Owning a business requires a lot of time, skill, and investment. It takes hard work to build it, and you must be vigilant in protecting it. Many businesses are just one major accident or disaster away from closing their doors. With the right insurance, your company cannot only continue, but thrive in the face of adversity. Whether you own a small shop on Main Street or oversee multiple locations, we here at Wheaton Insurance can build a custom business insurance package that includes all of the coverage solutions you need to minimize your risk and protect the future of your business.
Imagine an HVAC business being blindsided with a lawsuit for thousands of dollars claiming that negligence during a repair caused a homeowner to need an entirely new cooling and heating unit. Think of a small barber shop owner being sued after a litigious customer slips and falls on a slippery floor surface. Envision your own business, its equipment, and inventory, and the amount of loss you might suffer if you woke up one morning to find your storefront in flames.
These are the types of scenarios many business owners are faced with every day – circumstances that can lead to major financial setbacks and even financial ruin. With the right commercial insurance, you can relax knowing that your business will continue no matter what comes your way.
Types of Minnesota Business Insurance
There are many different types of business insurance to choose from in Minnesota, each of which offers different benefits and levels of coverage. Examples include:
Commercial Property Insurance
Commercial property insurance protects your business, equipment, and inventory against major hazards like fire, smoke damage, wind, ice, theft, and vandalism. If a frozen pipe bursts and floods your business, you won’t have to worry about replacing that new point-of-sale system out of your own pocket.
General Liability Insurance
As a business owner, you can be sued for any loss or bodily injury stemming from the operation of your business. Even if an employee is the one responsible for a person’s loss, it is the business owner who may be liable for the damages. Liability insurance helps pay for medical expenses, property loss, lost wages, and court judgments when you are sued. It can even cover your legal defense fees up to the limits on your general liability policy.
Workers Compensation Insurance
All employers in Minnesota must carry workers compensation insurance to remain compliant with state requirements. This type of coverage ensures your employees are protected while working. If an employee becomes injured at work, workers compensation pays for medical expenses, rehabilitative costs, and lost wages while the employee recovers.
Commercial Auto Insurance
If you own one or more commercial vehicles or use a personal vehicle for business purposes, you may need commercial auto insurance. Commercial auto insurance can include liability protection, as well as collision and comprehensive coverage. Whether it is you or your employees behind the wheel, you can trust that your financial interests are protected in a crash.
Errors and Omissions Insurance
Everyone makes mistakes, but some jobs depend on accuracy. If you make a professional error, you could be sued for any damages it causes to your customers. Errors and omissions insurance helps protect you from litigation related to mistakes.
At Wheaton Insurance, we know what works for someone else might not be right for you. Your business is unique, and your coverage should be, too. Contact us to request your business insurance consultation and get a quote on a business owners package today. We look forward to serving you soon.