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If you live in the Little Falls, MN area and want to start a business, it is crucial to invest in commercial insurance. Commercial insurance protects you from things such as property damage, theft, employee injury, and more. But, unlike traditional insurance, there are various types of commercial insurance that you must familiarize yourself with. Understanding each type of commercial insurance will help you pick the best policy and coverage for you and your business.
Here are the different types of commercial insurance.
Business liability insurance
Business liability or general business liability insurance is one of the most essential types of insurance for businesses of all types. Business liability protects you from being sued by a third party outside of your business. In addition, it helps cover legal fees, settlements, and awards.
Workers’ compensation insurance
Workers’ compensation covers medical care and partial wages if your employee gets injured on the job.
Property insurance
Property insurance is essential to protect your place of business from natural disasters, floods, and fire. Depending on your plan, you can cover everything from furniture, inventory, technology, and anything you deem necessary for your business in addition to your property.
Business auto insurance
Business auto insurance is crucial if your business relies on vehicle transportation. For example, if you or an employee get in an accident, your business auto insurance will cover the costs.
Umbrella policies
Umbrella policies are crucial if you’re a business that is prone to major losses and lawsuits. Umbrella policies work by covering whatever your original policies won’t.
If you’re looking to start a business in the Little Falls, MN area reach out to Hanneken Insurance Agency Inc. to discuss what commercial insurance would be right for you!