The small city of Mobridge, South Dakota, is located along major railroad lines and serves a prime crossing for the Missouri River. Because this city hosts so many travelers, its economy is largely driven by tourism and recreation. If you are among Mobridge’s small business owners, you can protect your investment by purchasing a suitable business insurance policy.
Choosing the right business insurance can be complicated, but you do not need to go at it alone. Independent Insurance Agents in Mobridge can help you build a well-rounded coverage package by identifying your company’s specific risks and advising you about which policies can best cover against them. Find an insurance agent near you to learn more.
Why Is Liability Insurance Important for Businesses in Mobridge?
Liability insurance is an extremely important part of every business insurance policy. It is designed to cover the court costs, legal fees, and damages if you are sued for a covered event. All business insurance policies include commercial general liability insurance, or “CGL.” This standard coverage has two main components:
- Premises liability insurance: This covers third-party injuries, illnesses, and property damage that occur on your business property.
- Product liability insurance: This covers third-party injuries, illnesses and property damage that were caused by products your business produces, sells, or promotes.
Not all liability lawsuits are covered by CGL. An independent insurance agent can help you identify any other liability risks your business may have and can recommend the appropriate policies to cover against them. The following are examples of some of the many commercial liability insurance products available to your business:
- Employment practices liability insurance: This covers lawsuits related to alleged illegal business practices such as discrimination, harassment, and wrongful termination.
- Environmental liability insurance: This covers against the accidental pollution of the ground, water, or air, including the cost of cleanup.
- Professional liability insurance: Covers individuals in professional positions against lawsuits for damages caused by errors in judgment and other professional mistakes.
- Cyber liability insurance: This covers against financial losses and liabilities if hackers access your computer systems and steal sensitive customer data such as financial information, credit card numbers, social security numbers, or personal data.
You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance professional.
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Does Mobridge Business Insurance Cover All Your Business Assets?
In Mobridge, businesses may experience property loss or damage due to such hazards as accidental fires, property crimes, freezing temperatures, severe storms, and hail. All business insurance policies include commercial property coverage. This is designed to compensate your business for loss or damage to your commercially owned property including such things as office furnishings, décor, outdoor signs, merchandise, and inventory. Some commercial property needs to be covered by specialized insurance. For example:
- Inland marine insurance: This covers goods while they are in transit.
- Contractor equipment insurance: This covers mobile machinery and equipment when it is at job sites.
- Boiler & machinery insurance: This covers the repair or replacement of broken-down business equipment as well as business losses associated with the machine malfunction.
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 Mobridge, 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 supplement your business insurance coverage with a commercial flood insurance policy through the NFIP.
How Can Business Interruption Insurance Help Mobridge Businesses?
Major disasters can do more than just damage your commercial property. They also have the potential to force your business to remain closed for an extended time 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 South Dakota since 1953: 65
- Most common reasons for declared disasters: Severe storms and fires
Business interruption insurance is designed to provide your company with a continuation of income when a covered event leads to a long-term closure. That way, you can afford to pay monthly expenses and employee salaries even though your business is temporarily unable to generate revenue. This coverage is usually limited to one year.
Do Mobridge Businesses Need Workers’ Compensation Insurance?
Workers’ compensation insurance is designed 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 long-term benefits to surviving family members and dependents. In the state of South Dakota, all employers are required to cover their full-time and part-time employees with workers’ compensation insurance. Exceptions are made for sole proprietors, real estate agents, independent contractors, farm laborers, and certain domestic workers. Failure to carry this mandatory 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. The higher the risk of significant worker injuries, the higher the price for coverage. A local independent agent can help you review your costs and can match you up with an insurance company that specializes in covering businesses in your industry.
What about Employee Benefits for Businesses in Mobridge?
While it’s true that coverage for healthcare is expensive, it can have cost-saving benefits. Studies conducted by human resource management professionals have demonstrated that when businesses offer employee benefits like vacation time, sick time, life insurance, and health insurance, they are better able to attract and retain good 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
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 offer in your employee benefits package. A local independent insurance agent can explain the pros and cons of each of your various options so you can make an informed decision.
Why Work with an Independent Insurance Agent in Mobridge, South Dakota?
Every business has it is own specific risks and exposures. That is why insurance companies enable you to fully customize your commercial insurance coverage. An independent agent can guide you in your search for the best and most affordable policies to cover your Mobridge business.
Contact an independent insurance agent with an office in or near Mobridge to learn more. You will soon discover how easy it can be to build a comprehensive business insurance policy package.
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