Madison, WI Business Insurance

Independent agents in Madison shop multiple companies to get you the best price on business insurance. Author Icon Written by Trusted Choice Author Icon
Written by Trusted Choice

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Madison, Wisconsin, is the birthplace of such companies as Sub-Zero & Wolf Appliances, Schoeps Ice Cream and the ever-popular American Girl doll company. Oscar Mayer Bologna started here as a family-owned business before Kraft Foods purchased it, and in 1988 two juniors at the University of Wisconsin founded The Onion newspaper. Today, Madison is home to several small privately owned businesses established by local entrepreneurs. While most won’t go on to achieve national recognition, all are worthy of being protected by a Madison, WI business insurance policy.

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2007 Businesses Based in Madison, WI

  • Total number of firms: 18,693
  • Firms owned by women: 29.1%
  • Firms owned by African Americans: 3.6%
  • Firms owned by Asian Americans: 2.9%
  • Firms owned by Hispanics: 1.7%
  • Firms owned by Native Americans: 0.2%

Business ownership in this city is becoming increasingly diverse, and with different types of businesses come different types of risk. A business that deals strictly with retail sales does not have the same liability risks as one that designs and produces products. Similarly, construction companies face many potential liability risks, while administrative offices do not. Fortunately, insurance companies can tailor your commercial insurance policies to fit your company’s specific coverage needs and protect your company from unexpected problems and expenses.


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Is a Madison Business Insurance Policy Mandatory?

Certain types of business-related insurance policies are mandatory. For example, if your business has employees, the state of Wisconsin requires you to carry insurance to provide worker’s compensation and state unemployment benefits. Likewise, if your business uses company vehicles, the state requires you to carry commercial vehicle insurance.

In most cases, business insurance is not required. A financial institution may require you to carry it if you have taken out a large business loan with them, and your landlord may require you to have this coverage if you are renting the building in which you conduct your business. But for the most part, this insurance is optional. The benefits of having such a policy, however, cannot be understated.

More than 800 small businesses filed for bankruptcy in Wisconsin in 2009. Several could have avoided this hardship by simply having had commercial insurance. You have invested a lot time and money into your business, so it is well worth the cost to insure it with a Madison business insurance policy.

2007 Revenues Generated by Businesses Based in Madison, WI

  • Manufacturers’ shipments: $2.4 billion
  • Merchant wholesaler sales: $2.3 billion
  • Retail sales: $4.1 billion
  • Retail sales per capita: $18 million
  • Accommodation and food service sales: $595 million

Setting up your company as an LLC or a corporation does not protect your company from financial losses brought about by liability claims. These business structures serve only to protect the business owner’s personal assets from liability, leaving the business itself vulnerable. Only a business insurance policy can fully protect your Madison business venture.

Most Common Madison-Based Business Industries, 2009

  • Educational services: 15%
  • Professional, scientific and technical services: 9%
  • Accommodation and food services: 8%
  • Public administration: 7%
  • Health care: 6%
  • Construction: 5%
  • Finance and insurance: 5%

What Does a Madison Business Insurance Policy Cover?

Business insurance coverage needs can vary greatly depending on the size, industry and inherent risks each company faces. Thus, insurance companies design commercial insurance policies with many different coverage options. This allows you to build a customized policy that is appropriate for your commercial venture. The basic coverage options offered by a Madison business insurance policy include the following:

  • Liability coverage: If someone sues your business due to malpractice, negligence in provision, faulty product design, injuries sustained on your workplace property or any other business-related liability cases, your business insurance will provide coverage for the damages. Your liability coverage will also cover any court costs and legal fees associated with a covered event.
  • Property coverage: If your company should suffer property loss or damage caused by weather, falling objects, fire, vandalism, theft or any other covered event, your insurance policy will provide compensation to assist in the cost of repairs or replacements.
  • Lost income coverage: If your business faces an interruption in sales or production as the result of a covered event, your commercial insurance policy will provide compensation so that the lack of income does not affect your business’s bottom line.

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How Can You Find the Best Madison Business Insurance?

Because there are so many different types of businesses, there is no such thing as a one-size-fits-all commercial insurance policy. When you are ready to start comparison-shopping for commercial insurance, an independent agent in the Trusted Choice® network can help you build a policy that is suitable for your specific business.

Your local network agent can help you find several competitively priced policies that meet your coverage requirements and can answer questions you may have about each policy. Contact an agent today for your Madison commercial insurance quotes.

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