Commercial insurance is complex and can be difficult to navigate without the help of an agent who understands the risks of your industry. At Great Lakes Insurance, we understand the financial vulnerabilities of many different occupational fields, professionals, landlords, and restaurant owners to technology consultants, wholesalers, and retailers. We can help you assess your risks and build a business insurance package that fits your needs and protects your bottom line.
Professional Services
When you work in a professional services field, the people you serve rely on you perform your job correctly and efficiently. If you make an error that causes your customers or patients some type of financial loss or even injury, you may be liable for the damages. Whether you provide incorrect tax advice or misrepresent your client in court, the financial fallout could be significant. Make sure your insurance includes coverage for professional errors that might otherwise result in a tremendous loss.
At Great Lakes Insurance, we offer customized business insurance solutions for professionals in many different service fields, including:
- Attorneys
- Accountants
- Doctors
- Dentists
- Chiropractors
- And more
Commercial and Residential Buildings
Many business owners leverage real estate holdings to generate revenue. Whether you own residential buildings or lease commercial units, some risks come with being a landlord. What would happen if an art gallery occupying one of your storefronts lost several one-of-a-kind paintings due to a damaged water pipe your maintenance worker failed to seal properly? The business owner could sue you for the loss of expensive artworks and any other damages incurred. Ownership of residential buildings comes with similar risks. If a tenant tumbles down the apartment building stairs due to a broker stair rail, he could sue you for compensation of medical bills, lost wages, and other losses. Make sure you are covered with business insurance specifically designed with commercial and residential building owners in mind.
Restaurants & Taverns
No two work days are ever the same when you own a restaurant or tavern. Chances are you are busy overseeing a large staff, a rolling food and beverage inventory, and several customers on a daily basis. As diligent as you are about the safety of your employees and guests, accidents can happen. Imagine finding out one day that several locals have been hospitalized with a food-borne illness, and the one thing they have in common is that they all dined at your establishment within the same 24-hour time period. Think of the devastation your bar could face if a patron left your restaurant after consuming alcohol and caused a car accident on his way home. If you own a business in the restaurant or tavern industry, it pays to be prepared for scenarios like these. Work with an independent agent at Great Lakes Insurance to build a custom restaurant insurance package that fits your needs.
Technology Consultants
More and more businesses are relying on information technology consultants to better acquire and leverage customer data. If your business operates in this field, you are tasked with teaching your customers the best practices for data storage and protection and perhaps even offering software solutions that meet those needs. If you provide wrong information, fail to inform your clients of web dangers, or become somehow responsible for a client’s liability or loss, you could be sued for the damages.
Wholesalers
Wholesalers and distributors have a constant flow of goods coming in and out of their warehouses. As the owner of a wholesale business, you have a responsibility to provide a safe work environment for employees while also assuring timely delivery for your customers. A lot can go wrong during this process, from warehouse injuries and damaged goods to highway collisions involving your motor carriers. Talk to your agent about the various coverages necessary to protect wholesale businesses against loss.
Retail stores
Retailers come in all types and sizes. Whether you have a small shop that specializes in hand-made glass products or a sprawling department store with a large inventory, you face a combination of general business risks, as well as hazards specific to your occupation. Perhaps you are notified of crib bedding sold in your store being recalled due to safety issues. You are responsible for notifying customers and facilitating the return of recalled products through your warehousing department. The added cost of shipping, notification, and even extra payroll hours can all be very costly to a retailer. Make sure your business insurance covers the costs.
Building Your Commercial Insurance Portfolio
There are several different commercial insurance coverage types to choose from. Depending on the size and nature of your business, you may find that you need only a few or several to adequately mitigate your exposure to risk. Common commercial coverages include:
Property Insurance
Some businesses have extensive resources tied up in physical assets. From expensive equipment to valuable inventory, you could face extensive financial loss if a fire or other covered event claims your business’s belongings. Property insurance is coverage for the things your company owns, including the building you house it in. It can pay to repair or rebuild your owned structure, as well as compensate you for the loss of your furnishings, fixtures, computers, inventory, equipment, and more. We recommend keeping records of your permanent belongings and updating them regularly to ensure your coverage continues to meet your needs as your business grows and expands in the future.
Loss of Income Coverage
If your business is shut down, either partially or fully, it will not take long before your outgoing expenses overtake your incoming revenue. With the loss of income coverage, you can continue to pay your necessary ongoing commercial expenses despite a lack of cash flow when you face business interruption due to a covered event.
General Liability Insurance
All businesses have some degree of liability exposure, although some take on greater risks than others. General liability insurance is typically recommended to most businesses to help offset the financial effects of a lawsuit if someone is injured on your premises. Also known as GL, this coverage is designed to protect your business against accusations of liability for third-party injuries and property damages. It can help pay for your legal fees and court costs, as well as any awards the court leverages against your business in favor of the accuser.
We recommend talking with your agent about your business’s liability exposure and how much coverage may be necessary to minimize your risks of loss. If a high limit GL is not enough coverage to meet your needs, you may need to supplement your coverage with a commercial umbrella policy that can extend your liability protection by millions of dollars.
Workers Compensation Insurance
Minnesota employers must purchase workers compensation insurance to protect employees against financial loss due to injuries in the workplace. This coverage helps pay for medical bills, rehabilitation, and lost wages when a worker is hurt on the job, regardless of fault. Due to certain legal requirements, when employees make claims against workers compensation coverage, it reduces the chance that he or she will pursue you for compensation of damages via litigation.
Commercial Vehicle Insurance
If your business owns one or more vehicles, you must have commercial car insurance that meets state and lender requirements. At Great Lakes Insurance, we typically recommend coverage that exceeds the minimums, as higher limits offer better protection against potential accident-related lawsuits. Our commercial vehicle insurance options can include coverage for your vehicle(s), liability protection, roadside assistance, and more.
Industry-Specific Coverages
We can expand upon your general risk insurance with various endorsements and stand-alone coverage options uniquely fitted to your field of work. Examples include:
- Professional Liability / Errors and Omissions Insurance
- Building Ordinance Coverage
- Outside Signs and Property Coverage
- Liquor Liability Insurance
- Food Spoilage Coverage
- Food Contamination Liability
- Data Breach and Cyber Crime Insurance
- Motor-Carrier Insurance
- Non-Trucking Liability Insurance
- Brands, Labels, and Salvage Insurance
BOP Insurance
Many businesses have similar general risks that are common to several different occupational fields. For many of those businesses, a Business Owners Package (BOP Insurance) can help consolidate some of the most common coverages into one policy and also potentially reduce the overall cost of premiums. While this coverage may not be appropriate for all businesses, we recommend talking to your agent to better determine if it could be a good fit for yours.
BOP and Other Business Insurance Quotes
If you own a business of any type, we want to be the source for all your commercial insurance needs. We know the importance of finding affordable rates when you have a profit margin to protect. As an independent agency, we can shop and compare coverage on your behalf until we find the protection you need at a competitive price. Then, we will offer our ongoing support, answering your questions, and assisting your business with your insurance needs long after you purchase your coverage.
Contact our office to request your risk consultation and find out how a local, independent agent can help you save on Minnesota commercial insurance today.
