For many, owning a business is the culmination of years of hard work, sweat, and tears. Given the large investment in time, money, and sacrifice made in owning a business, it is important to protect that sweat equity with commercial insurance. Specific to Minnesota, businesses with at least one full-time or part-time employee are required to have workers’ compensation insurance to help pay for the medical bills associated with workplace injuries and illnesses. The only exclusions to this rule are sole proprietors, partners, and corporate officers who do not require workers’ compensation insurance. Additionally, any vehicle that is owned by the business in Minnesota must have minimum commercial auto insurance coverage. For businesses that require their employees to use personal vehicles for work purposes, it is recommended but not required that those vehicles be covered by hired and non-owned auto insurance because personal auto policies are highly unlikely to cover business use.
In addition to the two types of coverages just described, additional coverage is recommended depending on factors like the scope and size of your business. As an example, if your business uses a cloud environment to store personal and sensitive customer data then you are at a greater risk of a cyber-attack or data breach. Consequently, cyber liability insurance makes sense because it helps pay for the damage caused by a data breach – both internally and externally to your customers.
At Central Lakes Insurance Brokers in Edina, MN we strive to provide excellent service to each of our customers by offering personally customized insurance policies that meet all of their needs. Whether you are debating between liability amounts or unsure what type of commercial insurance you need, give us a call and we will schedule a time to answer all your questions.