Businesses of all sizes and industries must be steadfast in accounting for various risks and exposures. Risk management and loss control practices are integral to operating your company and protecting its future. A critical component of the aforementioned practices is securing and maintaining an adequate insurance portfolio.

Abbott Insurance Agency is locally owned and operated and dedicated to helping businesses like yours in the Minneapolis area understand their insurance needs and acquire optimal coverage.

What Is Business Insurance?

Also referred to as commercial insurance, business insurance is crucial for protecting your company from losses and damages. These policies cover many common incidents that might otherwise lead to irreparable financial ramifications. After determining your insurance needs, providers will quote you a premium that, as long as payments are received, will allow you access to critical financial assistance in the aftermath of a covered event.

What Does Business Insurance Cover?

Businesses must be prepared for a wide array of potential risks and exposures. To prepare a suitable safety net, most business insurance policies should include a combination of the following coverages:

·        General liability—This coverage can provide critical financial aid if your company is liable for a third party’s losses and damages, including:

o   Bodily injury

o   Property damage

o   Personal and advertising injury

·        Commercial property—This coverage protects your business from losses arising from damage to property you own or rent to operate, such as:

o   Buildings

o   Equipment

o   Tools

o   Inventory

o   Furniture

o   Signage

o   Landscaping

·        Business interruption—If your company is forced to pause its regular operations temporarily, this coverage can assist with the following expenses:

o   Rent or mortgage payments

o   Lost income

o   Payroll

o   Relocation costs

·        Professional liability—If a client alleges that losses arose from negligence or errors committed by your business, this coverage can render financial assistance.

·        Workers’ compensation—If an employee is injured on the job or develops a work-related illness, this coverage can help cover the following expenses:

o   Medical treatment

o   Missing wages

o   Disability and death benefits

o   Legal costs

·        Commercial auto—This coverage can protect your business from vehicle-related losses and damages arising from the following:

o   Third-party bodily injury liability

o   Third-party property damage liability

o   Collisions

o   Fire

o   Theft or vandalism

o   Uninsured/underinsured motorists

In addition to these core coverages, our agents can work with you to help cover any additional insurance needs your business may have depending on your specific operations. For example, companies that regularly utilize electronic data storage or heavy machinery may need cyber liability and equipment breakdown insurance, respectively.

How Much Does Business Insurance Cost?

Different businesses may be quoted significantly different costs for coverage. This is because providers must weigh several factors before determining your premiums. In most cases, our agents will consider the following criteria of your business:

·        Industry

·        Location

·        Number of employees

·        Business assets

·        Estimated annual revenue

·        Prior claims history

·        Policy details (e.g., coverage limits, deductibles, etc.)

Get the Right Coverage

All businesses face various risks and exposures daily. Even the most careful companies must account for the potential losses and damages that could arise from an incident or error. Fortunately, by having the right insurance coverage in place, you can enjoy peace of mind, knowing your business is financially protected.

Contact Abbott Insurance Agency today to begin understanding your coverage needs and building your ideal insurance portfolio.