Commercial Liability Insurance in Minnesota
Owning a business in Minnesota brings with it certain responsibilities and one of these is protecting your business from legal problems via Minnesota commercial general liability insurance (CGL insurance). This is especially true if you own a small business since you have more to lose because smaller businesses make less money than larger ones.
If your company employs less than 500 people, then that makes it a small business according to the rules in Minnesota and yo, therefore, need to buy business liability insurance MN business owners can trust. That doesn’t mean that a larger business doesn’t also need MN general liability insurance, just that a smaller company is in a less profitable situation and would likely be more hurt if they lost a legal case or had to pay for some sort of accident or incident that happened in their store.
What is Commercial General Liability Insurance MN Businesses Need?
Commercial liability insurance Minnesota companies need to protect their livelihood from losing money due to a legal claim or because of damages that were the fault of your company or one of your employees. General liability insurance MN companies need to protect themselves would generally cover the following things:
- Bodily injuries of a physical nature suffered by someone who doesn’t work for the business that was caused by someone at your store or by something at your store
- Personal injury coverage in general liability insurance Minnesota business owners need covers instances like libel, false arrest, slander, invasion of privacy, invasion of your business property, or copyright infringement of your company.
- Damage to someone’s property caused by your business or one of your workers while they are doing their jobs
- Some type of loss due to advertising errors by your company
- Legal cases when your business is involved in some sort of lawsuit against it that would require you to use CGL insurance Minnesota companies need unless it was caused willfully or negligently.
Minimum requirements for Minnesota General Liability Insurance
General liability insurance is not mandatory in the state for companies since Minnesota is a modified no-fault state, which means if someone is more than 51 percent the cause of the incident or accident, then they can’t collect anything. However, that doesn’t mean having MN general liability insurance is a bad idea, as it covers you further, as long as the person suing you hasn’t waited past the statute of limitations, which is six years if the issue was caused by negligence, four years for product liability, and two years for willful misconduct cases.
How Much Commercial General Liability Insurance Should You Carry?
Each business has different needs for CGL insurance in Minnesota, but the average company should buy a policy that covers them for a half million to one million dollars per issue at the very least. If your company does a lot of work and there are more chances for a problem, you should likely buy a higher policy for your general liability insurance Minnesota business owners need.
How are the costs of your premiums decided?
Commercial liability insurance Minnesota premium costs depend on things like the kind of business you own, a number of people you have working there, the years you have had your business, the amount of coverage you want, and your past claim history.
What other insurances should your business consider?
There are several other kinds of insurance business should consider having.
These are mandatory:
- Workers Compensation Insurance
- Auto Insurance if your business uses a vehicle
These are optional:
- Disability Insurance for Employees
- Business Owner’s Policy
- Errors and Omissions
- Employment Practices Liability Insurance
- Professional Liability
- Product Liability
- Commercial Property Insurance
All in all, if you are a Minnesota business owner you should talk to your insurance agent to see if it is a good idea for you to buy Minnesota general liability insurance.