Minnesota General Liability Insurance
Minnesota general liability insurance is one of the most important items a business can purchase to protect their assets. If you own a small business in Minnesota and have not purchased liability insurance, consider what would happen if a customer were injured while on your business property. If the customer's injuries were significant, you could be faced with thousands of dollars in medical bills in addition to substantial litigation charges if the customer were to sue the company you own. Most small businesses are working on very little capital as it is. One significant accident could cause a small business to shut its doors. Fortunately, Minnesota general liability insurance can help.
Minnesota general liability insurance is coverage for Minnesota businesses when they need it most. Most general policies will cover bodily or personal injury, property damage, and false advertising. While you think you may not need Minnesota general liability insurance, it will only take one incident to change your mind. The encouraging thing about commercial liability insurance is that it is not as expensive as you might think especially if the risks are low.
Bodily Injury and Property Damage
Bodily injury, also called personal injury, covers any individual, not working for you, who is injured while either on company property, or while you are providing a service to them at their location. For instance, if you own a restaurant in Duluth, MN, and one of your customers slips and falls while walking into the restaurant, Minnesota general liability insurance would cover their medical expenses and litigation if necessary. Remember, you could be liable for bodily injury that occurs on your property whether you or an employee caused it or not.
Personal injury could also include slander and libel which is basically the defamation of another's character. An example of this would be an advertisement or statement made by the owner that another company's product or service was of poor quality. In this case, Minnesota general liability insurance would cover the litigation costs as well as the pain and suffering if applicable.
Property damage is liability insurance coverage for the property of an individual not working for you. Let us say you have a landscaping business, and an employee accidently cuts through a customer's sprinkler system while planting trees. In this case, Minnesota insurance would cover the cost to repair or replace the sprinkler system. Now let us imagine that the tree fell down on top of the customer's car causing a broken window. Again, the insurance would cover the cost to repair the customer's car and litigation if necessary.
Other Kinds of Commercial Coverage
Other types of Minnesota general liability insurance could include crime coverage or one of the latest more popular policies, internet business coverage. Crime coverage would cover the company in case of theft or other types of crime related activity such as embezzlement. Internet business insurance would provide coverage for damages that could be caused by hackers or viruses. This type of policy is becoming increasingly popular due to the large amount of internet related activities companies are involved in today.
If you are a large Minnesota company, or one who may be at risk for lawsuits, you might also want to consider an umbrella policy. Umbrella insurance provides coverage beyond the general liability policy. All general policies have limits to what they will cover. With the purchase of an umbrella policy, you will be covered beyond those limits in case you need it.
Costs of General Liability
The price of a Minnesota general liability policy depends on the business, how many claims have been filed in the industry, the number of employees you have, and your sales. If you have a high-risk company, the premiums will be higher than those of a low risk company. Items that increase your risks include higher numbers of claims filed in your industry, offering a service or product that has more potential for injury or damage, and not having a solid safety record.
You can lower the premium costs by instituting a safety program. Comprehensive safety programs will not only lower your premiums but will also increase the safety of your employees. Be sure to keep excellent records of the safety program including meeting notes, attendees, and other documentation. If you are able to present a solid safety program to the insurer, you may be able to lower the premiums.
Minnesota general liability insurance is not only a good idea, it make good business sense. You can shop online for Minnesota general liability insurance and compare quotes for the best rates. No matter whether you are a small business owner or have a large corporation, you can find a Minnesota general liability policy that will fit your needs.