Brookings, SD is home to more than 1,800 businesses. Companies operating in the manufacturing, educational, and construction industries are most abundant in this city, but businesses of all types can find success here. As a Brookings business owner, you can protect the investment you have made in your company with a well-built commercial insurance policy.
Choosing the right business insurance can be complicated, but you do not need to go it alone. Independent insurance agents in Brookings can help you build a comprehensive coverage portfolio by identifying your company’s specific risks and advising you about which policies can best cover them. Find an insurance agent near you to learn more.
Businesses in Brookings, SD Can Benefit from Having Liability Insurance
Liability insurance is one of the most important parts of your commercial insurance policy. It is designed to cover court costs and legal fees if you are sued for a covered event. All business insurance policies include commercial general liability insurance, or "CGL.” Your company’s CGL has two main coverage components:
- Premises liability insurance: Covers third-party injuries, illnesses and property damage that occur on your business property.
- Product liability insurance: Covers third-party injuries, illnesses and property damage that were caused by products your business produces, sells or promotes.
An independent insurance agent can identify other liability risks your business may have and can recommend the appropriate policies to cover them. Examples of some of the many commercial liability insurance products available to your business include:
- Liquor liability insurance: Covers businesses that sell or serve alcoholic beverages in the event that an intoxicated patron causes injury or property damage to others.
- Employment practices liability insurance: Covers businesses against lawsuits related to alleged illegal practices such as discrimination, harassment, and wrongful termination.
- Environmental liability insurance: Covers businesses against accidental pollution of the ground, water, or air, including the cost of clean-up.
- Professional liability insurance: Covers individuals in professional positions against lawsuits for damage caused by errors in judgment and other professional mistakes.
You can learn more about these and many other commercial liability coverage options by consulting your local independent insurance professional.
Cyber Liability Insurance Protects Brookings Businesses
If your Brookings business uses computers to store sensitive customer data, you may want to take a closer look at a relatively new liability product: cyber liability insurance. This insurance was designed to protect businesses from the growing threat of cybercrime. If hackers break into your business’s computer system and access customer data, they can use this information to commit identity theft and fraud. Your company can then be sued for resultant damage. Cybercrime liability insurance can cover the costs associated with such a lawsuit.
- 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
Firewalls and passwords can slow a determined hacker down, but these criminals are always coming up with new ways to get around security protocols. Be sure to ask your insurance agent for more information about how cyber liability insurance can provide your business with a layer of protection in the event of a data breach.
Property Insurance Can Cover Your Business Assets in Brookings
In Brookings, businesses may experience property loss or damage due to hazards such as accidental fires, property crimes, and severe weather. All business insurance policies include commercial property coverage. This is designed to compensate your business for loss or damage to your commercially owned property. Some commercial property needs to be covered by specialized insurance such as inland marine insurance, contractor equipment insurance, or boiler & machinery insurance.
Your insurance agent can help you be sure that all of your business assets are appropriately covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace, as necessary. It is important to note that although floods pose a significant hazard in Brookings, business insurance does not cover damage that is caused by rising waters. If your business is at risk, your local insurance agent can help you secure a commercial flood insurance policy so that your business assets will be covered if damaged by an overflow event.
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Business Interruption Insurance Can Help Brookings Businesses
Major disasters can do more than just damage property. They also have the potential to force businesses to remain closed for an extended period while repairs are made. A closure that lasts for weeks, or even months, can be financially devastating, especially for a small company. Business interruption insurance provides a solution to this problem.
- Number of federally declared disasters in SD since 1953: 83
- Most common reason for declared disasters: Severe Storms
Business interruption insurance is designed to provide companies with a continuation of income when a covered event leads to a long-term closure. That way, you can continue to pay monthly expenses and employee salaries even while your business is unable to generate revenue. This coverage is usually limited to one year.
Brookings Businesses Need Workers’ Compensation Insurance
Workers’ compensation insurance (sometimes referred to as “workman’s comp”) was created to cover the cost of medical treatment, lost wages, and other expenses related to workplace injuries and illnesses. In the event of a fatal work-related injury, this insurance can also provide family members with financial compensation through survivor benefits. In the state of South Dakota, all employers are required to cover their workers, both full-time and part-time, with workers’ compensation insurance.
Exceptions are made for sole proprietors with no employees, real estate agents, independent contractors, farm laborers, and certain domestic workers. Failure to carry this coverage can result in fines and prosecution. The cost of workers’ compensation is based on your company’s overall payroll and the types of jobs your employees do. Your local insurance agent can help you review your costs and match you up with an insurance company that specializes in covering businesses in your industry.
Employee Benefits for Small Businesses in Brookings
Studies conducted by human resource management professionals have shown that when businesses offer employee benefits like vacation time, sick time, life insurance, and healthcare coverage, they are better able to 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
There are many different life and health insurance products available for you to choose from. This can make it difficult to decide which plans are the best to include in your employee benefits package. A local independent agent can explain the pros and cons of each of your various options and can answer your insurance-related questions.
Why Work with an Independent Insurance Agent in Brookings, SD?
Every business has it is own specific risks and exposures. That is why insurance companies make it possible to fully customize your business insurance coverage. An independent agent can guide you in your search for the best and most affordable policies to cover your Brookings business.
Contact an independent insurance agent with an office in or near Brookings to learn more. You will soon discover how easy it can be to build a comprehensive business insurance portfolio.
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