According to the US census, there are more than 81,000 businesses operating in the state of South Dakota. About 1,250 of these businesses can be found in the small city of Huron. Once in the running to be the state capital, this city is now home to the South Dakota State Fair. Manufacturing, retail trade, and construction are Huron’s top business industries.
Regardless of what industry your company operates within, as a Huron business owner, you can protect your investment with a comprehensive commercial insurance policy. A local independent insurance agent can help you build a customized business insurance plan that will cover all of your company’s various exposures. Contact an insurance agent near you to get started.
Liability Insurance for Small Business in Huron, SD
Lawsuits can be devastatingly expensive. That is why liability insurance is a crucial part of every commercial insurance policy. It can cover the various expenses related to liability lawsuits, including court costs, legal defense fees, and damages. All business insurance policies include commercial general liability insurance (“CGL”). It has two main coverage components: premises liability insurance, which covers third-party injuries, illnesses, and damage that occur on your business property; and product liability insurance, which covers third-party injuries, illnesses, and damage caused by products your company produces, sells or promotes.
Most businesses need additional liability policies in order to be fully covered against all of their liability exposures. Your independent insurance agent can review the many other coverage products that are available to you and can make recommendations about which are right for your business. Examples of other commercial liability policies your agent may discuss include:
- Commercial vehicle liability insurance: This covers the increased liability risks that accompany having a company-owned vehicle or fleet of vehicles.
- Pollution liability insurance: This covers against accidental environmental damage if toxic substances used by your company pollute the land, water or air.
- Employment practices liability insurance: This covers against accusations of illegal business practices such as discrimination and wrongful termination.
- Professional liability insurance: This covers individuals in professional positions if negligence, errors in judgment, or other mistakes lead to third-party damage.
Talk to your local independent insurance agent to learn more about these and other commercial liability insurance products.
Cybercrime Insurance Can Protect Huron Businesses
One extremely important type of commercial liability coverage is cyber liability insurance. This relatively new insurance product was created to protect businesses 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
If your business uses computers to record your customers’ personal and/or financial information, it is at risk. Even if you protect your data using firewalls, cryptographic keys, VPNs, and other cybersecurity measures, determined hackers can still sometimes find a way to break through and access this sensitive information. These criminals can then use the data to commit identity theft and fraud.
When companies experience a data breach, they can be held liable for the resultant damages, and this can prove extremely expensive. If your Huron business collects and stores customer data electronically, be sure to ask your independent agent for more information about how including cyber liability insurance in your business insurance plan can add a layer of protection.
Property Insurance for Huron, SD Businesses
Business insurance also provides you with commercial property coverage. This is designed to reimburse your business for loss or damage to your company-owned property that is caused by property crimes, accidents, and serious weather events. A major disaster, like a fire or a severe storm with heavy winds, can cause extensive destruction. It is therefore important to be sure that your coverage levels are high enough to enable you to repair, rebuild, or replace damaged property without your Huron business experiencing a large financial loss.
Some commercial property requires specialized coverage such as contractors equipment insurance or inland marine insurance. Also, if your business is at risk for flood damage, you will need a supplementary flood insurance policy in order to be covered. Your local insurance agent can ensure that your business assets are covered by the right policies in your business insurance portfolio.
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Business Interruption Insurance for Businesses in Huron
You need to be prepared for more than just the destruction of your business-owned property. In some cases, a major disaster, like the tornadoes in 2003 that caused millions in damage near Huron, can force you to shut down your business for weeks, or even months, while repairs are made. Business interruption insurance provides your company with a continuation of income during such times. This coverage enables you to have the income you need to pay your employees’ salaries, loan installments, and other regular business expenses until you are able to resume normal operations. Most policies limit this coverage to twelve months. Talk to an independent agent in Huron to learn more.
Workers' Compensation for Huron Businesses
Workers’ compensation insurance (sometimes called “workman’s comp”) is designed to cover the costs of medical treatment, lost wages, and other related expenses if an employee is injured on the job. Rates for this coverage are based on the risks associated with the work your employees do. Therefore, a construction worker would cost far more to insure than an accountant.
The state of South Dakota requires all employers to carry workers’ compensation insurance. There are a few exceptions, such as for sole proprietors with no employees, but for the most part, if you have employees, you need this coverage. A local independent insurance agent can help you secure an appropriate and competitively priced policy through a commercial provider.
Employee Benefits for Businesses in Huron
As a business owner in Huron, you can provide your employees with the health insurance coverage they need by offering subsidized coverage as part of their employee benefits package.
- 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
It can be to your advantage to offer benefits like vacation time, health insurance and life insurance. Studies by human resource professionals have demonstrated that businesses that offer attractive benefits packages are more likely to recruit and retain ideal employees. It has also been shown that workers who have access to healthcare call in sick less often than those who do not. Independent agents can help you find suitable coverage at a competitive price. There are several different healthcare policy types for you to choose from, so you may find it beneficial to receive guidance from a local insurance professional when you are shopping for the right plan.
Why Work with an Independent Agent in Huron, SD?
Every business is different, so each has its own specific coverage needs. That is why when it comes to business insurance, there is no such thing as a one-size-fits-all policy. The wide range of insurance products and policy options available to business owners enables you to fully customize your commercial coverage. A local independent insurance agent can help you navigate through your many choices so you can select the policies that are best suited to your particular business.
Contact an insurance agent in or near Huron to get started.
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