About half a million small businesses are headquartered in Minnesota, and these businesses employ approximately 1.2 million people. Mankato is home to 3,239 of these firms. Retail and manufacturing businesses tend to do well in this city, but businesses in all industries can succeed here.
Whatever the size of your Mankato business, it is important that you protect the investment you have made in it with a suitable commercial insurance policy. With approximately $2.6 billion paid out in commercial insurance claims in Minnesota each year, this is coverage worth having.
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Liability Insurance for Small Businesses in Mankato
General liability coverage is a vital part of any commercial insurance policy. It is designed cover your business against the costs associated with many common liability risks. Given that the majority of liability lawsuits result in judgments exceeding $1 million, this coverage can prove very valuable to your company.
Some common liability coverage types your agent may talk to you about include:
- Premises liability insurance: Part of your general liability coverage, this is designed to cover third-party injuries, illnesses, and property damage that occur as a result of accidents on your business premises.
- Product liability insurance: Also part of your general liability coverage, this can cover your Mankato-based business against lawsuits resulting from injuries, illnesses or property damage caused by products you produce, sell, or promote.
- Professional liability insurance: Also known as errors and omissions insurance, this can cover those in professional positions against charges of errors in judgement and other professional mistakes. This liability insurance can cover all kinds of professionals, from doctors to real estate brokers.
Every business is different and sometimes, more specific liability coverage is needed. An independent agent in Mankato can help you identify other types of liability insurance, such as commercial vehicle or pollution liability insurance, that may be an appropriate choice for your business.
Business Interruption Insurance for Mankato Businesses
Business interruption insurance covers your income during times when your business is forced to close for an extended period due to forces beyond its control. This may happen if a major disaster strikes Mankato and causes widespread destruction.
Businesses in Mankato and throughout the state of Minnesota contribute to the health of the US 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 crisis, business interruption insurance proves so valuable.
Examples of times that commercial interruption insurance can prove useful in Mankato include:
If a severe storm destroys your building ,or if major flooding washes out the roadway, making travel to your business impossible. With this coverage, you can continue to pay monthly expenses and employee salaries until you can once again resume normal business operations.
Property Insurance for Small Businesses in Mankato, MN
Commercial property insurance is designed cover your business assets, including computers, tools and machinery, signs, display cases, inventory, furnishings, and more.
- Number of federally declared disasters in MN since 1953: 60
- Most common reasons for declared disasters: Flood and Severe Storms
Mankato businesses are at risk for damage caused by such hazards as severe storms, tornados, structure fires, and property crimes. Each can lead to significant loss and damage your to commercially owned property. That is why including sufficient levels and types of property insurance is so important.
Flood damage is a serious risk in Mankato, but property damage caused by floods is not typically covered by business insurance. Talk to your independent agent about supplementing your coverage with a suitable flood insurance policy.
Workers' Compensation for Mankato Businesses
If your employees are injured on the job or suffer illnesses related to the work they do for your business, your company is responsible for covering associated costs. Workman’s comp insurance is designed to cover medical treatments and lost wages, and can even pay death benefits to surviving family members if an injury proves fatal.
Having this coverage can protect your business from facing a potential liability lawsuit related to workplace injuries as well, so it is beneficial to have it.
Every state has its own laws pertaining to workers' compensation insurance. In Minnesota, most businesses are required to have it. Exceptions include sole proprietors and family farms. You have the option of purchasing through a commercial provider or, if approved, you can self-insure.
Employee Health Benefits for Small Businesses in Mankato
If your Mankato-based business employs at least 50 full-time workers, you are required by the employer mandate portion of the Affordable Care Act (ACA) to provide them with subsidized health care coverage.
- 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 and health insurance can help you attract and retain talented employees. Your local independent agent can help you find and review a wide range of affordable policies.
Cybercrime Insurance for Mankato Small Businesses
This optional liability insurance can provide protection against the very expensive lawsuits and damages that may result 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
As reports of electronic data theft continue to rise, the need for cybercrime insurance is increasing. Talk to your local independent agent to learn more about how your Mankato business can benefit from including cybercrime insurance in your business insurance portfolio.
Why Talk to an Independent Agent?
As a business owner in Mankato, it is to your advantage to get professional assistance when you are building your business insurance coverage. Independent agents can help you identify the various exposures faced by your business and can help you find the best insurance policies to meet your needs.
Find an agent in or near Mankato to you learn how easy it can be to build a suitable commercial insurance policy.
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