The bustling Minnesota city of St. Cloud is home to nearly 5,600 businesses. Those operating in the manufacturing, retail trade, and educational services industries do particularly well here, but St. Cloud businesses in a wide range of industries are thriving. As an entrepreneur in this city, it is important that you protect your business with a solid commercial insurance plan.
Buying business insurance can be complicated. Fortunately, there is no need to approach it alone. Talk to a local independent agent for help identify which of the many available commercial insurance policy types are right for your St. Cloud business.
Liability Insurance for Small Businesses in St. Cloud
Liability lawsuits frequently result in judgments exceeding $1 million. Fortunately, liability insurance can 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, and property damage that occur on your business premises.
- Product liability coverage: This covers third-party injuries, illnesses and property damage caused by products your business produces, sells, or promotes.
CGL alone is not enough to cover most businesses against all of their potential liability lawsuits. An independent insurance agent can identify your company’s other liability risks and can recommend the right liability policies to cover against them.
Examples of some of the many liability insurance products that may be appropriate for your St. Cloud business include:
- Commercial vehicle liability insurance: This covers damage and injuries resulting from a collision involving a company vehicle
- Employment practices liability insurance: This covers against lawsuits related to perceived illegal business practices such as harassment, discrimination, and wrongful termination.
- Environmental liability insurance: This covers against accidental pollution of the land, water, or air for which your business is responsible
Learn more about your various options by talking to a local independent insurance agent.
Cyber-Liability Insurance Protects St. Cloud Businesses
Cyber-liability insurance is a relatively new liability product that deserves a closer look. It can protect your business if hackers manage to break into your business’s computer system and access sensitive customer data that you have stored electronically.
- 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
In the event that criminals access your customers’ personal and financial information, they can use the acquired data to commit identity theft, fraud, and other crimes. A data breach like this can result in a very expensive liability lawsuit against your business.
If your St. Cloud business uses computers to record sensitive customer data, be sure to talk to your independent agent to learn more about cyber-liability insurance.
Property Insurance for Small Businesses in Saint Cloud, MN
St. Cloud businesses are at risk for property damage 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
Fortunately, all business insurance policies provide commercial property coverage. It can compensate your business for loss or damage to commercially owned property such as office furnishings, supplies, inventory, tools and machinery, and computers.
Some business property requires specialized coverage, like contractors equipment insurance or inland marine insurance, so be sure to consult your independent agent. Also, because many St. Cloud businesses are also at risk for damage caused by flooding, you may also want to talk to your agent about supplementing your coverage with a commercial flood insurance policy.
Business Interruption Insurance for St. Cloud Businesses
Major disasters can do more than just damage or destroy your business property. They can also lead to your company remaining closed for an extended period while repairs are made. This can be financially draining for a small business, often leading to bankruptcy. That is why when disaster strikes, business interruption insurance can prove crucial.
Business interruption insurance is designed to provide your company with a continuation of income while you are forced to remain closed due to a covered event. That way, your business can continue to pay monthly expenses and employee salaries until you can resume normal operations. This coverage typically lasts up to one year.
A local independent agent can explain more and help you review quotes for this valuable coverage.
St. Cloud Businesses Need Workers’ Compensation Insurance
If your employees suffer injuries or illness while doing their jobs, your business is responsible for providing them with medical treatment and paid time off while they recuperate. Workers’ compensation insurance (commonly referred to as “workman’s comp”) covers 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. You can expect it to cost more to cover employees who work in a manufacturing plant than to cover workers in a greeting card store.
Most businesses in Minnesota are required to carry workers’ compensation insurance. There are a few exceptions, such as sole proprietors and family farms. Your independent agent can explain more and can help you find a suitable policy through a commercial provider..
Employee Benefits for Small Businesses in St. Cloud
Studies by human resource professionals have demonstrated that offering employees benefits such as health insurance and life insurance can help your business attract and retain a highly skilled workforce. There are many different life and health insurance 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
Fortunately, your local independent agent can help you review a wide range of competitively priced policies so that you can make an informed decision when purchasing insurance benefits for your employees.
Why Work with an Independent Insurance Agent?
An independent insurance agent can help you identify the various risks faced by your particular business. These agents can then guide you in your search for the best insurance policies to cover against all of your exposures.
Agents in St. Cloud are ready to help you. Contact a local agent to learn more, and discover how easy it can be to build a comprehensive commercial insurance plan.
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