Protect your St. Paul, MN small business with the right cover from the best small business insurance companies in Minnesota! We are here to guide you in deciding on the proper levels of insurance at the best available cost.
Even before you start a business in St. Paul, MN, your planned business practices should take into account protection against unforeseen risks.
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There have been too many instances in Minnesota where an unexpected event caught even the most properly run small enterprise by surprise and ended up costing the owners far too much.
Do I need business insurance in St. Paul, MN?
The proper question is not can you afford the cost of insurance in St. Paul, MN but “can you afford NOT to have insurance in St. Paul, MN?” .
The experience of thousands of other small businesses in Minnesota that have taken the risk and suffered the consequences should be enough to answer this in favor of being safe rather than sorry.
How to find the right small business insurance in St. Paul, MN
Small business insurance in St. Paul, MN is becoming increasingly specialized, so it’s best to gather information and assistance from every source before you make your decisions.
Before you sign-off on any policy, it’s good practice to check that all of them are issued by companies that comply with the regulations in Minnesota – here is a link to the guide issued by the National Association of Insurance Commissioners.
One quick way to find a listing of the agents, brokers and insurance companies nearby in St. Paul, MN is to use the power of the Yellow Pages.
What types of insurance does every small business in Minnesota need?
Any business that is provisioning goods and services to the public in Minnesota has several main kinds of risks, and should have the right insurance for full cover against loss. The two categories are:
- Loss of or damage to tangible assets
- Losses due to improper business operations
Why is liability insurance essential in St. Paul, MN
Any and all businesses operating in Minnesota have accepted the state’s laws concerning liability.
In the rest of the article, we will use the names most familiar to businesses in Minnesota, which are General Liability Insurance and Errors & Omissions Insurance.
General Liability Insurance
All businesses in St. Paul, MN should have this fundamental protection.
Some examples of situations where general liability cover may be needed:
What does General Liability Insurance in St. Paul, MN cover?
The claims that are covered by general liability insurance policies include:
- Costs for replacing or fixing property damaged or destroyed
- Any damages awarded or agreed to in a settlement
What does Errors and Omissions (E&O) Insurance in St. Paul, MN cover?
Like all other businesses in St. Paul, MN the general laws concerning liability in conduct of a business in Minnesota are clear.
Asset Insurance in St. Paul, MN
Whatever a small business in St. Paul, MN has invested in tangible assets needs to be protected against accidental damage, theft, general hazards and all the other unexpected but possible events that could occur on any given day.
The list of such risks is very long, but the records of many businesses in Minnesota are proof that even the best run enterprises, large and small, can be ruined by unforeseen developments that are out of their own control.
The main categories of tangible assets that need to be protected are:
- Property and buildings owned or rented
- Equipment owned or rented
- Vehicles owned or leased
A short list of the type of events that can damage or destroy such assets are:
- Hurricanes & tornadoes
These vulnerabilities need to be covered by specific insurance policies, which we outline below.
Commercial Property Insurance in St. Paul, MN
If you have capital invested in land or buildings in St. Paul, MN, like when you own the premises, or have a big liability if there’s a mortgage, and even if your business occupies premises it rents, you should, and may be required to, carry Commercial Property insurance against damages from any source including an unforeseen hazard, like a fire, water damage from floods or storms, and all such natural occurrences.
As well, man-made risks such as arson and vandalism must be covered.
What is covered by a Business Owners Policy (BOP) in St. Paul, MN
Many insurance companies based in Minnesota are offering a single policy (BOP) that covers both General Liability and Commercial insurance in a one-size-fits-all package, which makes it cheaper and easier to negotiate.
It is also possible to bundle into the BOP other business covers, such as :
- Data loss or theft
- Employee theft or misappropriation
- Business Interruption
Equipment Insurance for Small Business
When you work in St. Paul, MN with specialized and costly equipment that is the heart of your business, and it is very expensive to replace it in case of any damage, loss, or theft, then equipment insurance in St. Paul, MN is a way to keep the business running.
Especially if you run a mobile business where the equipment has to be moved around Minnesota extensively and sometimes stored in insecure and unsafe environments, the equipment may be subject to malicious damage, deliberate fire, theft, other such deliberate acts, or acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events.
Commercial Vehicle Insurance in Minnesota
The proper way to protect a commercial vehicle in Minnesota is to make sure that it is insured for both its own value, and for valuable contents. For this, you will need a commercial vehicle insurance package.
It is also important to declare the names of all potential drivers. Premiums from insurers in Minnesota are usually 25-30% higher than for private vehicle cover.
Special cases for businesses in Minnesota
In both cases, regular private insurance is invalid for a business in Minnesota,
Intangible Assets Insurance in Minnesota
In the main, these relate to financial losses coming from:
- Fraud or theft by employees
- Internet security and privacy breaches
The first place to look is in relation to a BOP, which can be expanded to include these covers.
Is short-term insurance a good alternative for small businesses?
If your business in St. Paul, MN doesn’t operate all through the year, then short-term insurance may be a good option.
Any range of specified days – for example for 30 days beginning on the specified date.
This has been a good option for those in Minnesota working on a part-time or seasonal basis, like in the months when business activity in St. Paul, MN is at its peak, but there isn’t enough continuous business activity to justify full insurance cover for a whole year.
How much does business insurance cost for an average small business in Minnesota
The list below is a rough estimate of average annual premiums for the main types of insurance small businesses will have to pay in St. Paul, MN and could change at any time.
|Insurance type||Price range|
|E&O insurance||$790 – $950|
|Commercial vehicle insurance||$1740 – $3060|
|Commercial Property insurance||$1095 – $2160|
|General Liability insurance||$390 – $1365|
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