How Do I Know What Type of Business Insurance I Need in Wayzata, Minnesota?

A smaller or larger commercial company can be perilous for any business owner. Lawsuits have been on the rise and primarily over the last few years since our economy has been failing. Some companies are at jeopardy more than other companies such as restaurants, grocery stores and medical companies, including doctor and dental offices. Tax preparation offices are another company showing increasing lawsuits. Without the proper business insurance, it could mean economic ruin for business and personal life.

No matter what kind of commercial company you own, you should have at least basic and comprehensive general liability coverage. This general liability policy shields you the owner from lawsuits arising from accidents, injuries and claims stemming from negligence. This basic coverage will protect you from property damages, slander, libel, bodily injury, medical expenses, legal fees and settlement bonds.

The necessary policy you need for your business will depend on your company. If you have a company that offers a service to the public, like a doctor’s office a professional liability policy is always a wise decision. This professional liability will cover beyond what the basic liability policy covers. These companies need a policy that covers errors, malpractice, and negligence lawsuits. If you own a company that supplies products to the public you will want a product liability insurance in case you face a lawsuit for product malfunction, or the product cause injury or harm to an individual.

If your Wayzata, Minnesota company has just one employee, you should be covered with worker’s compensation. Some states will require you to have worker’s compensation. Another type of policy you may have to consider is commercial property insurance.

You should not risk opening for business without the customary insurance coverage. As your independent agent, we can help you. If you reside in the Wayzata, Minnesota area, contact us and speak with an independent agent. All circumstances are different. Give us that call today so that we can give you specific details for your circumstances.