According to the US census, there are more than 86,000 businesses operating in the state of South Dakota. About 1,700 of these businesses can be found in the small city of Yankton. While companies operating in the manufacturing, retail trade, and construction industries are most abundant in this river city, as long as your business meets the needs of the community, it has the potential to thrive.
Yankton business owners in all industry sectors can benefit from having a comprehensive commercial insurance portfolio. If you are among this Midwestern city’s entrepreneurs, a local independent insurance agent can help you build a customized business insurance plan that will cover all of your company’s various exposures.
Liability Insurance Protects Businesses in Yankton
Even if the courts rule in your favor, a liability lawsuit against your company can be very expensive. That is why liability insurance is a crucial part of every business insurance policy. It is designed to cover the various expenses related to these lawsuits, including court costs, legal fees, and damages. All business insurance policies include commercial general liability insurance (CGL), which has two main coverage components:
- Premises liability insurance: This covers third-party injuries and damage that occur on your business property.
- Product liability insurance: This covers third-party injuries and damage that are caused by products your company produces, sells, or promotes.
Most businesses need additional policies in order to be fully covered against all of their liability exposures. Your independent insurance agent can review the many other liability coverage products 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:
- Employment practices liability insurance (EPLI): This covers your business against accusations of illegal 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 damages.
- Commercial vehicle liability insurance: This covers your business against the increased liability risks that go along with having a company-owned vehicle or fleet of vehicles.
- Environmental liability insurance: This covers your business if an accident causes toxic substances used by your company to pollute the land, water or air.
- Cybercrime insurance: This covers your business if your network security is breached and hackers access customer data, including personal details, credit card numbers, passwords and other information that can be used to perpetrate identity theft and fraud.
Contact a local independent insurance agent to get more information and quotes for the liability insurance policies that are a good fit for your business.
Yankton Businesses Can Benefit from Having Property Insurance
Business insurance policies also include commercial property coverage. This is designed to reimburse your business for loss or damage to your company-owned property such as inventory, furnishings, tools, computers, and more.
- Number of federally declared disasters in SD since 1953: 83
- Most common reasons for declared disasters: Severe Stormss
A major disaster like a fire or a tornado can cause extensive destruction to your business property, but the damage from less catastrophic events can also be quite costly. Hailstones can damage vehicles, strong winds can damage outdoor signs, and heavy snow can damage rooftops and gutters, leading to more damage to the property. This is why commercial property insurance is so important. You will want to be sure that your coverage levels are high enough to enable you to repair, rebuild or replace damaged property without your Yankton business experiencing a large financial loss.
Business Interruption Insurance for Businesses in Yankton
Tornado activity in the Yankton area is 84% higher than the national average. In 1986, one of the worst tornadoes to hit the state touched down just 25 miles from the Yankton city center. It caused more than $50 million in damage. Would your business be able to survive if a tornado struck nearby and forced you to close up shop for several weeks while repairs were made? It would if your policy included business interruption insurance.
Business interruption insurance provides a continuation of income if your business must remain closed for an extended period due to a covered event. It enables you to have the income you need to pay your employees’ salaries and other expenses like loan payments until you are able to resume normal operations. Most policies limit this coverage to twelve months. Talk to an independent agent in Yankton to learn more.
Workers' Compensation Insurance Is Required of Yankton Employers
There are a number of ways that employees can be injured in the workplace. If a worker you employ is hurt or becomes ill while doing their job, your business is responsible for covering the associated costs. Workers’ compensation insurance is designed to cover the cost of medical treatment, provide temporary and long-term disability coverage, and compensate your employee’s family if a workplace injury is fatal. In South Dakota, all employers are required to carry this coverage.
Rates for workers’ compensation insurance are based on the types of jobs your employees do and the risks involved with doing them. A construction worker would cost far more to insure than a clerical worker. Let a local independent insurance agent help you secure an appropriate and competitively priced policy through a commercial provider.
Employee Benefits for Small Businesses in Yankton
It can be advantageous to provide your workers with benefits like paid vacation time, health insurance and life insurance. Studies by human resources professionals have demonstrated that companies that offer generous benefits packages are more likely to attract and retain ideal employees. It has also been shown that workers who have access to health insurance coverage use fewer sick days.
- 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
Health insurance is expensive, especially in South Dakota. Fortunately, a local independent agent can help you find appropriate coverage at a competitive price. There are several different policy types that you can choose from, so you may find it beneficial to have guidance and assistance from a local insurance professional when you are shopping for coverage.
Why Work with an Independent Agent in Yankton?
Every business is different, and each has its own unique 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 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 coverage that is best for your company.
Contact an insurance agent in or near Yankton to start building a comprehensive business insurance portfolio.
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