Business Insurance

Fun facts about Minnesota small business

There are approximately 464,946 small businesses in Minnesota. About 131,674 MN business have employees, the rest or 333,272 do not. The United States first Better Business Bureau started in Minneapolis in the year 1912.  In the late 1800’s and early 1900’s Minnesota was “flour mill capital of the world”.

 Commercial liability insurance in the land of 10,000 lakes

Commercial liability insurance in Minnesota also goes by the name commercial general liability and business liability insurance.  They protect Minnesota business owners from expenses and financial losses related to business operations.  Covering bodily injury, property damage claims, personal injury, advertising injury and lawsuits. 

 Is business insurance required in Minnesota?

It really depends on the type business.  Some Minnesota businesses might be licensed, in which case proof of insurance would be mandatory.  Many other businesses would not be required to carry insurance.

If you own a business, it would be a wise investment to purchase business liability insurance policy.  You worked hard to build your empire and it’s important to protect it.

 How much does business insurance cost in Minnesota?

It really depends on the type business.  Some Minnesota businesses might be licensed, in which case proof of insurance would be mandatory.  Many other businesses would not be required to carry insurance.

If you own a business, it would be a wise investment to purchase business liability insurance policy.  You worked hard to create your empire and it’s important to protect it.

 

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We cover these types of businesses and more

  • Accounting & Tax Service
  • Apartment / Habitational
  • Bakery Insurance
  • Barber / Beauty Salon
  • Bar / Tavern
  • Car Wash
  • Coffee Shop
  • Townhome Association Insurance
  • Contractor Insurance
  • Dump Truck Insurance
  • Electrical Contractor / Electrician
  • Furniture Stores
  • Garbage Truck / Rubbish Hauling
  • Gas Stations
  • Grocery Store Insurance
  • Home Health Care Agencies
  • HVAC Contractors

 

  • Hotel / Motel
  • Janitorial / Cleaning Service
  • Liquor Store
  • Machine Shop
  • Manufacturing
  • Optometrists
  • Pizza Restaurant
  • Plumber / Plumbing
  • Restaurants
  • Retail Store
  • Sober Housing
  • Tap Room
  • Tree Trimmer / Tree Trimming
  • Tow Trucks / Wrecker Insurance
  • Used Car Dealers
  • Wholesale / Distributor
  • Woodworking / Cabinet Making
  • And Many Other Types of Businesses

Minnesota Business Insurance

Bonds in Minnesota – A bond is like a loan from a bank and the fee is similar to interest. Bonds need to be repaid. Common bonds are Bid, Performance, payment and license bonds to name a few.

Business Owners Policy in Minnesota – Think of a BOP like this.  You can buy insurance two ways.  In a cafeteria line picking the coverages you need.  Or, a value meal, with many of the things business need. A BOP includes business income. 

Commercial Auto insurance in Minnesota – Business auto’s needs protection too.

Contractors Insurance in MinnesotaContractors need liability insurance, many times coverage for tools and equipment.

General Liability Insurance in Minnesota – The core or primary policy a Minnesota business might buy.  Covering you from bodily injury and property damage claims from third parties.  It covers your premises, products, operations and completed operations.

Liquor Liability Insurance in MinnesotaAlso referred to as dram shop insurance, coverage claim arising from alcohol.

Restaurant Insurance in Minnesota – Hospitality insurance can protect your building, business personal property, liability, food spoilage and more. If you serve liquor, liquor liability insurance can be added.

Tow Truck Insurance in MinnesotaInsurance for tow truck and wreckers is specialized typo of protection.  A commercial auto policy and many times a general liability insurance policy. Coverage for the autos you haul and that are in your lot is important.

Workers Compensation Insurance in Minnesota – Workers comp covers injuries and sickness while on the job. It is required by Minnesota law if you have employees. The cost is based on payroll, the type of work the employees is doing and claims experience.

Commercial Auto Insurance MN

Commercial auto insurance can cover many different types cars, trucks and vans.  It provides many of the same types of coverage’s as your personal auto policy. Coverage’s like liability, personal injury protection, uninsured and underinsured motorists comprehensive and collision.

How much does commercial auto insurance cost? Drivers of the business vehicles must be listed and driving records are reviewed.  Rates are lower for low hazard professions, good records and claims history.

Workers Compensation Insurance MN

Do I need workers comp insurance in Minnesota?  It depends on who is asking.  If it’s the State of Minnesota and you have employees, the answer is yes.  Workers compensation insurance is mandatory if your business has employees.  If you don’t have employees, then it is not required.

What if you are a contractor and your general contractor asks for it?  You don’t have employees?  In Minnesota you can purchase a “Ghost or Waiver Policy”. It’s a policy that is written with zero payroll, so the cost is minimal after the annual audit.  This policy allows you to give a certificate of insurance to your general contractor and get paid.  The goal is for the general to protect themselves if you were ever injured and deemed an employee rather than a subcontractor. They also don’t want to pay for you on their Minnesota workers compensation insurance policy.  

Insuring Minnesota

Obtain low cost business insurance and the coverage your

business needs.

https://www.insuringminnesota.com

info@insuringminnesota.com

952-469-0428

 

 

The MN Commerce Department: https://mn.gov/commerce/industries/insurance/businesses/liability-ins.jsp

The National Association of Insurance Commissioners:                  https://www.naic.org/

International Risk Management Institute, Inc.                         https://www.irmi.com/

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