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What type of insurance do you need?
Last year small businesses in South Dakota made $36 billion. Guess what? Without insurance, business claims have to be paid out of your pocket. That means they have to be paid out of your business’s revenue — and that means your bottom line would suffer as a result.
40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:
With the right South Dakota business insurance, claims and lawsuits will be paid for by your insurer, not your business. From workers' compensation to E&O problems, here’s what a standard business insurance policy should do:
Pay For Damage To Your Building
Pay For Damage To Your Business Property
Pay For Damage To Someone Else’s Property
Pay For Someone Else’s Medical Bills
Pay For Accidents in Company Vehicles
Pay For Employee Injuries & Compensation
While a commercial insurance policy is not required of business owners, certain aspects of it may be. South Dakota businesses that employ one or more people must carry workers' compensation insurance — whether the employees work full or part time.
Additionally, businesses that have company-owned vehicles must carry commercial auto insurance. To learn more about coverage that you may need to carry, you can talk with a local independent insurance agent.
It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.
Business insurance rates are calculated using a number of factors such as the risks to your business property, your liability coverage needs and the amount and types of coverage you want.
Policies can vary significantly by business industry, so it is best to talk with an experienced insurance agent when building a suitable and comprehensive policy for your business.
It’s usually wise to work with an independent agent in South Dakota since they have access to multiple insurance companies. Sometimes its difficult to find an insurance company who will cover your business.
Number of businesses in the US: 27,626,360
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
|City||No. businesses||Burglaries / 1,000 people||Auto thefts / 1,000 cars|
|Dell Rapids||< 250||0.3||1.1|
|Hot Springs||< 250||3.14||0.4|