Find Top-Rated Wisconsin Business Insurance
Wisconsin is home to many highly successful companies, including Batteries Plus, HUSCO International, and QPS Employment Group. Naturally, not every business that opens its doors here in the Badger State will grow to be a multi-million dollar company, but it is small businesses that drive the local economy and keep many of Wisconsin’s residents employed. If you are the owner of one of this state’s many small businesses, you can protect your company from undue financial hardship by purchasing a comprehensive Wisconsin business insurance policy.
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Top Five Industries for WI Small Businesses
- Retail trade: 13,700 businesses
- Construction: 15,700 businesses
- Accommodation and food services : 11,900 businesses
- Professional, scientific and technical firms: 10,600 businesses
- Health care and social assistance: 10,100 businesses
Regardless of the industry in which your business operates, you are likely to face potential problems that could cause your company to take a financial hit. For example, if you own a storefront business, and a customer is injured while shopping in your store, you may face liability charges for medical expenses. If you own a manufacturing company, and a customer is injured by a poorly made product, you might also find yourself on the wrong end of a lawsuit.
Depending on their industry, businesses face different potential risks. This is why there is no such thing as a one-size-fits-all commercial insurance policy. Trusted Choice® agents write more business policies than any other brand. These are independent agents, which means they can pick and choose individual coverage types from many different insurance companies. That way you get exactly the customized coverage you need, in exactly the right amounts, for the best possible price.
Wisconsin Small-Business Industries with the Most Employees
- Manufacturing: 482,800 employees
- Health care and social assistance: 375,400 employees
- Retail trade: 319,300 employees
- Accommodation and food services: 227,200 employees
- Finance and insurance: 146,700 employees
- Administrative support and waste management: 139,700 employees
Manufacturing jobs continue to be the top source of employment in this state, despite the loss of some of these jobs during the recent recession. If your business model is strong and diverse, you will likely be able to keep your business afloat in Wisconsin, even in today’s difficult economy.
Is Commercial Insurance Mandatory in Wisconsin?
Businesses that hire employees are required to provide workers' compensation, disability and unemployment insurance. If your business operation requires the use of company cars or trucks, you will also need to have a commercial vehicle policy. Finally, if you have taken out a business loan, your lender may require you to carry a commercial insurance policy to protect your business from factors that may lead to bankruptcy.
In most cases, however, small businesses are not required to carry commercial insurance. However, simply because this coverage is not mandatory does not mean that it is not important. Just one unexpected mishap, such as severe damage from a fire or a lawsuit because of an injury, has the potential to cause enough financial damage to your business that you may find yourself forced to close your business for good.
You have invested a lot of time and money into your business. Business insurance will help you protect it, so that you can continue to prosper.
Wisconsin Small Business Statistics
- In 2008, there were 431,099 small businesses based in Wisconsin.
- Of these, 112,558 were businesses that hired employees.
- Small firms make up approximately 97% of the state’s employers.
- 52.3% of the private-sector jobs in this state are provided by small companies.
- The number of small businesses owned by women and minorities is on the rise.
- In 2008, there were 26,102 minority owned businesses, a 47.9% increase over 2002.
- In 2009, 828 of Wisconsin’s small businesses filed for bankruptcy.
What Does Wisconsin Business Insurance Cover?
Commercial insurance policies are as varied as the businesses that rely on them. You can customize your policy to meet your company’s specific coverage needs. Some offered policy options include:
- Coverage for loss or damage caused by weather, fire, vandalism and theft: This coverage applies to the building in which your business is housed and any of your business equipment that may be affected in a disaster. If your business is home-based, this may be included as an addition to your homeowners insurance policy.
- Coverage for loss of income during an interruption caused by a covered event: If your business needs to temporarily halt operations due to a weather event or other covered problem, this coverage will provide your business with continued income in the interim.
- General, professional and product liability insurance: These coverage options are specifically designed for certain types of industries. You can select only the coverage types that fit your company’s unique needs.
- Coverage for malpractice or negligence in provision: If your business is in the medical field or if you provide certain types of direct services, you can protect yourself financially if you are sued by a client.
Secure the Best Wisconsin Insurance Policy for Your Company
Purchasing the right Wisconsin business insurance policy requires a bit of forethought and planning. You must carefully consider all possible risks that your business may face, so that you can be certain that you are properly protected from undue financial loss. You will also want to be certain that you obtain insurance quotes from at least three insurance companies, so that you can be sure that you are not overpaying for your policy. You can count on a Trusted Choice agent for assistance with all of this. An independent agent can even combine separate commercial policies into one easy-to-pay bundle, to save you time and money.
You can turn to the Trusted Choice network of independent agents for help when determining your company’s unique business coverage needs. By using their relationships with several different insurance companies, local agents can easily obtain a variety of customized policies that meet your specific needs. Contact an agent in your neighborhood to get more information, and to receive a variety of Wisconsin commercial insurance quotes.