There are currently half a million small businesses in Minnesota, and nearly 8,300 of them can be found in the city of Plymouth. Businesses in the manufacturing, retail, professional, scientific, and technical services industries do especially well in this city, but companies in a wide range of other industries are also thriving here.
If you are among the many business owners in Plymouth, you will want to be sure to protect your investment with a comprehensive commercial insurance plan. A local independent agent can help you identify the risks your particular company faces and can recommend the appropriate coverage solutions to cover against them.
Liability Insurance for Small Businesses in Plymouth
Commercial liability insurance is a crucial part of any business insurance policy. It is designed to cover the associated costs of a liability lawsuit, including court costs, legal fees, and damages.
Your business insurance policy will include commercial general liability insurance (CGL). This covers against many of the liability risks most businesses face. CGL has two major coverage components:
- Premises liability insurance: To cover third-party injuries and damage that occur because of an accident on your business property.
- Product liability insurance: To cover third-party injuries, illnesses, and damage caused by a product your company produces, sells, or promotes.
Many businesses need to buy additional liability insurance products in order to be fully covered against all their liability risks. There are several types of liability coverage available to businesses. Some examples of policies your independent agent may recommend include:
- Employment practices liability insurance: To cover your business against charges of illegal business practices such as harassment, discrimination, and wrongful termination.
- Commercial vehicle liability insurance: To cover against the increased liability risks of having a company-owned vehicle.
- Environmental liability insurance: To cover businesses that use toxic substances or generate hazardous waste, in the event that an accident pollutes the environment.
Let an independent agent help you determine which liability insurance products are right for your Plymouth business.
Cybercrime Insurance for Plymouth Small Businesses
One liability product in particular deserves special attention. Cyber-liability insurance is a rather new liability product that was created to protect businesses from the increased threat of cybercrime.
- 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
If your business stores your customers’ personal and financial data electronically, hackers may find a way to access this information and then use it to commit identity theft and fraud. Companies that experience a data breach may be held liable for the cost of covering the resultant damages as well as for providing credit monitoring services to all potentially affected customers.
Hackers are always finding ways to get around firewalls and other data security safeguards. If your Plymouth business is at risk, be sure to ask your independent agent for more information about how cyber-liability insurance can help.
Property Insurance for Small Businesses in Plymouth, MN
Commercial property insurance is another important part of all business insurance policies. It is designed cover your business assets, including inventory, tools and machinery, computers, furniture, and more. Some commercial property requires specialized coverage, so be sure to consult your independent agent.
- Number of federally declared disasters in MN since 1953: 60
- Most common reasons for declared disasters: Flood and Severe Storms
A major disaster, like a structure fire or the F4 twister that touched down just 4.6 miles from Plymouth’s city center in 1965, can cause excessive damage to business property. It is therefore important that that your coverage levels are high enough to enable you to replace damaged or destroyed items without your business experiencing a large financial loss.
Some Plymouth businesses are also prone to damage caused by flash flooding. If your business is at risk, your independent agent can help you secure a commercial flood insurance policy through the NFIP to ensure that you are protected against this expensive hazard.
Business Interruption Insurance for Plymouth Businesses
When it comes to natural disasters, damage to business-owned property isn’t the only exposure business owners face. In some cases, a major disaster can force you to close down your business for an extended period while repairs are made.
Business interruption insurance provides a continuation of income during the times that your business is forced to be closed because of a disaster, such as a fire or severe weather event. This insurance enables you to continue to pay employee salaries and monthly expenses so that your business can stay afloat until it is able to resume normal operations.
Workers' Compensation for Plymouth Businesses
Employees are sometimes injured on the job. Whether they suffer physical injuries, such as broken bones, or they become ill because of exposure to toxic fumes or materials, your business is responsible for covering the costs associated with these injuries. Failure to do so could result in your company facing a liability lawsuit.
Workers’ compensation insurance protects employees and employers alike. Often referred to as “workman’s comp,” this insurance is designed to cover your employees’ medical treatment and lost wages if they are hurt on the job. It can even pay death benefits to surviving family members if an injury is fatal.
Most Minnesota businesses are required to have workers’ compensation insurance. Exceptions are made for sole proprietors, partners, family farm operations and a few other cases. An independent agent can help you get suitable coverage through a commercial provider.
Employee Benefits for Small Businesses in Plymouth
Plymouth businesses that employ at least 50 full-time workers are required to provide them with subsidized health insurance coverage. Regardless of how many employees your business has, you may want to consider investing in employee benefits like life insurance and health care coverage. Doing so can help you recruit and retain great employees.
- 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 is expensive, but a local independent agent can help you find suitable coverage at the most competitive price. With so many different policy types and options for you to choose from, you may benefit from having the guidance of a local insurance professional.
Why Work with an Independent Agent?
There is no such thing as a one-size-fits-all business insurance policy. That is why there are so many insurance products and options available for you to choose from. All of this can make it complicated to build a comprehensive commercial insurance plan for your business. Fortunately, a local independent insurance agent can help.
These agents can help to prevent unintentional coverage gaps by identifying the various risks your business is exposed to, and recommending the right insurance products to cover against them. They can then shop around to find you the best and most affordable polices. Contact an agent in or near Plymouth to get started.
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