What Types of Coverage Are Available Under Commercial Insurance?

Many Minnesota residents are entrepreneurs since the state has numerous business opportunities. Commercial insurance is a must-have if you have a business and want to protect it from financial loss. Commercial insurance encompasses many coverages, each protecting specific perils. At Central Lakes Insurance Brokers in Edina, MN, we suggest you include coverages that give your business maximum protection in your commercial insurance. Some types of coverage that you should prioritize are: 

  • General liability coverage: This coverage protects you from claims related to your business operations. For instance, if someone is injured on your business premises or you damage their property, general liability will compensate them for their injuries or losses. 
  • Workers’ compensation coverage: This coverage takes care of medical expenses, lost wages, and related losses if your employee gets injured while working. It will also compensate you for your legal defense in case the employee sues you. 
  • Commercial property coverage: This coverage safeguards your business assets from theft or damage. For instance, if your business computer is stolen, commercial property coverage will pay to replace it. 
  • Professional liability coverage: This coverage shields your enterprise from the cost of injuries or damages that happen due to the professional services you offer. For example, if your clients claim that your failure to provide appropriate services caused them to incur a loss. The coverage will also compensate your legal expenses in case your clients sue you. 
  • Commercial auto coverage: This coverage protects your enterprise from the costs associated with injuries and damages caused by vehicles you utilize for business purposes. For instance, commercial auto coverage will compensate you and the crash victims if your business vehicle is involved in an accident. 

Do you need commercial insurance in Edina, MN? At Central Lakes Insurance Brokers, we have been helping businesses get suitable commercial insurance for years. Contact us today, and we will help you safeguard your business financially. 

How to Protect Your Online Business

Whether you’re just starting or you’ve been in business for years, it’s important to know how to protect your online business. With so many threats out there, from cyber attacks to data breaches, it’s essential to have a plan to keep your business safe. In this guide, Central Lakes Insurance Brokers of Edina, MN will cover everything you need to know to keep your business safe online.

Why You Need to Protect Your Online Business

As an online business owner, you are responsible for ensuring the safety and security of your website and its visitors. There are many threats to an online business, including hacking, phishing, and malware. These threats can steal sensitive information, damage your reputation, and cost you money.

Protecting your online business is essential to its success. By taking steps to secure your website and its data, you can prevent these threats from causing harm. You can also create a plan to recover from an attack if one occurs quickly.

There are many steps you can take to protect your online business. First, you should ensure your website is hosted on a secure server. You should also install security software and set up firewalls. Additionally, you should create strong passwords and encrypt your data. Finally, you should keep your software up to date and educate your employees about security threats.

Do You Need Insurance for a Website Business?

You need insurance to protect yourself from potential liability if you have a website business. If someone sues you for something related to your website business, your insurance will help pay for your legal defense. Even if you are not sued, but someone makes a claim against you, your insurance can help cover the cost of any damages you are found liable for.

Without insurance, you would be fully responsible for any costs associated with a lawsuit or claim against your website business. This could include the cost of your legal defense, any damages you are ordered to pay, and other related expenses. Insurance gives you peace of mind knowing that you are protected financially if something goes wrong.

If you’re looking for commercial business insurance in Edina, MN, look no further than Central Lakes Insurance Brokers. Give us a call or stop by our office today, and we’ll be happy to help you find the right policy for your business.

How do business owners in Edina benefit from having commercial insurance?

In the Edina, MN area, the strong economy and local business support can make it a great place to start and grow a new business. While there are a lot of benefits that come with running a business in this part of Minnesota, there are some risks as well. Businesses in this part of the state can mitigate these risks and benefit in various ways with a proper commercial insurance plan. 

Protect their Assets

One of the ways that a business in Edina can benefit from having a commercial insurance plan is that it will help them protect their assets. If you start a business, you will need to buy assets and equipment to get your company off the ground. With the right commercial insurance plan, you will get all the coverage you need so these assets can be replaced or repaired. 

Mitigate Liability Coverage

Those that are going to get a commercial insurance plan will also enjoy the liability coverage. Business owners will take on liability risk regularly. These risks will always be present. It is vital that you mitigate the concern. A great way to do this is with a commercial insurance plan. With this coverage, you will have the support you need to minimize these liability claims.

Those who wants to start a business in the Edina, MN area will want to have a proper commercial insurance plan in place. When you are ready to start looking for a plan, a good place to start is by calling the Central Lakes Insurance Brokers. There are a lot of choices to make when looking for coverage, and the Central Lakes Insurance Brokers can ensure you are adequately covered. 

Is Commercial Insurance an Asset?

Central Lakes Insurance Brokers offers commercial insurance to Edina, MN small business owners. At Central Lakes Insurance Brokers, we strive to serve our community with ultimate passion and integrity. Starting a business entity in Edina, MN is sometimes a daunting task. Various perils like fire, theft, hail and vandalism can strike unexpectedly, jeopardizing your business activities. This disruption of your business can culminate in massive financial constraints, therefore, affecting your business’s income. Nevertheless, buying magnificent commercial insurance can go a long way in safeguarding your business and your employees. Keep reading to establish why commercial insurance is a worthwhile asset.

It’s a legal requirement.

Many states, including Minnesota, require small businesses to carry workers’ comp insurance if a business entity possesses more than one employee. It caters to the medical expenses accrued by your workers if they sustain a work-related injury or get a general ailment.

Protection of employees

 Workers’ comp can safeguard them if your workers sustain injures or get sick while working on your business premises. This coverage helps cater to employees’ medical expenditure if they sustain an injury or contract sickness. Workers’ comp insurance also pays for missed wages and funeral benefits.

Protection of assets

 Vagaries of nature can strike at any time, causing devastating damage to your business. Therefore, commercial insurance is a formidable option that can guarantee and safeguard a business’s assets. For example, many business entities possess treasured fixtures and equipment that are expensive to replace. When calamities strike and damage assets or your assets get burglarized, a commercial insurance policy will provide you with the funds you need to replace your assets. 

Liability protection

  When you sell a particular product or offer a service in your business, you are venturing into a specific form of liability. For example, if a customer gets injured at your place of business, you are likely to be held liable. In addition, general liability coverage caters to lawsuits emanating from slander and copyright infringement.

Are you a business owner in Edina, MN searching for commercial insurance to safeguard your business and employees? Please call or visit us at Central Lakes Insurance Brokers; we do our best to ensure our clients are guarded with affordable and sufficient coverages. 

Do I need commercial insurance in Edina?

If you want to find a good place to start your own business, Edina MN is a great option. This part of the state has a good economy and there is a lot of support for local business. As you are going to start a company here, you should also get proper commercial insurance. There are several important reasons that your business should be covered by a proper commercial insurance policy. 

Insurance Covers Business Assets

A reason that you should obtain a commercial plan when you are in this area is so you can cover your business assets. When you start and grow a company you are going to need to invest a lot in different assets. These assets are critical and include inventory, equipment, and other items. When you have a full commercial insurance policy, the plan will give the coverage you need to cover these most valuable assets

Insurance Gives Liability Protection

You should also secure a commercial coverage plan to ensure you are able to mitigate your liability risk. A business owner is going to take on liability risk on a regular basis. As a claim and judgment could be detrimental to your company, you will want to get protection against the risk. A commercial insurance plan will include a provision that can help to mitigate your liability risk. 

Anyone that would like to start a company in Edina, MN will need to have a proper commercial insurance plan. If you are going to get a commercial insurance plan when you are here, it would be a good decision to call Central Lakes Insurance Brokers. The team of insurance professionals at Central Lakes Insurance Brokers have a lot of experience in helping businesses build commercial insurance plans that protect the company as well as possible. 

Is Commercial Insurance Required in MN?

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. 

Does Commercial Insurance Cover Refrigerated Stock?

Commercial insurance is necessary to have the right coverage for a company or business, especially those who are operating within the retail industry. Many retailers are carrying refrigerated stock that needs to be protected with adequate insurance coverage. Adequate coverage protects the policyholder from losses and theft that can occur.

Insurance for Refrigerated Stock

Businesses such as grocery stores, convenience stores, and even ice cream parlors, for example, need to have commercial insurance that covers their refrigerated or frozen stock. There is a specific type of commercial coverage called food spoilage insurance that can protect from losses as a result of power outages and other unforeseeable factors. If there is inventory theft, however, traditional commercial coverage will usually cover the losses. To find out which policies work the best for each individual situation, consult with an insurance agent. 

Agents can Provide Security

Using an agent to help find the right insurance policy is one of the best ways to protect inventory and refrigerated stock. Agents can point out which coverages are necessary to help avoid oversights and gaps in coverage that can lead to losses. Those who have businesses carrying refrigerated stock should consult with an agent from Central Lakes Insurance Brokers, serving Brainerd and Edina, MN. We can work with clients one on one to get the best coverages available from top insurance providers.

Anyone living near the Edina or Brainerd, MN area who has a business with refrigerated stock should call or stop by Central Lakes Insurance Brokers today and get answers to questions and discover which options work best for each scenario. We look forward to assisting clients with all of their insurance needs. 


Does Your Home Business Need Commercial Coverage?

If you’re running a business from your Brainerd or Edina, MN home, you may wonder if it’s necessary to get commercial insurance coverage. At Central Lakes Insurance Brokers, we can help you determine what kind of insurance your home-based enterprise needs. The right insurance coverage can protect your business against perils that can set you back financially. Here are some insurance options to consider for safeguarding a home business.  

Business Property Protection

If your home-based business requires the use of a computer, printer, office furniture, fax machine or other costly equipment, you can benefit from business property coverage to protect this equipment against theft or damage. Homeowners’ insurance doesn’t generally cover equipment used for business purposes, putting these items at risk should you have a break-in or accidental fire.

Liability Coverage

If your business requires that clients visit your home, you’d do well to obtain liability coverage to protect you against accidental injury or damage to a client’s property. Otherwise, you could wind up paying for these damages out-of-pocket.

Professional Liability Coverage

If your home business entails providing professional services such as accounting or consulting, you may want to obtain professional liability insurance to protect yourself against claims of negligent or fraudulent services. If a disgruntled client sues you for damages, your professional liability coverage will help cover legal and settlement costs.   

Commercial Auto Coverage

If you use your car for business-related visits, pickups or delivery, you’ll need commercial auto coverage to protect you against accidents as personal auto coverage doesn’t cover business use of your car.

Commercial insurance can protect the future of your home-based business to give it a chance to grow and prosper. For more information on commercial insurance options and costs for your budding home enterprise, contact Central Lakes Insurance Brokers in Edina, MN.

How often should I have my commercial policy reviewed?

It’s important that your commercial insurance policy grow right along with your company. Business owners in Brainerd, MN who haven’t had their policy reviewed in awhile should contact the agents at Central Lakes Insurance Brokers to find out if they need to upgrade or change their commercial policy in any way. Maintaining the right type of coverage is the best way to ensure that you are fully protected against any type of financial loss.

Has Your Business Changed?

Anytime that your business grows or expands, you will want to review your policy. Even if your inventory remains the same, other aspects of your business may have changed significantly. Some changes may be so gradual that you don’t realize they are occurring until a few months later when you begin to see changes in your profit and loss statements. Knowing about these changes and how they impact your business are just two of the things you should consider when reviewing your policy.

Protecting Your Investment

The most important thing you can do in terms of protecting your investment is to have the right type and amount of insurance in place at all times. Being prepared before a disaster occurs is what will help you make it through a difficult time. The first step is talking to your insurance agent. 

The agents at Central Lakes Insurance Brokers are available to help business owners in Brainerd, MN evaluate their insurance needs. Evaluating your policy is the best way to be fully protected. Call and talk to one of the agents today to ensure that your business has the coverage it needs.

Why Do You Need Commercial Insurance?

As a business owner, you should think about getting commercial insurance for your business. One reason being is if someone gets hurt at your business, whether it be an employee or a customer, you will be held responsible. You could even be held accountable if someone breaks into your business and gets hurt. General liability insurance can help with that and agents at Central Lakes Insurance Brokers of Edina, MN can assist you in getting the coverage needed for your business.

There are risks if you do not have insurance for your business. Some of those risks include being held responsible for bodily injuries that occur at your business, damage to someone’s property from an auto accident, personal injury, which includes defamation of character, and false or misleading advertising. Commercial General Liability insurance will pay for the medical expenses of the injured party, while employees are covered by workers’ compensation insurance.

If you use a vehicle for business purposes, even if it’s your personal vehicle or a company vehicle, you may consider getting a commercial auto insurance policy. This policy will cover your employee and property that’s damaged due to an accident. If you rent or own space for your business, you will need commercial building insurance. This insurance will cover against fire, theft, and certain natural disasters. It doesn’t just cover the building itself, but also the items inside, which include assets.

There are many reasons why your business may need commercial insurance. Let the agents at Central Lakes Insurance Brokers, serving Edina, MN, help you find the right policy that works the best for your business and your budget.