Rapid City, South Dakota is home to businesses of varying sizes, from manufacturing plants to the many venues that accommodate tourists who are visiting Mount Rushmore, Sturgis, and Deadwood. In fact, the latest census reports that there are nearly 7,500 firms operating in this city. If you own a company in Rapid City, you will want to be sure to protect your investment with a comprehensive commercial insurance plan. A local independent insurance agent can help you identify your firm’s various exposures and can recommend the right business insurance products to cover against them. Find an insurance agent near you to learn more.
Businesses in Rapid City Need Liability Insurance Coverage
We live in a litigious society. If your business is on the wrong end of a liability lawsuit, having the right insurance is crucial. 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 commercial general liability insurance (CGL). It covers third-party injuries, illnesses, or damage, whether they are caused by an accident on your business property (premises liability insurance) or are due to a defect in a product your company produces, sells, or promotes (product liability insurance).
Many businesses have liability risks that go beyond what CGL insurance will cover. Your insurance agent can help you identify your company’s other liability exposures and can recommend the right policies to cover against them. Examples of some of the many commercial liability insurance policies you can choose from include:
- Cyber liability insurance: This relatively new product is designed to cover your business if hackers break into your computer system and steal customer data like credit card numbers and personal information.
- Employment practices liability insurance: This covers your business if a current or former employee makes an accusation of illegal business practices such as discrimination, harassment, or wrongful termination.
- Environmental liability insurance: This covers 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 errors in judgment or other professional mistakes cause third-party damage, hardship, or injuries.
Talk to your insurance agent to learn more about these and other liability products that may be right for your Rapid City business.
Property Insurance for Large and Small Businesses in Rapid City, SD
Your business insurance policy also includes commercial property insurance. This is designed to cover loss or damage to your company’s assets, including inventory, computers, tools, furniture, outdoor signs, and more. Businesses in Rapid City are most likely to experience loss or damage due to property crimes, heavy winds, accidental fires, and hailstorms. Fortunately for residents and business owners in this city, severe weather events are less likely here than they are throughout most of the country.
Be aware that some commercial property requires specialized coverage. Your independent insurance agent can help you determine whether additional policies like inland marine insurance, boiler & machinery insurance, or flood insurance are necessary in order for all of your business property to be fully covered.
Business Interruption Insurance for Rapid City Businesses
Damage to your business-owned property isn’t the only expensive risk you face during a catastrophic event. Major damage due to a hazard such as a fire could force your business to remain closed for weeks—or even months—while repairs are made. Without an ongoing stream of revenue, many businesses could sink into bankruptcy.
Business interruption insurance protects against this risk. It 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 installments and salaries until you are able to once again resume normal business operations.
Workers' Compensation Is Required for Most Rapid City Employers
Workers’ compensation insurance is designed to cover employees’ medical treatment, lost wages, and other related expenses if they are hurt or become ill in the course of doing their jobs. It can also pay out survivor benefits to family members in the unfortunate event that a workplace injury is fatal. With a few exceptions, all employers in South Dakota are required by law to carry workers’ compensation insurance.
Costs for this coverage are based on your company’s overall payroll and the likelihood that your employees will sustain serious injuries based on the types of jobs they do. An independent insurance agent can help you compare rates from insurance companies that specialize in covering businesses that operate in your industry.
Employee Benefits for Businesses in Rapid City
Health insurance can be expensive, but providing it to your employees can have money-saving benefits. Studies by human resources experts have demonstrated that workers who have healthcare coverage tend to use fewer sick days. Other studies have found that offering an attractive benefits package helps companies recruit and retain the best 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 thinking about including healthcare and/or life insurance in your employee benefits package, you will find that there are many different policy types and options available to you. It may, therefore, be beneficial to have the guidance of an experienced independent insurance professional when you are making a selection.
Why Work with One of Rapid City’s Independent Insurance Agents?
There is no such thing as a one-size-fits-all business insurance plan. Insurance companies offer a wide variety of products and options so that business owners can fully customize their company’s insurance portfolio. Independent insurance agents can help you choose the right policies and coverage options to meet your company’s specific needs. Because they do not work for a particular insurance company, independent agents can shop around for the best business insurance policies at the most competitive prices.
Contact an insurance agent in Rapid City to get started.