Types of Commercial Insurance

Opening a business in Little Falls, MN can become a very rewarding experience.  Hanneken Insurance Agency Inc. wants to be part of that by helping cover you against losses. This blog covers the types of commercial insurance coverage that protect your business. Depending on your company, you might need one or all of them. 

You might think of commercial auto or commercial property insurance when someone mentions insuring your business, but it goes much further than that. Most businesses require property and liability insurance to protect against damages to their property or someone else’s. If they employee people, they also need a workers’ compensation policy to cover employees injured on the job. Here’s a quick list of policies your business may also need.

• Equipment breakdown insurance covers the breakdown of boilers, equipment, and machinery. That includes your copier or your tiller or your crane, depending on your business.
• Debris removal insurance pays for cleanup and debris removal following a covered hazard such as fire or flood.
• Builder’s risk insurance covers structures you have under construction.
• Glass insurance covers the glass on your building. If vandals break your store windows, this pays for their replacement.
• Inland marine insurance covers other people’s property on your worksite and property in transit.
• Business interruption insurance pays for your lost income and expenses if your business incurs property damage or loss.
• Ordinance or law insurance could also be called code insurance since it pays the costs of demolishing and rebuilding to code if you partially damaged the building.
• Tenant’s insurance is renter’s insurance for a business. It also pays for damages to improvements you, the tenant, made caused by employee negligence.
• Crime insurance pays out when your business becomes the victim of a theft, burglary or robbery.
• Fidelity bonds cover theft of property or money by a bonded employee.
• Liability insurance pays for damages stemming from injuries your business caused to third parties. This category includes the specialized policies of errors and omissions ("E & O") insurance,  malpractice insurance and automobile insurance.
• Directors’ and Officers’ liability insurance covers lawsuits against the directors and officers of corporations and nonprofit organizations. 

If you think that sounds a tad complicated, we can help sort it out. Contact Hanneken Insurance Agency Inc. of Little Falls, MN for a consultation to help you determine which policies your business needs.