FROM OUR PARTNERS
A business insurance policy is there to protect your business from a variety of risks that can put you out of business. By having the right type of insurance, you can lower your risk for costly lawsuits and keep your revenue flowing in.
Before choosing a policy, it’s important to know what’s inside. We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
Business insurance is not required in the state of Minnesota. However, like most other states, workers’ compensation insurance is required if you have employees. If you don’t have employees and you don’t lease or own property, then you are not required to have business insurance.
Because Minnesota does not require business insurance, the best way to make sure you have the coverage you need is to research and discuss your options with a licensed agent.
There are many different types of business insurance policies that small business owners can choose from. The five most common types of insurance for businesses include:
General liability insurance, also known as a commercial general liability (CGL), protects your business from another person or business’s claims of bodily injury, associated medical costs, and damage to property. Some examples of what may be covered by general liability insurance include slips and falls in your store, damage to the property of others, or advertising injury (libel or slander). The general liability business insurance plan has a few exclusions. For example, it does not cover:
Professional liability insurance is typically used by small businesses in the professional services industry, such as accountants and lawyers. This type of coverage protects against claims of negligence or inadequate work. Even with the best professional liability insurance policy, there are a few exclusions to keep in mind. The following are some of the most common:
If you or your employees manufacture a product, distribute a product, provide a service or even just sell a product in some capacity, you may want to consider adding this type of coverage to your plan. Product liability provides protection from claims related to harm caused by a physical good that your company produces or sells. Like any other insurance policy, this one also comes with some exclusions:
Commercial property insurance covers losses or damage to your business’s physical property, such as computers and inventory, because of fire, theft, or vandalism.
If an employee is injured or becomes sick on the job, workers’ compensation pays their medical bills and provides financial support until they can return to work. Workers’ compensation coverage is required in most states with few exceptions (sole proprietorships and partnerships). There are certain situations where the worker’s compensation plan does not provide coverage to your employees.
Here is a look at some of the exclusions in a typical workers’ compensation plan:
If you use your car for business, commercial auto insurance is a must. It covers your vehicle for accidents, damage, and theft, and provides coverage for injured passengers and other drivers. But, there are certain things that this policy won’t cover:
Insurance companies consider a number of factors when determining the cost of business insurance.
Here are some of the most common:
Businesses in higher-risk industries will pay more for insurance. For example, a construction company that works at great heights will pay more for liability insurance than a consulting firm that operates from an office.
While you can’t change your location, keep in mind that businesses in high crime areas may pay more for business interruption insurance to protect against theft and vandalism.
Payroll is one of the largest expenses for many small businesses. You may pay more for workers’ compensation if your payroll is large because the costs associated with injuries and illnesses increase as your payroll increases.
Your claims history helps insurance companies determine how risky it is to insure your business. If you have a history of frequent claims, you’ll likely pay more for business insurance than a company with no claims.
Here are some tips to help you choose the best type of coverage for your small business:
