Business Insurance in Minnesota: Protect Your Livelihood

When it comes to your business, money is important — but it isn’t everything. Your company exists because you invested time and effort into bringing your dreams to life.

A lawsuit or accident can ruin everything you’ve sacrificed for overnight. All Things Insurance can help you protect your business with commercial policies for all of your crucial assets.

There are different commercial insurance policies to cover different areas of your business. A business owner’s policy (BOP) can provide key protection for many assets. However, you may still need additional coverage options for full protection. Contact Quin at All Things Insurance to make sure your Minnesota business is covered for all intents and purposes.

What Is Commercial Property Insurance?

Commercial property insurance is two coverages that you can buy together or separately to secure your business assets: (1) business property insurance, or commercial building insurance, will pay to repair or replace your building if it gets severely damaged, while (2) business personal property insurance will pay out to repair or replace the contents of your building, such as office furniture and computers.

Why Is Commercial Insurance Important?

People run their businesses from different places, including their basement, a piece of real estate they own, or a rented storefront. Whatever your case may be, you need to protect the building itself, as well as what’s inside it, from loss or damage due to theft, accident, and more. You can also get protection for outdoor fixtures like fences and signs, and owned or leased equipment.

Without proper insurance, the future of your business could be at risk. A sudden property loss can cost your business thousands of dollars and be a true disaster if you’re not covered. Over time, getting an affordable policy is much cheaper than having to pay out-of-pocket for a property claim.

When you know your business is protected, you’ll have peace of mind. It’s worth it — just for that alone.

What Does Commercial Property Insurance Cover?

Here’s what is usually covered by a commercial property insurance:

  • Explosion
  • Civil commotion
  • Building collapse
  • Weather-related events
  • Equipment breakdown 
  • Damage caused by vessels, vehicles, aircraft and vandalism 

Coverage can be provided on an all risk or specific perils basis.

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How Are the Rates Determined?

Your commercial property insurance rate is calculated based on the Total Insurable Value (TIV), aka the total worth of all your property. It’s also determined by other location and business income variables. No need to be overwhelmed. All Things Insurance will guide you through it when you get a quote or purchase a policy. Our process is smooth and easy!

How Much Property Coverage Do You Need?

The amount of property coverage you’ll need depends on the type of property and its location. Talk to an agent for more information.

Other Types of Commercial Coverage

Commercial Auto Coverage

If you use a vehicle for business reasons, you should get commercial auto insurance. A personal auto policy won’t cover the full costs to repair or replace high-quality materials or equipment. Commercial insurance policies cover your drivers and fleet of vehicles.

Liability Coverage

If your business is found responsible for somebody’s pain or loss, legal fees and damages could leave you unemployed. Commercial liability policies cover your treasured assets when you must pay for accidents.

Depending on the provider, you may be able to purchase general, cyber, or professional liability coverage.

Workers Compensation 

The Minnesota Workers’ Compensation Law requires all employers to buy workers’ compensation insurance (or become self-insured). Often called mandatory coverage, these are policies that pay your workers when they’re injured on the job. Workers comp insurance can also help limit your liability as an employer.

You can learn more about workers compensation insurance in MN here.

Get a Business Insurance Quote

Learn more about the commercial insurance coverage you need. Talk to Quin at All Things Insurance about ways to protect your business — inside and out. You can call (763) 645-5450 or contact us online for a FREE quote.

We serve all of Minnesota, including communities like Minneapolis, Saint Paul, Rochester, Bloomington, Duluth, Victoria, North Oaks, Minnetrista, Medina, Waconia, and Chanhassen.