The small city of Brandon, South Dakota, is home to approximately 1,000 businesses of varying size and scope. Most of the businesses in this Sioux City suburb can be found along Splitrock Boulevard, but many are operated out of homes or small office spaces. As a local business owner, you can protect your investment by purchasing a comprehensive business insurance policy.
Independent Insurance Agents in and near Brandon 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 to learn more about business insurance and to start comparing customized quotes for coverage that is right for your company.
Liability Insurance for Small Business in Brandon
Business liability insurance is designed to absorb the many costs that your business may incur if you are on the wrong end of a liability lawsuit. These include the court costs, legal defense fees, and damages associated with covered events. All business insurance policies include commercial general liability insurance, or “CGL.” CGL provides premises liability insurance which covers third party injuries or damages caused by an accident on your business property, and product liability insurance which covers third party injuries or damages caused by a defect in a product your business produces, sells, or promotes.
Many companies have additional liability risks that CGL insurance does not cover. In this case, more specific liability insurance products are needed in order for the business to be fully covered against liability lawsuits. Examples of some of the many commercial liability insurance policies available to you include:
- Employment practices liability insurance (EPLI): This is designed to cover your business against allegations of illegal business practices such as discrimination, harassment, or wrongful termination by a current or former employee.
- Cyber liability insurance: This is designed to cover the many costs your company may be subjected to if hackers access your computer system and steal customer information such as personal and financial data.
- Liquor liability insurance: This is designed to cover businesses that sell, serve, or otherwise furnish alcoholic beverages. If an intoxicated patron causes injury or property damage to others and the business that served the alcohol is named in the resultant liability lawsuit, that business would be covered.
- Environmental liability insurance: This is designed to cover cleanup costs and damages if an accident involving toxic materials your company uses or produces results in the pollution of 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 result in third-party damages.
Independent insurance agents in Brandon can help you assess your company’s specific liability exposures and can recommend the right coverage to protect against these risks.
Property Insurance for Small Business in Brandon, South Dakota
All business insurance policies also include commercial property coverage. This is designed to cover loss of or damage to your company’s assets including such things as inventory, tools, machinery, merchandise, inventory, office furnishings, and more. Businesses in Brandon are most likely to experience loss or damage due to theft, accidental fires, and severe weather events.
Your insurance agent can help you decide whether additional property coverage policies, like inland marine insurance or boiler & machinery insurance, are a good fit for your business. Also, some businesses in Brandon are prone to flooding, especially if they are located near the Big Sioux River or Split Rock Creek. However, flood damage is excluded from most business insurance coverage. You may, therefore, want to supplement your policy with commercial flood insurance through the NFIP. Your local insurance agent can help you obtain coverage.
Business Interruption Insurance for Brandon Businesses
Damage to your business-owned property isn’t the only risk you face when major catastrophes strike. Following a disaster like a fire or a tornado, 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.
Catastrophic Events in South Dakota
- Number of federally declared disasters in South Dakota: 59
- Most common reasons for disasters in the state: Severe storms and wildfires
- Average number of tornadoes per year in South Dakota: 32.6
- Average amount of property damage per year in South Dakota: $93.3 million
- 1 in 15 insured homes has a claim each year
Business interruption insurance provides a continuation of income during the times that your company is forced to temporarily close down because of excessive damage caused by a covered event. This insurance enables your company to pay regular expenses, like loan installments 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. As this is a real risk for many businesses in Brandon, be sure to work with your local insurance agent to secure all the coverage you need to remain fully protected.
Worker’s Compensation for Brandon Businesses
Workers’ compensation insurance can protect you from liability lawsuits by covering your employees’ medical treatments, disability pay, and other expenses if they are hurt or sickened 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 for a few exceptions, such as for domestic and agricultural employees, but most other businesses are required to cover their workers. 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, competitively priced policy through a commercial provider.
Employee Benefits for Small Businesses in Brandon
Health insurance is expensive. However, providing subsidized coverage to your employees can actually have money-saving benefits. Studies by human resource managers have shown that workers who have health insurance tend to take fewer sick days and companies that offer an attractive benefits package are better able to attract and retain ideal employees.
- Average amount spent on healthcare coverage by South Dakota businesses: $94,000
- Ranked #1 for most expensive medical insurance costs in the US
- Average annual cost of health care in South Dakota: $6,331/person or $15,780/family
If you are considering purchasing health and life insurance products to include in your employee benefits package, you will find there are many different policy types and options to choose from. You may, therefore, be glad to have an experienced insurance professional available to guide you as you shop for the best coverage.
Why Work with an Independent Insurance Agent in Brandon?
When it comes to business insurance, there is no such thing as a one-size-fits-all policy. Insurance companies offer a wide variety of products and policy options that enable business owners to fully customize their company’s coverage. Independent insurance agents can help you choose the right policies and options to meet your business’s specific needs. Because they do not work for a particular insurance company, independent agents are free to shop for the best policies at the most competitive prices.
Contact an insurance agent with an office in or near Brandon to get answers to your insurance-related questions and to start comparing customized business insurance quotes.