Welcome to Lake Region Insurance Agency, we’re here to help you.

Mon-Fri: 8:00am-5:00pm
Sat-Sun: Closed

51 Main Street S
New London, MN 56273

Business Insurance

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Business Insurance Provided By Lake Region Insurance

If you own a business, you are well aware of the risk involved. Whether you have one employee or 500, there is a risk in being an employer and running the daily operations of your company. Whether you sell liquor, run a non-profit, or have a fleet of company vehicles, insurance protects you and your investments.

While these are just a few things you need insurance for, Lake Region Insurance Agency can help you with all of your business insurance needs. As a business owner, your plate is already very full. We can be your partner in providing all of your insurance needs.

Why Business Insurance?

No matter the size of your company, it has value to you. Commercial or business insurance protects the business owner and investors regardless of your industry. Similar to home or health insurance, your company deserves protection and coverage for a variety of potential issues or problems.

There are many types of business insurance to consider. Everything from property, liability, and worker’s compensation, to special events and cyber liability insurance is on the table. You want to ensure your property has coverage as well as your merchandise. You should have a policy to include customers and employees, as well.

As a business owner, you need to protect your hard-earned assets and property. If a customer or employee sues your business, and you don’t have insurance, you could end up paying out of pocket. When this happens, owners are at risk of losing their business, home, and more.

What Business Insurance Do You Need?

While there is a wide range of insurance you can acquire, there are some basic coverage options all businesses should consider. Call Lake Region today to talk about these and any additional specialty coverage you may need.

A Business Owner’s Policy generally combines business property, liability, and income insurance under one package policy: 

  • Business Property – This coverage protects your physical property where you do business, as well as your assets. It will cover tools, furniture, merchandise, documents, etc.
  • Business Liability – This option helps protect you in any claims made against you or your business. An example would be a customer falling at your business and filing a lawsuit against you. Business liability insurance will protect you and cover the claim.
  • Business Income Insurance – This coverage serves to replace lost income if your business is unable to operate due to a covered loss, such as a fire. This policy will ensure you can continue to pay bills, pay your employees, and survive the temporary lull in income.

In most cases, you also are required to have workers’ compensation, unemployment insurance, and disability insurance. We can help with those, too.

Lake Region Will Help You Choose

There is no “one-size-fits-all” business insurance policy. Your specific needs will depend on your company, your industry, and what you want to protect.

At Lake Region Insurance Agency, we can tailor a business insurance plan specifically for you. We will work to figure out what coverage you need and how much. We will go over things such as:

  • What your business does
  • Where your business is located
  • What your property the company owns
  • What equipment needs coverage
  • What intellectual property you have
  • How many employees you have

As your business grows, we work to keep everything updated so that your coverage matches any changes. Reach out today to explore all that we offer.

Your Local Team

Ryan New London

Ryan Schwartz

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Jennifer Renstrom

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Jill Lutgens

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Scott Johnson

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Shari Forsman

Business Insurance FAQs

What does a Business Owners policy cover?

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A Business Owners policy protects your company in the event of a fire, vandalism, theft, and other disasters. This policy covers claims for injuries and damage that affects employees and customers
This type of plan can be combined with a couple of other vital coverages into one policy package for extra coverage to create a custom Business Owners Package (BOP).

Policies are customizable to suit the specific needs of your business. Some companies require additional policies to protect against data breaches or other special situations that may not apply to all businesses.

Do I really need business owner's insurance?

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Minnesota does not legally require business owners' insurance for general liability, commercial property, or BOP, but it is highly advisable to protect your company's property and assets.
Not having insurance puts you and your business at risk of shutting down and going into debt to cover the costs of unforeseen circumstances. The risk includes the event of a lawsuit or injury sustained either on the property or on company time.

The most significant risk of operating without insurance is losing a substantial sum of money because of a disaster. All business owners should prepare for the worst with robust coverage.

Will business insurance cover looting?

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Yes, business insurance will cover looting, along with fire, theft, and vandalism that takes place on the property under Commercial Property Insurance. This coverage protects your building and physical investments from the cost of loss or damage from destructive events.

The insurance covers more than just the physical location where your business resides. It will cover any damage done by civilians and public safety officers during the event.
Your commercial property policy will protect:

  • Computers and digital technologies
  • Furniture and storage
  • Documents and materials stored at the property
  • Inventory and merchandise
  • Outside signage
  • Fences and structures
  • Lost income due to building damage

Is business insurance required by law?

Business insurance is not required by law in the state of Minnesota. Still, it is highly recommended to protect you and your property from damage caused to the property because of an accident or unforeseen disaster. Covering all of your bases prevents you from financial burden.
The two types of policy required by Minnesota state law are:

  • Worker's compensation insurance
  • Commercial auto insurance

These two policies are required to keep employees safe while on the job. General liability and commercial property are not required but help protect owners and employees from the cost of damage done to the company or customer property.

Can business insurance be transferred to a new owner?

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Business insurance does not automatically transfer to a new owner. Instead, you'll need to follow policy stipulations and let your carrier know. The carrier must receive notification of the switch and how much coverage the original owner intends to pass on to the new owner.
The new owner is now responsible for all claims, including those made by the original owner in the past. Retroactive coverage with documentation of the switch will protect the new owner during the policy switch that includes continuous coverage.

To legally transfer the policy to another party, the insurer must have written consent.

What kind of business insurance covers my employees driving our customers' vehicles?

The type of business insurance that covers employees while driving customer vehicles is general liability insurance. General liability policies cover third-party property damage for events when you or an employee damages the property of someone else.

General liability will pay for any damage done while a team member works. It protects the company and employee in the event of a lawsuit by providing funds that would otherwise come from out of pocket.

Commercial auto policies cannot cover this type of situation because commercial auto only covers vehicles registered for use exclusively by the company.