Minnesota General Liability Insurance – MN
Minnesota General liability insurance is crucial coverage to have for any businesses big or small.
This kind of insurance protects your business against several claims stemming from damage to third parties or your customers.
The fact is that most businesses face some form of risk, which is why they need general liability insurance.
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This kind of coverage can help protect your business against claims relevant to malpractice or bodily offenses.
General liability insurance in Minnesota can be had in many types of coverage, and the one you must have will depend on the form of business you have.
For example, if you have a construction business, then you will need a higher level of general liability insurance coverage.
5 Important Reasons Why You Must Have General Liability Insurance in Minnesota
One of the many common questions business owners ask is do I really need to buy general liability insurance? And the short answer is Yes!
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As a business owner, you should already know that operating any type of business is already risky.
General liability insurance in Minnesota not only covers your business against claims originating from injury and property damage, but also from any claims as a tenant if you are renting a property.
Further, it extends coverage for not only your business, but also your coworkers against claims resulting from injury or property damage to third parties.
Apart from being an important part of your business, here are 5 key reasons your business should have general liability insurance.
Workers’ Compensation Insurance in Minnesota
If you are a handyman, you already should be aware of the cash you can lose if you fall ill.
As a handyman, you are not covered by government workers’ compensation benefits, therefore you should explore MN handyman insurance.
Research indicates that injuries to independent workers in Minnesota were increased by a whopping 12 percent.
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When you buy Minnesota general liability insurance, you are covered financially for medical costs related to the injury at the job.
Depending on the general liability insurance plan you choose, you may also be eligible for compensation for the time you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most important reason to get general liability insurance in Minnesota.
If your company offers services that can cause damage to others including pets, then investing in general liability insurance should not be an option.
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One great example of this is MN dog walker insurance, which shields your pet sitting business if the animal causes harm to others.
Another example is when you are repairing your client’s drywall, and they slip over your tools, then you will be have to pay for their injury.
If you have general liability insurance in Minnesota, your policy will pay for the costs of these claims.
Third-Party Property Damage
Another significant reason to get general liability insurance in Minnesota is to protect your business from third-party property damage.
For example, you are repairing your customer’s roof, and you mistakenly break an expensive vase, then you will have to reimburse for the damages.
Depending on the cost of what you break, you may have to pay for these claims from your own cash, that is if you do not have general liability insurance coverage.
Minnesota General liability insurance can help protect your business against any lawsuits arising from claims that you did not deliver services as promised.
Things such as inaccurate advice can be included under a general liability insurance policy.
General liability insurance can also oftentimes include professional liability insurance, so speak to your insurance agency to check if they provide this type of insurance.
While general liability insurance protects your business against many different types of claims, professional liability insurance is more designed towards errors you make in your business services.
If you are manufacturing and selling products under your own company, then it is crucial to have general liability insurance in Minnesota, and here is why!
If a customer claims bodily hurt due to the use of your establishment’s products, then general liability insurance will shield you against these types of claims.
And if you sell your products via your website, then it is a great idea to check out MN ecommerce insurance to better protect your interests.
Take, for example, your business is selling facial creams, and a client has an allergic reaction to your cream, then general liability insurance can help cover costs if you get sued.
What is Not Shielded Under General Liability Insurance?
Depending on the type of general liability insurance you choose, there are few things that may not be covered under your insurance terms.
The first thing that may not be shielded is against claims not related to your services. Employee injuries may also not be covered under your general liability insurance terms.
As a business, you may be hauling several expensive tools in your truck or even at your customer’s property.
If these tools do get stolen, you will need specialized general liability insurance.
In the event of theft of your personal property, your auto insurance policy will not protect these tools against theft.
Another area where general liability insurance may not offer coverage is if you make errors in your services.
When getting general liability insurance, you should select your coverage limit wisely. Because your general liability insurance policy will not cover costs that exceed your policy limit.
Different Kinds of General Liability Insurance
General liability insurance is a broad term for several types of insurances, most notably:
General Liability Insurance
Also known as CGL commercial liability insurance or BL business liability insurance, this (type of insurance protects your corporation against claims that cause bodily injury or property damage to third parties.
Further, general liability insurance also covers your company against reputational harm or mistakes in your advertising.
Some examples of things general liability insurance will protect your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also referred to as errors and omissions insurance, professional liability insurance comes claims against your entity that arise from errors in the services you give.
For example, if you are a financial broker that offers a client erroneous figures, and they sue you, professional liability insurance will cover the legal expenses.
If you provide professional services to people, then you should as your insurance agent about professional liability insurance.
Employer Liability Insurance
If your business has many employees, opting for employee liability insurance is a good idea.
This form of insurance protects your workers against any injury they may experience at the worksite.
Further, employer liability insurance can also provide disability benefits, missed wages, and funeral costs.
What is the Charge of General Liability Insurance?
The price for general liability insurance changes across insurance providers. It depends on many different factors including the type of business you are handling.
For example, if you are running a drywall business, then the price for your premiums will be higher than other types of businesses, hence you should have MN roofing insurance.
But to give you a rough idea, general liability insurance costs $40 per month, but a little lower if you choose to pay annually.
High-risk businesses can expect to pay higher premiums such as construction categories.
You can save funds if you pay for your insurance plan in full annually.
Additionally, you can also save funds on your general liability insurance policy if you group all your policies under one insurance company.
You should also minimize your organization’s claims on your general liability insurance contract.
How to Look For General Liability Insurance Companies in Minnesota?
When searching for the best general liability insurance provider in your city, it is important to check the agency’s reputation.
You should then choose your coverage limit, where the higher the coverage, the higher the charge of premiums.
But it is critically important that you opt for the right amount of coverage.
If you are unclear about the coverage limit you need, speak to your general liability insurance agent to help evaluate your organization’s risks for the right coverage limit.
But $1 million and $2 million are the most common coverage limits of general liability insurance.