From your time and money to your hard work and energy – you put a lot into building and sustaining your small business. Whether you are just starting out or have owned your business for many years, we know what it takes to keep the lights on. Here at Owens Insurance Agency, our goal is to help the small businesses in our Forest Lake community thrive. We offer small business insurance solutions that are customized to minimize the risk exposures of the companies we serve. Whether you have a sole proprietorship or manage a large team of employees, chances are we have complete coverage to fit your needs.
Types of Coverage for Small Businesses
The types of coverage available for small businesses are seemingly endless. Many are niche-specific, meaning they are only geared towards certain types of risks. Others are relevant to the needs of nearly all business owners, offering broad coverage for some of the most common risks. Examples include:
General Liability
This is the portion of your business insurance coverage that protects your assets against lawsuits when your company is at-fault for a third-party’s injury or loss. In today’s litigious society, your business cannot afford to be without this important coverage, which can help cover your legal fees, court costs, and any judgments against you.
Commercial Umbrella Insurance
Even high-limit liability coverage may not be enough to cover your financial responsibility if you face a major lawsuit. Commercial umbrella insurance is designed to protect the continuity of your business if you are liable for damages that exceed the limits of your primary liability coverage. Commercial umbrella coverage typically comes with very high limits worth millions of dollars in additional protection. Purchasing this coverage could be the very step that one-day protects you against bankruptcy.
Workers Compensation Insurance
If you have employees, you are responsible for creating a safe environment for them to work in. Workers compensation insurance helps pay for employee medical expenses and lost wages if someone is injured on the job.
Property Insurance
This is the portion of your business insurance that protects the physical structure of your business and the things inside it against covered perils, such as fire, wind, and theft. Property insurance can pay for necessary repairs, or it can help you start over again after a total loss.
Business Interruption Coverage
If your business is out of commission due to a covered event, business interruption insurance can help you pay bills and maintain your financial responsibilities until you can resume operations.
Commercial Auto Insurance
Just like private vehicles, business vehicles should be insured against accidents and hazards. We offer commercial auto insurance that protects against physical damages to your vehicles and injuries to your drivers and passengers. It also helps take care of liability if your business is at-fault for an accident that results in a third-party’s injury or property damage.
Other Coverages
Several additional coverage types may be appropriate for your business. For example, employment practices liability insurance (EPLI) can help protect you as a business owner if you are sued for discriminatory behavior or other unlawful practices against employees and job applicants. Another important coverage – errors and omissions insurance (E&O) – can help protect professionals who are sued for negligent services or advice that results in a client’s financial loss.
Forest Lake Small Business Insurance
If you own a small business in the greater Forest Lake area, we want to be your go-to for commercial insurance solutions. Give us a call today to set up a risk consultation and get quotes for the coverage you need. We look forward to serving you soon.
