Eagan Business Insurance

The Minneapolis-St. Paul suburb of Eagan, MN is home to more than 6,600 small businesses. Businesses operating in the professional, technical, and scientific industries do particularly well in this city, but companies representing a wide range of other industries have the potential to thrive here. As a business owner in Eagan, it is important that you protect your investment with a comprehensive business insurance plan. 

Every year, approximately $2.6 billion is paid out in business insurance claims in Minnesota alone. You will want to make sure that your company will get the compensation it needs if disaster strikes. Talk to a local independent insurance agent for help identifying which of the many available commercial insurance policy types are right for your Eagan business. 

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Liability Insurance for Small Businesses in Eagan

The majority of liability lawsuits brought against small businesses result in judgments exceeding $1 million. Liability insurance, therefore, can prove quite valuable to your company. It is designed to absorb court costs, legal defense fees, and damages associated with covered liability lawsuits.

All business insurance policies include commercial general liability insurance (CGL). Your company’s CGL has two main coverage components:

• Premises liability coverage: This covers third-party injuries, illnesses, or property damage that occurs as a result of an accident on your business premises. 
• Product liability coverage:  This covers third-party injuries, illnesses or property damage that is caused by products your business produces, sells, or promotes.

For many small businesses, CGL alone is not enough to cover against all the potential liability lawsuits the they may face. An independent agent can identify your other liability risks and can recommend the appropriate policies to protect against them. 

Some examples of some of the many other liability insurance products that may be appropriate for your Eagan business include:

• Commercial vehicle liability insurance: This provides coverage if one of your drivers causes a collision. It is required if your business owns a vehicle or vehicles.
• Employment practices liability insurance: This covers against perceived illegal business practices such as harassment, discrimination, and wrongful termination.
• Environmental liability insurance: This covers against accidental polluting of the land, water, or air. 

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Cyber-Liability Insurance Protects Eagan Businesses

Cybercrime insurance is another liability product, and it deserves a closer look. This relatively new coverage can protect your business in the event of a data breach. This may happen if criminals hack into your business’s computer system and access stored 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 if your computer system is protected by strong firewalls and passwords, sophisticated hackers can frequently find ways around them. They can then use the acquired data to commit identity theft, fraud, and other crimes. This sort of data breach can result in very expensive liability lawsuits against your Eagan business.

Talk to your independent agent to learn more about how cyber-liability insurance can help you.

Property Insurance for Small Businesses in Eagan, MN

All business insurance policies include property coverage. Commercial property insurance is designed to compensate your company for loss or damage to business-owned property. Covered assets include office furnishings, inventory, tools, and outdoor signs. Some business property requires specialized coverage, so be sure to consult your independent agent.

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

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

Many Eagan businesses are also at risk for flood damage. However, this is rarely covered by commercial property insurance. The good news is that your independent agent can also help you secure a commercial flood insurance policy through the National Flood Insurance Program (NFIP).

Business Interruption Insurance for Eagan Businesses

Businesses in Eagan and throughout the state of Minnesota contribute to the overall health of the nation’s economy.

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

Unfortunately, if your company is not operational, it cannot generate any revenue. Not only is this bad for the economy, it can also lead your business into bankruptcy. That is why, in times of catastrophe, business interruption insurance is vital.

Business interruption insurance can provide your company with a continuation of income when it is involuntarily forced to close for an extended period. Such may be the case if a large structure fire or a tornado wipes out your business space.

With business interruption insurance, you can continue to pay monthly expenses and employee salaries until you are once again able to resume normal business operations. A local independent agent can explain more and help you review quotes for this important coverage.

Eagan Businesses Need Workers’ Compensation Insurance

Employees are sometimes injured or become ill on the job. If that happens your business is responsible for covering their medical expenses and lost wages. Workers’ compensation insurance (or “workman’s comp) is designed to cover these expenses.

The cost of a workers’ compensation policy is based on your company’s overall payroll and the types of jobs your employees do. It costs more to cover employees who work for a construction company than it does to cover workers in an accounting firm.

Minnesota state law requires most businesses to carry workers’ compensation insurance. There are a few exceptions, such as sole proprietors and family farms. Your independent agent can help you purchase a policy through a commercial provider, or, if approved, your business can choose to self-insure. 

Employee Benefits for Small Businesses in Eagan

If your Eagan-based business has at least 50 full-time employees, you are required by law to provide them with subsidized health insurance. There are many different healthcare products available, and this can make it difficult to decide which is the best plan.

• 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

Health insurance can be expensive, but studies by human resource management groups have demonstrated that offering good employee benefits such as life insurance and healthcare coverage can help your business attract and retain talented employees. It may therefore be worth the expense.

Your local independent agent can provide you with a wide range of affordable policies that you can review together. That way, you can make an informed decision when purchasing coverage for your employees.

Why Work with an Independent Insurance Agent?

When you work with an independent agent in Eagan, you can rest assured that your business insurance plan does not include any hazardous coverage gaps. These professionals can help you identify the various exposures faced by your particular business, and can guide you in your search for the best insurance policies to cover against those risks. 

Find an agent in or near Eagan to get started. You will soon discover how easy it can be to build a comprehensive commercial insurance plan.