Buying General Liability Insurance in Minnesota
Do you need a quote on general liability insurance?
Before we give you a quote on your general liability insurance, what is general liability insurance? Simply, bodily injury, property damage and negligence. That’s easy, right? Well, there is more to it. A general liability insurance policy has very broad coverage. It protects your business from accidents and things that can go wrong, plus legal expenses. It does not cover workmanship.
How is Minnesota general liability insurance rated?
Payroll, sub-contractor costs, gross sales plus anything else you have added to the policy. Tools and equipment, additional insured endorsements, primary non-contributory language, waiver of subrogation/transfer of rights are good examples of possible add-ons.
Insurance companies have minimums, like $30,800 or $15,800 for one owner operations. If that owner has three employees, each making $45,000. Then you would take the owner, plus the employee payroll and add them all up. That is applied against the insurance company’s rates and there you have it, a contractor’s insurance quote.
Minnesota contractor’s liability insurance is also rated on the limit you buy and if you have a deductible or not. Common limits of coverage are $1,000,000/$2,000,000. The first number is called an occurrence limit. That means the maximum amount paid on any one claim. The second number is the aggregate or maximum amount paid during the general liability policy year.
I’m a business in Minnesota, there are certain insurance requirements.
No, the state of Minnesota doesn’t have specific insurance requirements in general. If you were to work for the state as a contractor there are minimum insurance requirements.
Need someone on your side to help you find an affordable Minnesota general liability insurance policy?
Seriously, we have helped thousand’s businesses over the past 34 years. First, we gather all the facts, please tell us about your Minnesota business. What needs to you have? Perhaps lease contract requirements? Send then to us for a comprehensive review.
Whether you are an establish company or just starting a new venture, you can trust us to help guide you through the maze of insurance coverages.
Complete our online quote form or pick up the phone and give us a call now. Let us help you find the perfect MN general liability insurance quote.
952-469-0425
