Protect your assets with Business Insurance in Maple Grove, MN
Running a business comes with its own set of risks. Business Insurance can help you protect your assets, employees, and customers.
Business insurance mitigates the risk of financial ruin and other major risks associated with a business should any incident occur where you may be deemed liable.
Types of Business Insurance
Business insurance provides coverage for your business in case of any incidents or lawsuits. There are various types of business insurance depending on the nature of your business, including:
Workers’ Compensation Insurance for your personnel
Nearly all states have laws requiring workers’ compensation insurance. If an employee is hurt or ill while working, it may pay medical expenses as well as some lost earnings. This kind of insurance often only covers sickness or accidents that happen at work. For example, when an employee slips and falls on a damp floor.
It’s crucial to engage with an insurance company to ensure you’re obtaining the coverage that’s necessary, as well as what you need for your specific business.
Disability Insurance
Sometimes, you will fall ill or become disabled to work or run a business properly. In such events, disability insurance will cover much of your expenses. Thus, it protects you and your business from financial hardship in a time of despair.
Liability Insurance
Liability business insurance helps small businesses against risks of product liability, professional liability, and public liability. In short, it secures small business owners’ enterprises from the potential risks involved in the business.
Partnership Insurance
Partnership insurance is one of the most overlooked types of business insurance, and it is essential before signing any contract.
Suppose two people get into business, but one of the partners passes away. This situation can potentially ruin the company, but many of these issues can be avoided if the company had a well-drafted partnership agreement before getting into the business.
The other partners would pay for each partner’s life insurance policy, and the deceased’s shares would be acquired from his heirs using this cash.
Why does your business need insurance?
Business insurance provides business owners with peace of mind.
Here are some benefits of business insurance for company owners.
- You will be guarded against financial ruin or loss if any issue arises.
- Losses resulting from employee dishonesty, robbery, and burglary are covered.
- You will also be protected against liability exposures such as crimes resulting from inaccurate advertising, defamation, libel, wrongful entrance, and other offenses.
In business, working hard to increase your income is insufficient. It would be best to mitigate risk against your assets by protecting your hard-earned income with business insurance.
Request a FREE Business Insurance Quote in Maple Grove, MN
The State Insurance Agency offers our customers an abundance of services, from covering your retail businesses, hospitality, professional offices, restaurants, auto, property, light business, etc.
We are committed to providing exceptional coverage for medium-to-small-sized businesses and mid-to-large businesses in Maple Grove, MN.
Request a FREE business insurance quote today, and keep protecting your business and assets.
