products available, and with the rising costs of healthcare coverage, choosing the right plan can be difficult if you do not have assistance.

  • Average amount spent on healthcare coverage by MN businesses: $1,064,684
  • Ranked 37th for highest medical insurance costs in the US
  • Average annual cost of health care in MN: $5,505/person or $14,820/family

Studies show that offering good benefits such as life insurance and healthcare coverage can help you attract and retain excellent employees. Your local independent agent can help you review a wide range of affordable policies. That way, you can make an informed decision when purchasing this coverage.

Why Talk to an Independent Agent?

Business owners in Bloomington find it advantageous to get professional assistance when purchasing their business insurance coverage. Independent agents can help identify the various exposures faced by each individual business and find the best insurance policies to meet those needs. 

Don’t risk having coverage gaps in your business insurance. Find an agent in or near Bloomington for assistance, and discover how easy it can be to build a comprehensive commercial insurance plan.

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