When people think about businesses in Milwaukee, they often think about beer. This city was once home to four major breweries, but today, only Miller Brewing Company remains. These days, some of the most well-known companies that are based here include Manpower, Master Lock, and Harley-Davidson. Naturally, most young start-ups in this city will not grow into multi-million dollar companies, but there are plenty of opportunities for business owners to succeed. If you have invested in a business in this great American city, you can greatly benefit from the protection of a Milwaukee, WI business insurance policy.
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2007 Businesses Based in Milwaukee, WI
- Total number of firms: 31,769
- Firms owned by women: 36.3%
- Firms owned by African-Americans: 22.3%
- Firms owned by Hispanics: 4.0%
- Firms owned by Asian-Americans: 3.4%
- Firms owned by Native Americans: 1.2%
Milwaukee has the highest rate of minority business-ownership in the state. Residents are creating new business ventures in this city every month. No matter what your industry, Brew City offers many opportunities for entrepreneurs. A comprehensive commercial insurance policy can protect your privately-owned business from suffering financial losses that can be caused by unexpected problems or circumstances.
Why Purchase a Milwaukee Business Insurance Policy?
Like most states, Wisconsin requires all businesses with employees to carry coverage for worker’s compensation and disability. Also, if your business uses vehicles for delivery, transportation, or construction, you will be required to carry a commercial vehicle insurance policy. Finally, if you have taken a business loan to build capital for your business, your lender will most likely require you to carry a comprehensive commercial insurance policy to protect your business for the life of the loan.
However, if your business is a sole-proprietorship and you do not have any employees, as is the case with 73.4% of all of Wisconsin’s small businesses, you are not required to carry business insurance. Regardless of whether a comprehensive commercial policy is required, it is a very good idea if you want to protect your business and the investment of time and money that you have put into it.
2007 Revenues Generated by Businesses based in Milwaukee, WI
- Manufacturers’ shipments: $9.0 billion
- Merchant wholesaler sales: $5.6 billion
- Retail sales: $4.0 billion
- Retail sales per capita: $6.6 million
- Accommodation and food service sales: $949 million
Some new business owners wrongly believe that because their company is set up as an LLC or a corporation that the business is automatically protected against liability-related financial losses. However, these corporate business structures are designed only as a means of protecting the business owner’s personal assets from liability charges against the company. The business itself is still vulnerable.
For a small, uninsured business, one big liability suit is all that it would take to bankrupt the company. To avoid this risk, you need commercial insurance. A Milwaukee business insurance policy can shield your business from losses and allow you to continue business operations so that your investment continues to be profitable for you.
Most Common Industries of Businesses Based in Milwaukee, 2009
- Accommodation and food services: 9%
- Educational services: 7%
- Construction: 6%
- Administrative and support and waste management services: 6%
- Health care: 5%
- Public administration: 4%
- Metal and metal products: 4%
What Will Milwaukee Business Insurance Cover?
There are many different types of businesses. They can vary greatly in size, industry and inherent risks. For this reason, business insurance companies offer many policy options. This allows business owners to customize their policies to meet their businesses’ unique coverage needs.
Your Milwaukee business insurance policy may provide coverage for:
- Professional, general or product liability issues
- Cases of malpractice or negligence in provision
- Loss or damage caused by fire, weather, falling objects, vandalism or theft
- Loss of income during a business interruption following a covered event
Find the Best Milwaukee Business Insurance Policy
Because there are so many different variables when it comes to business insurance, you will likely benefit from the assistance of a Trusted Choice® network agent when you are shopping for an appropriate business insurance policy. A local member agent can help you determine your business’s unique risks and coverage needs and can ensure that you have all the coverage that you need without purchasing any of the coverage you do not.
It is easy to set up an obligation-free meeting with a Trusted Choice member agent close to your home or business. You may be surprised by how much time and money you can save. Find a network agent in your ZIP code today and start comparing Milwaukee commercial insurance quotes for policies designed specifically to meet the coverage needs of your business.