When you own a business in Minnesota, it’s crucial to have the types of commercial insurance required by law and other types that will also be helpful. Two types are required for many businesses in the state, and you need to know what they are and how they may apply to your company. Contact us at Safechoice Insurance Agency in Rochester, MN when you need commercial insurance.

Workers’ Compensation Insurance

When a business has employees, it’s important to have workers’ compensation insurance. This coverage protects your business if you have an employee injured on the job. The insurance pays for their lost wages, medical expenses, and other expenses. This protects your business from paying those claims and possibly suffering financial hardship. In Minnesota, all companies with employees, even if it’s only one, need this coverage in place. Sole proprietors, as are corporate officers and partners, are exempt from this requirement. 

Commercial Auto Insurance

If your business owns any vehicle or vehicles, they must each be covered by a commercial auto insurance policy. Many coverage types are mandatory as a part of this insurance. This insurance pays for the costs associated with accidents that a work vehicle gets into. A specific minimum amount of coverage is required for bodily injury liability for one injured person. There is a higher amount of bodily injury liability coverage required for all the people who are injured in an accident. There is another minimum amount needed for property damage liability. In addition, personal injury protection coverage is required to pay for your medical bills. There are also two amounts of coverage required for uninsured motorist coverage. 

Cover Your Business

Call Safechoice Insurance Agency in Rochester, MN to get your commercial insurance policies.