Your Guide to Choosing Business Insurance

Business insurance protects you and your assets.

Choosing business insurance is just one of the thousands of decisions business owners make when establishing themselves. While not as fun as choosing a logo or branding colors, it is still quite vital. When building and running a company, protecting it should be the first step.

Lake Region Insurance Agency understands your need to protect yourself and your business. Whether your company is home-based or has its own site, we are here to ensure that you have sufficient coverage. There are many options to consider, and our staff will help you select exactly what you need.

From liability to workers’ compensation, we find the policies you need. Our independent agents search through countless options to determine the best fit for your needs. We take the guesswork out of choosing your insurance. Give us a call or visit one of our offices in Greater Minnesota for a free quote.

Why Business Insurance is Essential 

Statistically speaking, you have a 40% chance of needing to file a business insurance claim within the next ten years. That is a relatively high possibility of something going wrong for your business. If you are running your company without sufficient protection, you could find yourself paying out-of-pocket if problems arise.

Choosing business insurance gives you protection if there is a fire.

Business insurance helps you to keep going without losing income if something happens to impact your revenue. Whether you sustain damage to your brick-and-mortar operation or have a claim filed against you, protection is critical. If you have business insurance, you have security and can keep moving forward. 

Even if you run your company from home, you should consider a business policy. This type of coverage provides protection that you do not have under a homeowners policy.

No matter what type of company you own, from a restaurant to an IT consulting firm, you need some level of business insurance. And this protection isn’t only for replacing damaged items. When you choose the right plan, it can help with all of the following:

  • Liability claims if someone gets hurt or sick at your business
  • Equipment repair and replacement after vandalism, fire, etc.
  • Making payroll if you are unable to bring in revenue due to a covered issue
  • Commercial vehicle coverage
  • Cyber liability issues

These are just a few of the protections you can have. Be sure to speak with your independent agent to discover the right options for your needs.

Choosing business insurance also gives you peace of mind when you have worked so hard to do what you love.

Choosing Business Insurance that Meets Your Needs

Workers' compensation insurance protects you and your employees.

With about two dozen different types of business insurance policies on the market, it can feel overwhelming to choose the right plan.

Just as with auto, home, and life coverage, no two situations are the same. For that reason, business insurance policies can be as varied as the business owners themselves.

You will be able to eliminate some policy options based on your industry. For example, if you are not running a garage, farm, or winery, you can bypass those choices. But that still leaves many more plans to consider.

When you meet with your agent, they will go over many questions with you about your company. While it can feel a little time-consuming, it’s crucial to make sure you have adequate and appropriate coverage without buying too much.

Some of the topics you will discuss with your agent include:

  • Is your business service-based or product-based?
  • How many employees do you have 
  • What is your gross annual profit? 
  • Is your business run from your home or its own building?
  • What equipment do you use?
  • Do clients or customers come on-site?
  • Do you store client information digitally?

These questions are critical in crafting a policy that protects the business and your assets, capital, and employees. And as your company grows and changes, your insurance will, too. 

Different Types of Business Insurance to Consider

Commercial auto insurance protects your company's vehicles.
Dark colored passenger vans in a parking lot

No matter what type of business you own, it’s likely that you will need one or all of these basic insurance coverages:

  • Liability – Liability insurance protects you if a customer files a claim against you for an injury or illness caused by or at your business. There are sub-categories within this category, such as general, professional, cyber, and product liability.
  • Property – This type of policy is fairly self-explanatory. It covers your structures, assets, and inventory in the case of loss due to covered incidents. If you have a home-based company, be sure to talk with your agent about how far your homeowners insurance will cover you. You likely need a separate policy for adequate protection.
  • Workers’ Compensation – If you have employees, this protection is crucial. Liability insurance does not cover employees while they are on the clock. 
  • Commercial Auto – Many businesses own one or more vehicles that need protection, as well. Don’t mistakenly think that your personal auto insurance will cover your company’s fleet.

Depending on the number of employees you have in your company, you may need to purchase a group health plan, as well. Be sure to talk with your agent about this option.

Come Get to Know Us 

With offices in New London, Willmar, and Cokato, Minnesota, Lake Region has been serving our community for over 50 years. This vast experience gives us the expertise to provide you with a unique policy perfect for you and your business. 

Our team does not work for any particular insurance company. Instead, we are independent agents who can seek the best plan for your needs. We have no reason to oversell you on coverage because we are not trying to meet a carrier’s quota.

We believe that your business is valuable to the community and deserves the best protection possible. With that in mind, we eagerly serve your unique situation. Choosing business insurance is a painless process with us on your team.

Whether you need auto, health, car, or business insurance, Lake Region Insurance Agency is here for you. Visit us today to get a free quote and see all the options we offer to protect your business. 

 

 

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