Business owners in Minnesota have certain requirements when it comes to commercial insurance. It doesn’t matter whether you are a small business owner or a large business owner; when it comes to commercial insurance you are all businesses. At Kriener Insurance in Woodbury, MN, we know just how risky it is to own a business and how many businesses fail. We work with our customers to make sure they have the right commercial insurance so that they can survive no matter what hazard hits them.
Commercial Insurance Requirements
In Minnesota, the only mandated commercial insurance is workers’ compensation. If your business has any employees, they need to be covered by workers comp either through an insurance policy or through self-insurance. This protects your employees but it also protects you from being sued by an injured employee.
Businesses are required just as any vehicle owner is in the state of Minnesota to have the mandated amount of auto insurance.
There are other types of commercial insurance that are not required but are a very good idea for any business to have. Commercial liability and property insurance are both very helpful in the event your business runs into any covered issues.
Commercial property insurance will protect the business building if you own it but it also protects the content of the building, which may include things like machinery, office equipment, electronics, raw materials, tools, inventory, and display units. Basically, the things you use to run your business.
Commercial liability insurance will help protect your business from the results of legal action against you. You may not want to think about it, but up to 35% of businesses get sued in any given year, which means the risk to you is real.
Contact Kriener Insurance in Woodbury, MN when you have questions or are in the market for new commercial insurance.