St. Louis Park, MN is home to outdoor adventure, trail hiking, and more. This sports-loving town can be a great place to put down roots. With over 49,029 residents, you'll have a lot of opportunities.
When you're one of the 520,110 small business owners in the state, a policy is needed for protection. Fortunately, an independent insurance agent can help. You can connect with a local adviser in minutes and begin your search today.
Why Your St. Louis Park, MN Commercial Property May Not Have Enough Coverage
Did you know that your commercial insurance may only cover up to 80% of a structure? That means the property policy you thought you had could make you responsible for the first 20% of a loss. An independent agent can review your coverages, so you're adequately insured. Speak with an adviser about the following items concerning your building:
- Year built and structural make-up
- Operations that occupy the property
- Market value and replacement cost
- Protective devices in place
- Total square footage
- Prior property claims
When it comes to your commercial property insurance, you'll need protection from the elements. Some common occurrences in St. Louis Park, MN are listed below:
- Flooding and water damage
- Severe storms and lightning damage
- Wildfires and residential fires
- Burglary and other property crimes
Flood insurance - a separate policy you may not have:
Most business owners are not aware that their commercial property policy excludes flood damage. That's because you'll need separate flood insurance to be covered. Get with a St. Louis Park independent agent for quotes.
Does Your St. Louis Park Business Have the Liability Insurance It Needs?
In Minnesota, there were $8,438,256,000 in claims paid in 2019 alone. To preserve what you worked to build, you'll need proper coverage. If a loss occurs, you could be out thousands of dollars. Get with an independent agent to go over the following liability policies:
Commercial general liability, or CGL, Insurance:
A CGL policy is usually your foundational policy from which your other coverages stem. This will help pay for a lawsuit that arises from bodily injury or property damage. When you're without the right amount of liability coverage, you could pay out of pocket. Connect with an independent agent to get the correct limits.
Cyber liability insurance: Do you have this policy?
If your business does not have a cyber liability insurance policy, you'll be on the hook for any damages. When your database gets hacked, you and your clients' sensitive information can be stolen. This could create a lawsuit, and cyber liability coverage can help. Speak with an independent agent to make sure your business data is protected.
Business interruption insurance: Did you add this to your CGL policy?
Business interruption insurance will pay for your expenses when a catastrophe or loss shuts you down. It can help for a period of 12 to 24 months. When you're without this coverage, it could put you out of business for good. Discuss how to add this to your CGL with an independent agent.
Employee benefits coverage and how to add value
There are 1,300,000 people in Minnesota employed by small businesses. Some of them are in St. Louis Park. When you want to attract new talent and keep your current employees, you'll need to bring value. Employee benefits coverage will help pay for your staff's health insurance costs and more. Get with an independent agent to come up with creative package ideas for your company.
Is Worker's Compensation Insurance Necessary in St. Louis Park, MN?
Worker's compensation insurance is mandatory when you operate in St. Louis Park, MN. If you have one employee or more, you're required to carry coverage. Fortunately, an independent agent can help you find the right policy that meets state guidelines.
Worker's compensation will protect your company's finances from a work-related injury. When an employee gets hurt or ill on the job, this coverage will pay for medical expenses and lost wages. Speak with a St. Louis Park independent agent for further information.
Why Working with a St. Louis Park, MN Independent Agent Saves You Money
Your business will need coverage to keep up with state laws and protect your assets. An independent insurance agent is the right adviser to have in your corner. They work on your behalf at no cost to your business, which saves you money.
An independent agent has access to several carriers, giving you options on policy and price. You can connect with one of the 525 local experts on TrustedChoice to begin.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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