Types of Business Insurance: A Beginner’s Guide

Starting a business in Minnesota is an exciting journey, but it also comes with important responsibilities, one of the most crucial being the financial protection of your investment. At Dean Olson Insurance Agency, we understand that navigating business insurance for the first time can feel overwhelming. Our team is here to help you understand the basics so you can make informed decisions about your coverage.

Key Types of Business Insurance

Business insurance, also known as commercial insurance, is designed to protect your company from unexpected losses. Here are some of the most common types of coverage business owners should consider:

General Liability Insurance

This foundational policy helps protect your business if someone claims you caused them bodily injury or property damage. For example, if a customer slips and falls at your location, general liability insurance may help cover the costs of legal expenses and medical bills.

Property Insurance

Property insurance helps safeguard your building, equipment, inventory, and other physical assets against risks like fire, theft, or storm damage. Whether you own or lease your space, this coverage can be essential for keeping your business running after a loss.

Workers’ Compensation Insurance

Minnesota law generally requires businesses with employees to carry workers’ compensation insurance. This coverage helps pay for medical expenses and lost wages if an employee is injured on the job, and it can protect your business from costly lawsuits.

Business Owner’s Policy (BOP)

A business owner’s policy combines general liability, business interruption, and property insurance into one convenient package. It’s a popular choice for small and midsize businesses looking for broad protection at a manageable cost.

Additional Coverages

Depending on your industry and operations, you may also want to consider:

• Professional liability insurance (for service-based businesses)
• Commercial auto insurance (for business vehicles)
• Cyber liability insurance (for data breaches or cyberattacks)

Choosing the Right Coverage for Your Business

Every business is unique, and the right insurance depends on your size, industry, and specific risks. Our team at Dean Olson Insurance Agency is dedicated to helping Minnesota business owners assess their needs and find tailored solutions.

Contact us today to discuss your options and get personalized guidance.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.