If you own a business in Minnesota, there are two types of commercial insurance that your company may be required to have. In addition, there are many other types that are smart to have but not required by law. If you need commercial insurance, call us at Hanneken Insurance Agency Inc. in Little Falls, MN.
Workers’ Compensation Insurance
In Minnesota, most businesses are required to carry workers’ compensation insurance for their employees. This is mandated by the state if your company has at least one employee whether they work full or part-time. If you are a sole proprietorship with no employees, you are not required to have this type of insurance. For all other businesses, this insurance policy protects them from having to pay for the medical bills of those who are injured at work. For employees, it stays ready to pay for their medical bills after an accident or illness that happens while on the job.
Commercial Auto Insurance
Every vehicle in Minnesota has to be covered by auto insurance, and every vehicle in the state that is owned by a business is required to have a commercial insurance policy. These policies will pay out if there is a company vehicle that has an accident. If the same vehicle had a personal insurance policy, it would not pay out because the vehicle was used for business. If you use a personal car for business, it’s recommended that you get a hired and non-owned auto policy for it.
While no other insurance types are mandated, there are several that are helpful to small businesses. These include a business owner’s policy, professional liability coverage and cyber insurance. Talk to an agent about the best ones for your business type.
Get Your Commercial Policies
If you are in need of a commercial insurance policy, call us at Hanneken Insurance Agency Inc. in Little Falls, MN.