It takes courage and innovation to run a business here in Minnesota. For you, it’s the American dream. You were never one to shy away from a little hard work. When something knocks you down, you get right back up. Despite your ambition and resilience, there are still forces that are capable of bringing your business down – many of them out of your control. Protecting your business means protecting your livelihood, and it could be as simple as purchasing the right small business insurance.
Think of small business insurance as a type of survival plan. It helps ensure the continuity of your company in the face of lawsuits, disasters, and crime. Whether you are a one-man-band or responsible for several employees, a good policy provides you with the support you need to maintain compliance and minimize your risk exposure.
There are many scenarios when small business insurance could be beneficial. Examples include:
- one of your subcontractors is accused of stealing from a customer’s home
- some of your heavy machinery is vandalized at a job site overnight
- your business office catches fire, forcing you to find a temporary location
- an employee causes a collision in a company vehicle
- you install faulty equipment that leads to a major loss for your customer
Small Business Insurance in Minnesota
Small businesses often require several different types of coverage. For the sake of simplicity, small business insurance is often rolled into a single package known as a business owners package (BOP). Although the coverage is customizable to the business and its needs, standard BOP coverage provides a baseline of protection that most small businesses need to operate. Examples include:
Property insurance helps cover the physical property owned by your business. You need coverage for your business structure, furnishings, inventory, heavy equipment, machinery, and more. Most property insurance coverage will protect against losses due to certain covered events, such as fire, water damage, vandalism, theft, falling objects, storm damage, and more.
Business Interruption Insurance
When an unexpected loss means temporarily closing or relocating your business, this type of coverage can help mitigate your profit loss. Business interruption insurance helps pay the bills and payroll after a covered event until your business is up and running again.
General Liability Insurance
As a business owner, you are ultimately responsible for any injuries or property losses that occur on your property or as a result of your employees, services, or products. General liability insurance helps cover medical bills and judgments against you, as well as your legal defense fees if you are sued.
Workers Compensation Insurance
If your employees are injured on the job, workers compensation insurance helps pay for any medical bills and rehabilitative expenses related to the injury. It also helps to cover the employee’s income while he or she recovers.
Commercial Vehicle Insurance
If you use one or more vehicles for business purposes, you may need commercial vehicle insurance. This can protect you against liability when you or an employee causes a collision. It can also help repair your vehicle after an accident or covered non-accident related loss.
Errors and Omissions Insurance
We’re all human. If you make a mistake, errors and omissions insurance is there to save the day. Perhaps you were responsible for a faulty HVAC installation, or maybe you unintentionally misinformed a customer about the results he could expect from a product or service. Whatever your error, make sure you are covered.
If you own a small business, let the Pentagon Insurance Agency provide you with the coverage you need. Contact us today to request your free business insurance quote.