The path to building and owning a business is not without its obstacles. In some cases, unexpected events can lead to expensive setbacks – sometimes enough to close a business for good. Small businesses like yours need insurance that will provide financial intervention when there are accidents, lawsuits, and more. At Krog Insurance, we can help you protect your small business with flexible and affordable coverage that minimizes your vulnerability to risk and safeguards your assets, whether you are just starting out or preparing for your next phase of expansion.
Types of Small Business Insurance
There are certain types of risks that nearly all businesses face, such as fires and general liability lawsuits. Then there are those risks which are unique to your business industry, which tend to be much more specific. At Krog Insurance, our goal is to identify all the ways your business may be exposed and provide you with commercial coverage solutions that protect your company against financial devastation. We’ll be there every step of the way, providing helpful assistance and advice as your business grows and your coverage needs change over time.
Your business may need coverage for:
Property insurance helps pay for the repair or rebuilding of the physical structure of your business and compensates you for damage or loss of your machinery, computers, inventory, furniture, and other contents. This coverage typically extends to losses caused by several different types of perils, including fires, windstorms, and theft.
If a customer slips and falls in your lobby, your business may be liable for the injury and any medical bills and other financial losses it may create. If the customer sues your business, liability insurance helps pay for legal defense fees and court costs even if your company is absolved of any wrongdoing. If a judgment is levied against you, insurance can also help pay for the damages up to the limits in your policy.
Business Auto Insurance
Company vehicles carry the same risks that personal ones do. Protect your fleet with commercial auto insurance that protects you if your vehicles are damaged, a driver or passenger is injured, or if your business becomes liable for an accident that injures a third party or damages their property.
Workers Compensation Insurance
If you have employees in Minnesota, you probably need workers compensation insurance. According to the Minnesota Department of Labor and Industry, this type of coverage is required for most employers even if you only have one part-time employee on your payroll. By purchasing workers compensation coverage, you protect your business against loss if an employee is injured on the job. Instead, the injured individual collects wage compensation and coverage for medical bills from the workers compensation insurance claim. This coverage can also compensate family members if a worker dies as a result of injuries sustained at work.
Errors and Omissions (E&O)
Even professionals make mistakes sometimes. If you work in a professional industry that provides skilled services, advice, or recommendations, you may need insurance that protects you against professional liability in your line of work. This includes a wide range of occupations, from freelancers and real estate agents to physicians and accountants. With E&O insurance, you are covered for legal defense costs, as well as any judgments levied against your business due to fault in your services.
Employment Practices Liability Insurance (EPLI)
When you have employees working for your business, you are responsible for adhering to legal requirements in your hiring, firing and general employment practices. Employment practices liability insurance helps pay for your defense when your business is accused of violating the rights of employees. It can also pay for any judgments levied against up to the limits within your policy if you if you are found guilty of wrongdoing.
Essential Employee Coverage
Many companies have key employees who play an essential role in the continuity of the business. If you have an employee who is either irreplaceable or otherwise very difficult to replace, you may need coverage that compensates your business if that person is no longer able to work due to death or disablement.
Commercial Umbrella Coverage
In the event that your business faces a severe liability, your general liability insurance limits or other primary liability coverage may not be enough to cover the legal fees, judgments, and settlements during a lawsuit. Commercial umbrella insurance shields your business against excess liability, usually extending your coverage for general liability, commercial auto liability, and EPLI by millions of dollars. This important protection could one day protect your business against bankruptcy, allowing you to remain in business despite expensive litigation.
BOP (Business Owners Policy)
There are certain coverage needs many small businesses have in common. For the sake of simplicity, many insurers bundle these coverages into a simple, all-in-one package known as a business owners policy, or BOP. A BOP consolidates coverage to a single premium and contract for certain basic protections, including:
- General liability
- Property damage
- Business interruption
- And more
BOP insurance is often more affordable than purchasing these coverages individually, however, you may still need to purchase other types of coverage separately from your business owners policy. In addition, BOP insurance is not appropriate or available for all business owners. A business owners policy may be right for you if your small business operates in a low-risk industry with the majority of your services offered on your own site.
Business Insurance Quotes
If you own a small business in the greater St. Paul or Virginia, Minnesota areas, we here at Krog Insurance want to help you safeguard your cash flow and assets. There is no other business exactly like yours, which is why you need coverage that is as unique as your company is. We can help you shop and compare coverage and rates from multiple commercial insurers until you find the insurance you need at a price that protects your bottom line.
For more information about Minnesota small business insurance or to request your free quotes, contact our office today.