There are currently half a million small businesses operating in Minnesota. More than 5,400 of these businesses can be found in the city of Woodbury. Businesses in the manufacturing, professional, scientific, and technical services industries do especially well in this city, but companies in a wide range of industries have found success here.
If you own a business in Woodbury, 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 company faces and can recommend the appropriate business insurance products to cover against them.
Liability Insurance for Small Businesses in Woodbury
Liability insurance is in important part of any business insurance policy. It is designed to cover the various costs associated with liability lawsuits, including court costs, legal fees, and damages. All business insurance policies include commercial general liability insurance (CGL). It has two major coverage components:
- Premises liability insurance: Covers third-party injuries, injuries, and damage that occur on your business property.
- Product liability insurance: Covers third-party injuries, illnesses, and damage caused by a product your company produces, sells, or promotes.
Many businesses have additional liability risks and therefore need to include other liability insurance products in order to be fully covered. There are several types of liability insurance available to businesses. Examples of policies you may want to consider include:
- Employment practices liability insurance: Covers your business against accusations of illegal business practices such as harassment, discrimination, and wrongful termination.
- Commercial vehicle liability insurance: Covers accidents caused by your employees when they are driving company-owned vehicles.
- Environmental liability insurance: Covers your business if an accident results in the pollution of the land, water, or air.
Let an independent agent help you determine which liability insurance products are right for your Woodbury business.
Cybercrime Insurance for Woodbury Small Businesses
Cyber liability insurance is a rather new liability product, and it merits special attention. This insurance was created to protect businesses from the increasing 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
Many businesses track their customers’ personal and financial data electronically. Hackers can find ways to access this information and then use it for identity theft and fraud. Companies that experience a data breach are frequently held liable for the expensive cost of covering the resultant damages.
If your Woodbury business stores sensitive data on computers, it 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 Woodbury, MN
Commercial property insurance is another important part of all business insurance policies. It is designed cover your business assets,including inventory, merchandise, tools and machinery, computers, furniture, and more. Some commercial property requires specialized coverage, like inland marine insurance, 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 a microburst, can cause excessive damage to your business property. It is therefore important that that your coverage levels are high enough to enable you to replace damaged or destroyed items without incurring a large financial loss.
Some businesses in Woodbury are also prone to damage caused by flash floods. If your business is at risk, your independent agent can ensure that you are protected against this expensive hazard by helping you secure a commercial flood insurance policy through the NFIP. Talk to your agent for more information.
Business Interruption Insurance for Woodbury Businesses
Damage to your business-owned property isn’t the only thing you need to worry about after a catastrophic event. In some cases, a major disaster can force you to close down your business for weeks, or even months, while repairs are made.
Business interruption insurance provides a continuation of income during the times that your company is forced to be closed because of a covered event, like a fire or severe storm. This insurance enables you to continue to pay employee salaries and monthly expenses until you are able to resume normal business operations.
Workers' Compensation for Woodbury Businesses
Employees are sometimes injured on the job. From physical injuries, such as concussions, to illnesses caused by exposure to toxic substances, your company is responsible for covering the costs associated with these injuries. Failure to do so could result in your business facing a liability lawsuit.
Workers’ compensation insurance protects employees as well as employers. Often referred to as “workman’s comp,” this insurance is designed to cover your workers’ medical treatment and lost wages if they are hurt on the job. It can even pay out death benefits to surviving family members in the unfortunate event that an injury proves fatal.
Most Minnesota businesses are required to have workers’ compensation insurance. A few exceptions are made, such as for sole proprietors, partners, and family farms. An independent insurance agent can help you obtain suitable coverage through a commercial provider.
Employee Benefits for Small Businesses in Woodbury
Woodbury 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 consider investing in employee benefits like life insurance and health care coverage. Doing so may earn your business a tax credit.
- 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 an independent agent can help you find great coverage at a competitive price. With so many different policy types and options for you to choose from, you may find it beneficial to have 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. There are many insurance products and options available to you. This can make it complicated to build a comprehensive commercial insurance plan that is fully customized to meet the specific needs of your business. Fortunately, a local independent insurance agent can help.
Your independent agent can recommend appropriate policy types, and can then shop around to find you the best and most affordable coverage. Contact an agent in or near Woodbury to get started.
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