Property and Commercial Liability Insurance in Minnesota
Two types of commercial insurance nearly every business should carry are commercial property insurance and commercial liability insurance. These two types of insurance plans form the basis of coverage that will keep your business financially secure in case an unfortunate incident results or a lawsuit is brought against your company or organization.
What is Commercial Property Insurance?
Commercial property insurance (also known as business property insurance) covers the physical assets of a business. These can include:
- Buildings and real estate
- Business-related equipment and tools
- Furnishings, fixtures
- Products and inventory
- Computers, phones and other devices and peripherals
- Valuable papers, documents, and records
- Exterior signage
- Landscaping and fencing
Commercial property insurance not only pays out if damage is sustained to physical assets; many plans can also provide income if a business is forced to suspend operations after a covered loss. For example, if a building is destroyed or damaged in a fire, the insurance plan may not only cover the damage to the property and what’s contained inside, it may also cover the income the business would lose because it is forced to cease operations while recovering. This estimated income is generally based on the income the business has made across the most recent comparable time period.
Commercial property insurance generally protects against:
- Fire damage
- Storm damage and other natural disasters
Keep in mind that commercial property insurance generally does not cover injuries to your employees, injuries to customers, or damage to your customer’s property.
What is Commercial Liability Insurance?
Commercial liability insurance (also known as business liability insurance) is specifically designed to protect the assets of a business in the event the company is sued for an incident that resulted in bodily injury to someone else (e.g. a customer, visitor, etc.), or their property, even if your company didn’t cause the harm or create the damage. General liability insurance plans typically cover the following incidents that are caused by the covered company:
- Injuries sustained by people not employed by the company
- Damage to property not owned by the company
- Libel and slander that results in financial losses
- Copyright infringement
- Damage to a property that the company is renting
Some of the things not included in commercial liability insurance include intentional acts by employees, injuries sustained by employees, and auto-related accidents.
Liability insurance is ideal for most companies, but it is especially recommended for businesses that deal in face-to-face meetings with clients and customers, work on other people’s property, use third-party locations for business activities, and have employees who represent clients.
Obtain Commercial Property and Liability Insurance in Minnesota
Does your Minnesota Business need commercial property insurance, commercial liability insurance, or both? Get in touch with the commercial insurance experts at The Patrick J. Thomas Agency today. Our insurance agents will help you create a plan that is specially tailored to your business. Contact us today.