Maple Grove is home to more than 6,100 small businesses. Businesses operating in the manufacturing, professional, scientific, and technical services industries do particularly well here. But companies in a wide range of industries have the potential to thrive in this city. As a business owner in Maple Grove, it is important that you protect your investment with a solid business insurance plan.
Every year, Minnesota businesses collect approximately $2.6 billion in business insurance claims. You will want to make sure that your company gets the compensation it needs if disaster strikes. Talk to a local independent agent for help identifying which of the many available commercial insurance policy types are right for your Maple Grove business.
Liability Insurance for Small Business in Maple Grove
Liability lawsuits brought against small businesses frequently result in judgments exceeding $1 million. Liability insurance, therefore, can prove quite valuable to your company. It is designed to absorb the 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 result from an accident on your business premises.
- Product liability coverage: This covers third-party injuries, illnesses or property damage caused by products your business produces, sells, or promotes.
For many small businesses, CGL alone is not enough to cover against all potential liability lawsuits. An independent agent can identify your company’s other liability risks and can recommend the specific liability policies that can protect against them.
Examples of other liability insurance products that may be appropriate for your Maple Grove business include:
- Professional liability insurance: This covers individuals in professional positions against charges of mistakes, such as errors in judgement, that cause damage.
- Commercial vehicle liability insurance: This car insurance is required if you have a business-owned vehicle.
- Employment practices liability insurance: This covers against lawsuits related to perceived illegal business practices such as discrimination and wrongful termination.
- Environmental liability insurance: This covers against accidental polluting of the land, water, or air.
Learn more by talking to a local independent insurance agent.
Cyber-Liability Insurance Protects Maple Grove Businesses
Cyber-liability insurance is yet another liability product, and it is one that warrants a closer look. This relatively new liability product can protect your business in the event of a data breach. This may happen if hackers manage to break into your business’s computer system and access stored customer information such as financial and 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 business computer system is protected by strong firewalls and passwords, sophisticated hackers can frequently find ways around them. They can then use or sell the acquired data for the purpose of committing identity theft, fraud, and other crimes. A data breach like this can result in a very expensive liability lawsuit against your business.
If your Maple Grove business electronically stores sensitive data, be sure to talk to your independent agent about cyber-liability insurance.
Property Insurance for Small Businesses in Maple Grove, MN
All business insurance policies include commercial property coverage. It is designed to compensate for loss or damage to business-owned property. Covered assets include office furnishings, supplies and inventory, tools and machinery, and outdoor signs. Some business property requires specialized coverage, so be sure to consult your independent agent.
Maple Grove businesses are at risk for property damaged caused by hazards such 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 Maple Grove businesses are also at risk for damage caused by flash floods. However, this sort of damage is rarely covered by your business insurance policy. If your company is at risk, your independent agent can help you supplement your coverage with a commercial flood insurance policy.
Business Interruption Insurance for Maple Grove Businesses
Major disasters can do more than just damage business property. They can also result in your company remaining closed for an extended period while repairs are made. This can be financially draining for a small business, which is why, in times of catastrophe, business interruption insurance is vital.
Business interruption insurance can provide your company with a continuation of income so that 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.
Maple Grove Businesses Need Workers’ Compensation Insurance
If your employees are injured or become ill on the job, your business is responsible for covering their medical expenses and lost wages. Workers’ compensation insurance (commonly referred to as “workman’s comp”) is designed to cover these expenses.
The cost of your workers’ compensation policy will be based on your company’s overall payroll and the types of jobs your employees do. Naturally, it would cost more to cover employees who work in construction than it would to cover workers in an office setting.
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 suitable policy through a commercial provider or, if approved, your business can opt to self-insure.
Employee Benefits for Small Businesses in Maple Grove
If your Maple Grove-based business has at least 50 full-time employees, you are required to offer them subsidized health insurance. There are many different healthcare products available, and this can make it difficult to determine which plan is the best choice.
- 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 providing it to employees can be beneficial. Not only will your employees be healthier and take fewer sick days, but studies by human resource management groups have demonstrated that offering good employee benefits such as life insurance and healthcare coverage can actually help your business attract and retain ideal employees.
Your local independent agent can help you review a wide range of competitively priced policies. That way, you can make an informed decision when purchasing health and life insurance for your employees.
Why Work with an Independent Insurance Agent?
When you work with an independent agent, you can rest assured that your business insurance plan does not have any hazardous coverage gaps. These professionals can help you identify the various risks faced by your particular business, and can guide you in your search for the best insurance policies to cover against those exposures.
Find an agent in or near Maple Grove to discover how easy it can be to build a comprehensive commercial insurance plan.
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