Business owners need to make difficult decisions day in and day out. Among those will be the insurance policies chosen to protect your business, employees, and customers. There is insurance available for nearly every risk your business could face. Certain coverage is required by law to protect employees and customers, while other coverage is optional. It is important to understand that insurance required by law does not always fully protect your business. At Metro Insurance Brokers, we are committed to understanding your businesses’ needs to determine which options will offer the coverage and protection that you needed.
Commercial Insurance or Business Insurance are general terms that are used to encompass a variety of insurance options. Standard coverage offered in a business insurance policy can include:
- Damage or loss to a business location as well as its contents.
- Commercial vehicles.
- Lawsuits resulting from injury to others or damage to their property.
- Interruption of normal business operations.
- Benefits for employees who are injured on the job.
In the state of Minnesota, Workers’ Compensation insurance is mandatory for all businesses with a very limited number of exceptions. Worker’s Compensation is required by law and ensures that if an employee is injured or becomes ill on the job, they will receive prompt medical treatment and adequate compensation for wages lost. On the other hand, Worker’s Compensation also protects employers from lawsuits that could arise from these same injuries or illnesses.
Liability insurance protects your business in the event of negligence and/or injury to clients or other third parties. This can include bodily injury, property damage, and personal injury (damage to a person’s reputation or rights). Liability insurance will cover expenses such as attorney fees, damages, and medical costs.
Property insurance covers physical assets including buildings and their contents, such as inventory and furniture. Damages from unexpected events such as fire, strong storms, hail, and other natural disasters are covered under property insurance. In certain cases, outdoor items such as landscaping or signs may also be covered. Property insurance allows you to resume operations quickly, minimizing or preventing any loss of income.
Our goal at Metro Insurance Brokers is to fully understand your business needs and goals. In doing so, we can provide you with meaningful coverage options for the risks your business might face. Other common business insurance options include:
- Business Interruption Insurance
- Business Crime Insurance
- Commercial Auto Insurance
- Umbrella Insurance Coverage
Protecting your business, employees, and customers is a crucial part of running a successful business. One of our knowledgeable experts at Metro Insurance Brokers can help you with the many commercial insurance options available to provide this protection. Contact us today for more information or any questions you may have. You may use our Business Insurance Tool get started as well!