Business Insurance is something that most small business owners have to learn as a part of being a business owner. Often times, the initial business insurance plan is not the best insurance plan that they could have. It is often an afterthought and rushed Because, you as the business owner are unfamiliar with, you do not know the questions to ask to get the proper insurance coverage. Combine that with being short on time and maybe not doing the research, you may settle with an insurance agent that doesn’t necessarily specialize in business insurance.
Business Insurance Policy
If you are a business owner, you may have heard the term BOP, which stands for Business Owners Policy. A Business Owners Policy is a package insurance policy.
This means that your Business Liability Insurance and your Property Insurance coverage are packaged together in the same policy.
Business Liability can also be described as general liability insurance. For most business classifications, you can purchase General Liability Insurance on it’s own. For many main street businesses; Restaurant Insurance, Dry Cleaner Insurance, Hardware Store Insurance, Grocery Store Insurance, Book Store Insurance, Fast Food Insurance, Medical Office Insurance, etc, you will need to carry both some Business Liability and Property Insurance Coverage.
Even if you do not own the building, you will still need to carry property coverage insurance for your merchandise, furniture, business property that you have in the store. This is referred to Business Personal Property Coverage.
Workers Compensation Insurance
You will also need to carry Workers Compensation Insurance for your Employees. This is done on it’s own policy. Workers Compensation Insurance or Work Comp covers your employees if they are injured on the job. Work Comp Insurance will pay for medical bills as a result of this injury. It will pay for initial Doctor Bills, Surgery, recovery expenses.
Workers Compensation will also pay for income replacement if you miss work. You will not receive your full income replacement. You will likely receive 66% of your income until you can return to work.
As the employer, by carrying Work Comp Insurance, this will help protect you from lawsuit from one of your employees injuries and lost wages. Work Comp Insurance is required by businesses with employees in the state of Minnesota.
The Business Owners Policy and the Workers Compensation policy are the most common business insurance policies. There are many more insurance policies that help protect your small business. There is Professional Liability Insurance, Employment Practices Liability Insurance, Cyber Liability, Excess Liability Insurance.
Our insurance agency works with the best business insurance companies in the state of Minnesota. If you would like a consultation on any of your Business Insurance Policies, Free of charge. Please contact us by phone (763)767-0522, email email@example.com or by our contact form listed below.