More than 800 small businesses can be found in the city of Sturgis. The most common industries in this South Dakota city are health care, accommodation & food services, and construction. Whatever type of business you own and operate, if it fills a need in this vibrant community, it has the opportunity to thrive.
As a business owner in Sturgis, you will want to be sure that your investment is suitably protected by a comprehensive business insurance plan. Contact a local independent insurance agent for help building a commercial insurance plan that provides suitable protection at a competitive price.
Does Sturgis Business Insurance Provide Liability Coverage?
Liability insurance is a crucial part of every business insurance policy. It can cover 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), which is designed to cover against some of the most common liability risks businesses face.
CGL has two main coverage components:
- Premises liability insurance: This covers third-party injuries, illnesses, and damage that occur on your business property.
- Product liability insurance: This covers third-party injuries, illnesses, and damage caused by products your company produces, sells, or promotes.
Many businesses need to purchase additional insurance products in order to be fully covered against all of their liability exposures. Some of the many other commercial liability products that are available to you include:
- Employment practices liability insurance: This covers your business against accusations of discrimination, harassment, wrongful termination, and other illegal business practices.
- Professional liability insurance: This covers individuals in professional positions if they are sued for damage caused by mistakes such as errors in judgment or professional negligence.
- Cyber liability insurance: This covers businesses that track or store sensitive customer information in the event that this data is accessed by hackers and those affected sustain financial or personal damage.
- Environmental liability insurance: This covers damage and cleanup costs if an accident results in toxic substances used by your business polluting the environment.
Your independent insurance agent can help you determine whether these or any other commercial liability products are a good fit for your Sturgis business.
How Does Sturgis Business Insurance Cover Your Property?
Commercial property coverage is included in all business insurance policies. It is designed cover your business’s property against loss or damage caused by a number of hazards such as property crimes, fires, windstorms, hail, tornadoes, freezing temperatures, and other risks.
Your independent insurance agent will be able to offer you trustworthy advice about which policies make sense for your particular business and how much coverage is sufficient to properly protect your business. That way, you can be sure that all of your company’s assets are fully protected.
Also, business insurance does not cover against flood damage. If your Sturgis business is at risk, you will need to purchase a separate commercial flood insurance policy through the National Flood Insurance Program (NFIP) in order to be covered. Talk to a local independent insurance agent for more information about flood insurance and for help securing an affordable policy.
Why Is Business Interruption Insurance Important in Sturgis?
Fires and natural disasters can be damaging, not just to your business property, but also to your bottom line. If your business is forced to close down for an extended period so that repairs can be made, the loss of income can be financially devastating. Business interruption insurance was created to prevent this problem.
Business interruption insurance is designed to provide a continuation of income during the times your company suffers a forced extended closure. This insurance, which is usually limited to one year, enables you to continue to pay employee salaries and monthly expenses even while there is no income being generated. Talk to your local insurance agent to learn more.
Do Employers in Sturgis Need Workers' Compensation Insurance?
Workers are sometimes injured on the job. Whether your employees suffer a physical injury or become ill due to exposure to a toxic substance, you, as their employer, are responsible for covering the cost of their medical treatment and lost income. Workers’ compensation insurance is designed to cover these expenses.
In South Dakota, nearly all employers are required by law to carry workers’ compensation insurance. There are a few exceptions. It is not necessary to cover:
- Sole proprietors
- Real estate agents
- Farm and agricultural workers
- Certain domestic workers
The cost for workers’ compensation insurance is based on your company’s overall payroll and the chances that your workers will suffer significant injuries based on the types of job they do. It costs more to cover a roofer than to cover a cashier at a clothing store.
An independent insurance agent can help you secure a competitively priced policy through an insurance company that specializes in covering businesses in your industry.
What about Insurance Benefits for Employees?
Studies show that providing perks such as paid vacation and sick time, health insurance, and life insurance can help you attract and retain a talented pool of employees. Finding the best insurance products to offer your employees, however, can be a challenge. This is particularly true when it comes to healthcare coverage, which can be expensive.
- Average amount spent on healthcare coverage by SD businesses: $1,568,586
- Ranked 3rd for highest medical insurance costs in the US
- Average annual cost of health care in SD: $6.086/person or $17,530/family
There are many different life and health insurance policy types and options available to choose from. An independent agent can explain the pros and cons of each of your various options and can help you review costs from competing insurers. That way, you can make an informed decision about which is the best choice for your business.
Why Contact an Independent Agent in Sturgis, SD?
There are a number of different commercial insurance products you can choose from when you are building your business insurance policy. This can make shopping for coverage confusing, especially if you are unfamiliar with the finer details of your various insurance options. Independent insurance agents in Sturgis can help.
These insurance professionals can help you identify your company’s exposures and can recommend the right insurance products to cover against them. They can also help you get appropriate coverage at competitive rates. Find an insurance agent in or near Sturgis to start comparing business insurance quotes.
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