More than 2,600 businesses can be found in the city of Aberdeen, SD. Some of the most common industries in this college town are manufacturing, retail trade and construction, but businesses of all types thrive here. Regardless of what kind of company you own, you will want to be sure that your investment is suitably protected by a comprehensive business insurance plan.
A local independent insurance agent can help you identify your company’s various exposures and can recommend the right commercial insurance products to cover against them. Contact an insurance agent near you if you would like to learn more about business insurance and start comparing customized quotes.
Liability Insurance for Businesses in Aberdeen, SD
Business liability insurance is designed to absorb expenses like court costs, legal defense fees, and damages if your business is sued for a covered event. All business insurance policies include general liability insurance. This provides premises liability insurance, which covers third-party injuries or damage caused by an accident on your business property; and product liability insurance, which covers third-party injuries or damage caused by a defect in a product your business produces, sells, or promotes.
Many companies have liability risks that go beyond what CGL insurance can cover. An independent insurance agent can help you identify other liability exposures for your business and can recommend the right insurance products to cover against them. Examples of some of the many commercial liability insurance policies you can choose to purchase include:
- Employment practices liability insurance: This is designed to cover your business if a current or former employee alleges that your company has engaged in illegal business practices such as discrimination, harassment, or wrongful termination.
- Liquor liability insurance: This is designed to cover businesses that sell, serve, or otherwise furnish alcoholic beverages in the event that they are named in a lawsuit after an intoxicated patron causes injury or property damage to others.
- Pollution liability insurance: This is designed to cover clean-up costs and damages if your company accidentally pollutes the land, water, or air
- Professional liability insurance: This covers individuals in professional positions if they make errors in judgment or other professional mistakes that cause third-party damage.
Talk to your independent insurance agent to learn more about these and other liability products that may be right for your Aberdeen business.
Cybercrime Insurance for Aberdeen Small Businesses
Cyber liability insurance is yet another commercial liability product, and it is one that all Aberdeen business owners who use computers should be aware of. It was created to defend companies against the growing threat of cybercrime.
- Number of identity theft complaints in South Dakota per year: 50
- This state has the lowest rate of identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
All businesses that electronically store their customers’ personal or financial data are at risk. Hackers may be able to find a way to access this information, and can then use it to commit identity theft and fraud. If your company experiences a data breach, it will be liable for the resultant damage. This can be extremely expensive. Cyber liability insurance can help by absorbing these costs. Be sure to ask your insurance agent for more information about how cyber liability insurance can protect your Aberdeen business.
Property Insurance for Small Business in Aberdeen, SD
Your business insurance policy will also include commercial property insurance. This is designed to cover loss of or damage to your company’s assets, including merchandise, inventory, tools, machinery, furnishings, and more. Businesses in Aberdeen are most likely to experience loss or damage due to property crimes, structure fires, and severe weather events.
Your independent insurance agent can help you determine whether additional property coverage policies, like inland marine insurance or boiler & machinery insurance, are necessary in order for your company to be fully covered. Also, some businesses in Aberdeen are prone to flooding, but flood damage is excluded from business insurance coverage. You may want to supplement your coverage with commercial flood insurance. Your local insurance agent can help you get this important coverage.
Business Interruption Insurance for Aberdeen, SD Businesses
Damage to your business-owned property isn’t the only risk you face from accidents and major weather events. Following a catastrophe, your business may need to remain closed for weeks—or even months—while repairs are made. Without a stream of revenue during these times, many small businesses could find themselves facing bankruptcy. Business interruption insurance provides a continuation of income during the times that your company is forced to temporarily close down because of damage caused by a covered event.
This insurance enables your company to pay expenses, like loan payments and salaries, until you can once again resume your normal business operations. Bear in mind that unless you have a flood insurance endorsement attached to your business insurance policy, business interruption insurance will not cover closures caused by floods. Since this is a real risk for many businesses in Aberdeen, your local insurance agent will be sure to help you secure the coverage you need.
Workers' Compensation for Aberdeen Businesses
Workers’ compensation insurance is designed to cover your employees’ medical treatment, disability pay, and other expenses if they are hurt or become ill while doing their jobs. It can also pay out survivor benefits to family members in the unfortunate event that a workplace injury is fatal. Most employers in the state of South Dakota are required by law to carry workers’ compensation insurance. The state does allow a few exceptions, but exemptions for businesses with employees are rare. The cost for this coverage is based on the likelihood of your employees suffering a serious injury based on the types of jobs they do. Your local insurance agent can help you obtain an appropriate policy through a commercial provider.
Employee Benefits for Small Businesses in Aberdeen
There is no denying that health insurance is expensive. However, providing subsidized coverage to your employees can have money-saving benefits. Studies by human resource managers have shown that workers who have health insurance tend to take fewer sick days and that offering an attractive benefits package helps companies attract and retain ideal employees.
- Average amount spent on healthcare coverage by SD businesses: $94,000
- Ranked #1 for most expensive medical insurance costs in the US
- Average annual cost of health care in SD: $6,331/person or $15,780/family
If you are considering including health and life insurance in your employee benefits package, you will find many different policy types and options that you can choose from. You may, therefore, be glad to have the guidance of an experienced insurance professional as you shop for the best coverage.
Why Work with an Independent Insurance Agent in Aberdeen?
There is no such thing as a one-size-fits-all business insurance policy. Fortunately, insurance companies offer a wide variety of products and policy options. This enables business owners to fully customize their company’s coverage portfolio. Independent insurance agents can help you choose the right policies and options to meet your company’s specific needs. Because they do not work for a particular insurance company, independent agents are free to shop around for the best policies at the most competitive prices.
Contact an independent insurance agent with an office in or near Aberdeen to start comparing customized business insurance quotes.