Business & Commercial Insurance
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Business & Commercial Insurance Information
Insurance For Businesses Throughout Minnesota
Fosston, Bagley, Clearbrook, McIntosh, Mahnomen & Bemidji, Minnesota
No matter what business you’re in, each workday is dedicated to doing your job well and providing your customers with the best service possible. Lindfors Insurance Agency would like to return the favor by giving you the coverage you need to ensure the security of your business.
At Lindfors Insurance Agency, we’re committed to keeping your business protected – so you can focus on your day-to-day operations. And with the right insurance plan, your business will be covered from top to bottom.
What Does Business Insurance Cover?
General Liability Insurance
Every business benefits from general liability insurance. General liability covers general accidents and acts of non-professional negligence. It covers:
- Bodily Injury: This coverage can help if a client or customer is injured on the business property. For example, if a customer slips in your restaurant and breaks their wrist, bodily injury will help with the medical and legal costs associated with the incident.
- Property Damage: This covers incidents where a third party’s property is damaged as a result of everyday business operations.
- Personal and Advertising Injury: This covers libel, slander, the use of another’s advertising ideas and copyright infringement.
Additional coverages that can be adjusted for specific businesses include:
- Products Liability: This covers claims concerning products sold or made by the company.
- Contractual Liability: This coverage adds liability coverage for businesses entering into a contract.
- Products-Completed Operations: Similar to products liability, this coverage compensates for damage and legal expenses caused by a product or service offered by the business.
- Borrowed Equipment Liability: This coverage compensates for accidents involving equipment borrowed and not owned by the business.
There are several other liability coverages available that can be tailored for specific industries and businesses. A business owners policy (BOP) is a policy for small businesses that combines general liability, property damage and other coverages into a more affordable policy. If your business is at particularly high risk for lawsuits, you may also purchase an umbrella insurance policy. Umbrella insurance steps in when your other liability policies reach their limits.
Workers Compensation Insurance
Depending on your industry and location, workers compensation may be required. In Minnesota, all business owners must provide workers compensation for their employees.
Workers compensation insurance covers medical expenses, disability, wage replacement and other benefits if an employee is injured at work. This can also help prevent lawsuits for work-related accidents.
Commercial Auto Insurance
As with workers compensation insurance, commercial auto insurance requirements vary per state. In general, you must carry a minimum amount of liability insurance in order to operate commercial vehicles legally. These limits can also vary depending on the cargo being transported and the weight of the vehicles.
Personal auto insurance won’t cover vehicles owned, rented or used by the business. Even if you drive your personal vehicle for work, you may not be covered if you have an accident while conducting business. Thankfully, commercial auto insurance policies cover a lot of the same dangers that personal auto insurance policies cover.
You can also purchase Hired and Non-Owned Insurance, which covers vehicles that are borrowed, leased or hired by the business.
Protect Your Business
Protect your hard work with an affordable business insurance policy. Call Lindfors Insurance Agency at (218) 435-6585 or fill out an online quote form to get started today.
Common Business Insurance Questions
Business insurance, also known as commercial insurance, is an umbrella term for insurance policies designed to cover businesses across industries. These policies are flexible and allow business owners to change and add coverages as needed.
Business owners can purchase a business owners policy to cover both broad and specific coverage to cover different risks. So long as the policy is active, you can file a claim on the policy and receive compensation for damages and dangers that face your business.
Any time you plan to start a business or sell a product, you should consider business insurance. In some cases, you will be required to purchase insurance to obtain certain licenses. Liability insurance, for example, is often required if you rent a space for your business.
Business insurance requirements vary per state and industry. In most cases, your business may need workers compensation and commercial auto insurance. You may also need certain insurance policies to obtain licenses for business.