Business Insurance

Building the right foundation starts with an insurance agent you can trust.

What Is Business Insurance?

Business insurance protects companies from losses because of occurrences that could occur during the business. There is a variety of insurance for businesses covering topics like property damage, legal liability, and employee-related risks.

Insurance companies evaluate their insurance needs depending on the potential hazards they face, depending on the company’s industry.

Business Insurance at Minnesota

For the second year, CNBC ranked Minnesota as the 7th best state to start a business. It is also the highest-ranked midwestern state in America based on factors including infrastructure, cost of doing business, life and health, and economy. What’s appealing about Minnesota is it provides city living with a small-town feel while the community supports local businesses.

No matter where you begin, you’ll need to be prepared. You probably already know that starting your firm isn’t cheap. There are numerous expenses to consider, not least of which is the first year. Business insurance is something you should never overlook. It would be devastating if your company were gaining traction and was about to rise spectacularly when a lawsuit destroyed it.

Understanding Business Insurance

Small company owners should carefully evaluate and assess their business insurance requirements since they may be more exposed to personal financial damage in the event of a catastrophe. Suppose a company owner does not feel they have the capacity to analyze corporate risk and determine whether or not coverage is required. In that case, they should seek advice from an ethical, professional, and licensed insurance broker. You can obtain a list of authorized brokers in your state through your state’s insurance department or the National Association of Insurance Commissioners.

Commercial lines insurance, sometimes known as business insurance, is a type of property and liability insurance for businesses that includes coverage for bodily injury and damage to property. Commercial lines Insurance allows firms to operate when it would be too dangerous to do so by protecting them from potential losses they couldn’t afford to cover, allowing them to continue working even if other avenues have been exhausted.

Personal insurance can be contrasted with term insurance.

Small businesses have a few different types of insurance policies to choose from.

Small business owners should consider the following types of commercial insurance:

Depending on your industry, you may have to get different types of insurance. That’s because every business faces unique challenges and risks.

While there are numerous sorts of insurance available, read about eight types that many small businesses may obtain to assist them in protecting themselves from various hazards.

1.   General Liability Insurance (GLI)

Commercial property insurance covers accidents and other events resulting in bodily injury or damage. It also protects your company from allegations that it is at fault for the injuries or damages suffered by others. It would cover claims against you if your business’ negligence caused an accident, injury, or loss of life to someone else’s assets.

  • Injuries to another person’s body
  • Destroying someone else’s property.
  • Personal injuries, such as libel or slander

2.   Commercial Property Insurance

Commercial property insurance protects your company’s owned or rented premises and equipment, allowing you to operate your business.

Remember that this coverage does not cover damage caused by earthquakes or floods. To help safeguard your business from these claims, you may need to purchase a separate policy, such as commercial flood insurance.

3.   Business Income Insurance

If you cannot operate your business because of covered property damage, business income insurance can assist you in replacing your lost earnings. So, this coverage may be used to cover ongoing costs like rent, utility bills, and payroll. This is also known as company interruption insurance.

4.   Professional Liability Insurance

Professional liability insurance, or errors and omissions (E&O) insurance, helps to cover lawsuits against you which claim that you made a mistake in the services provided.

5.   Workers’ Compensation Insurance

Workers’ compensation insurance will give them benefits if your employees get hurt or sick from their job. These benefits may include:

  • Pay for their medical bills
  • If they cannot work because of the accident, replace much of their lost income.
  • Cover funeral costs in the event of a work-related death.
  • Pay for regular care, such as physical therapy.

In most states, you are legally required to have workers’ compensation insurance if your business employs people. Refusing to do this can result in criminal charges, penalties, and fines.

6.   Data Breach Insurance

If confidential data like social security numbers or credit card information falls into the wrong hands, data breach insurance aids your business with the repercussions. Some insurers group this type of protection under “cyber insurance.”

GBP can assist cover your expenses for the following reasons:

  • I’m also sending you an email with the latest updates on my case.
  • Protect your customers’ identities with our top-of-the-line monitoring services.
  • Create a public relations campaign for your organization.

7.   Commercial Umbrella Insurance

Umbrella insurance can help you save money by covering the gaps in your liability coverage caused by damage to your home. So, if a claim exceeds the range on your policy, your umbrella insurance will cover the difference.

8.   Commercial Auto Insurance

Commercial auto insurance can help pay or fulfill property damage and bodily injury claims if you get into an accident while using a company-owned vehicle for business. This is critical because a personal automobile insurance policy will not reimburse third-party claims in a business-owned vehicle collision.

9.   Property Insurance

In the event of a storm or theft, property insurance covers equipment, signage, inventory, and furnishings. However, it does not cover large-scale devastation events like floods or earthquakes. If your region is vulnerable to these problems, you’ll need a separate policy. Personal belongings that are exceptionally costly and valuable—typically known as “riders” in addition to being covered by purchasing an extension to the policy—are also eligible for coverage if there’s a claim.

10.  Home-Based Businesses

Homeowner’s insurance does not cover home-based enterprises like commercial property insurance. If you’re running a home-based firm, ensure you get equipment and inventory coverage.

11.   Product Liability Insurance

Product liability insurance is significant if your business manufactures products to sell. If its products do damage, any business can get sued. Such instances are when product liability insurance protects a company.

12.   Vehicle Insurance

All vehicles used for business purposes must have full insurance coverage. This includes, at the very least, third-party liability in case of injury. It is wise to get comprehensive automobile insurance since this will cover any damages sustained by the vehicle in an accident. If employees use their cars for work-related matters, their insurance policy will suffice. The only time this would not be the case is if someone is being paid to deliver goods or services – including delivery personnel.

13.   Business Interruption Insurance

The business interruption (or continuation) coverage protects against financial losses when a company’s physical location is essential for conducting business, such as retail outlets or manufacturing facilities. Business interruption insurance covers a firm for lost income incurred due to events interrupting the company’s regular operations.

What kind of insurance does my small business require?

Depending on the company you operate and where you are, the law may prescribe that you have certain types of insurance. Most states demand businesses to carry workers’ compensation coverage, for example. Several states cover business insurance by industry. Accountants, for example, may require professional liability insurance.

It’s critical to understand your state’s business insurance regulations. To ensure that you comply with the rules, you may employ the assistance of an insurance agent. They can assist you in developing a policy that meets your demands and budget.

Not sure which business insurance is right for you? Get recommendations here.

Business insurance coverage is critical, regardless of your organization’s size and industry trends. Businesses opening their doors for the first time can provide a solid foundation. It’s also essential for seasoned business owners because policy demands may fluctuate over time depending on your company and the type of insurance you take out.

At our insurance company, we have years of experience in helping small business owners succeed. Our specialists want to help you too. We’ll work with you to get the types of business insurance your company needs at a price that fits your budget.

To Contact Cindy Larsen Insurance, please call us at 763-783-1188, or you can visit our office at 2705 Bunker Lake Blvd NW Suite 206 Andover, MN 55304.

Professional Service with a Personal Touch.

Independent Agent with Atlas Insurance.

“I stumbled across Cindy Larsen 15 years ago when we bought our first house, I was so impressed with her and we quickly switched all of our autos and toys over to her too. For the past 14 years I have been a mortgage broker, and I see thousands of home owner policies come across my desk so I know when someone is paying too much. I have referred all my clients I can to Cindy, because of the great rates, service, and trustworthiness she has provided our family and all my clients.”


Alexandria, MN

Our Step-By-Step Service

We understand getting insurance moved over can be a hassle. That’s why our service and process exist to make it most convenient for you.

Cindy Larsen Insurance

Independent Agent with Atlas Insurance

2705 Bunker Lake Blvd NW Suite 206
Andover, MN 55304

Office: 763-783-1188
Text: 763-296-2810
Fax: 763-754-4028

Monday – Friday 8 am to 5 pm

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