Wisconsin is home to nearly half a million small businesses, with more than 17,000 of them located in Brown County. Naturally, most locally owned businesses are not as large and successful as Green Bay’s own Humana or Schneider National, but each provides its business owners with opportunities for income, growth and advancement. If you own a small company in the Green Bay area, you have likely invested a lot of time, money and effort into it. You will want to protect this investment by securing your business with a highly rated Green Bay, WI business insurance policy.
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2007 Small Businesses Based in Green Bay, WI
- Total number of firms: 6,836
- Firms owned by women: 26.0%
- Firms owned by Hispanics: 2.8%
- Firms owned by African Americans: 1.5%
- Firms owned by Native Americans: 0.9%
- Firms owned by Asian Americans: 0.8%
Many people in this city are finding niche markets for their various trades, and small minority-owned businesses are thriving. Regardless of your company’s industry, you need to secure a commercial business insurance policy in order to protect your business from financial losses caused by unexpected problems.
Is Green Bay Commercial Insurance Necessary?
Most states, including Wisconsin, require businesses with employees to carry insurance to cover worker’s compensation, disability and unemployment benefits. If your business venture necessitates the use of a company vehicle or a fleet of vehicles, you will need a commercial vehicle policy. Finally, if you have taken out a large business loan, your lender may require you to carry a commercial insurance policy.
The law does not require small businesses without any employees to have insurance. These businesses make up nearly 73.4 percent of all of Wisconsin small businesses. If you made a large investment in a sole proprietorship or devoted a lot of time and effort to your business, having a commercial insurance policy is a very good idea.
2007 Revenues Generated by Businesses Based in Green Bay, WI
- Manufacturers’ shipments: $5.2 billion
- Merchant wholesaler sales: $1.3 billion
- Retail sales: $1.5 billion
- Retail sales per capita: $15 million
- Accommodation and food service sales: $204 million
Some new business owners believe setting up their company as an LLC or a corporation automatically protects them against financial losses. However, these corporate business structures merely protect your personal assets from liability expenses. The business itself remains vulnerable. Only a Green Bay business insurance policy can fully protect your commercial endeavor from unexpected damages and monetary losses.
Most Common Industries of Businesses Based in Green Bay, 2009
- Construction: 11%
- Paper: 8%
- Food: 6%
- Accommodation and food services: 5%
- Metal and metal products: 4%
- Public administration: 4%
- Truck transportation: 3%
What Does Green Bay Business Insurance Cover?
Businesses can vary greatly by industry, size and the potential risks they face. Business insurance policies offer many different coverage options, so you are able to customize your policy to meet your business’s unique coverage needs. A typical Green Bay business insurance policy will offer the following types of coverage:
- Liability coverage: This coverage protects your business from the costs associated with liability lawsuits. Instances where you might find your business held liable include slip-and-fall injuries at your business location or lawsuits resulting from a product malfunction, malpractice or negligence cases. Liability coverage also provides compensation for the court costs and legal fees associated with any covered events.
- Property insurance: This coverage protects you from loss or damage to your business location as well as its contents. Covered damage includes that caused by fire, falling objects, certain weather events, theft and vandalism. This sort of coverage is particularly important if you operate a storefront because your profits are dependent on your business’s ability to be open to the public.
- Loss of income: This coverage provides compensation for the losses you sustain if you are unable to operate your business for a period of time due to damage or losses caused by a covered event. The coverage provides a portion of the income that you would normally generate, until your business returns to full operation.
- Other coverage: Other coverage options tailored to meet different industries' specific needs are also available. These include additional coverage for expensive equipment; extra liability coverage for contractors who work on other people’s property; and fidelity insurance, which will protect your business from losses if an employee embezzles funds or performs other illegal actions while in your employ.
Find the Best Green Bay Business Insurance Policy
You need to consider many different variables before comparison-shopping for a business insurance policy. You will first want to fully assess your business coverage needs. Then, you want to contact an agent in the Trusted Choice® network to help you save time and money by doing your comparison-shopping for you.
It is easy to set up an obligation-free meeting with a Trusted Choice member agent located close to your home or business. Contact an agent today to get more information and to obtain a variety of competitively priced Green Bay commercial insurance quotes.