Table of Contents
- What is General Liability insurance coverage?
- Does Minnesota require General Liability insurance?
- What small business might need General Liability insurance in Minnesota?
- How much does a General Liability insurance policy cost in Minnesota?
- How NEXT helps Minnesota small business owners
What is General Liability insurance coverage?
With more than a half million small businesses employing 1.3 million workers,1 from restaurants in St. Paul to Rochester-based plumbers, Minnesota could use general liability insurance to stay safe.
General liability provides financial safety when things go wrong. If someone (other than an employee) claims that your business caused them bodily injury, or causes property damage or advertising or reputational harm, it can help cover related costs.
Business liability coverage can assist with medical bills and the cost to repair or replace destroyed items. It can also help pay for an attorney to defend your business if you’re sued.
Does Minnesota require General Liability insurance?
Though not required for all companies, general liability coverage may be necessary to get a professional license in the state for some construction contractors.
For any industry, it’s a good idea to include general liability to help protect you from out-of-pocket costs after unforeseen events. Carrying coverage can also help you win new clients who want to work with covered contractors.
Here’s why commercial general liability is recommended for any business:
Licenses and permits
You may need a general liability policy to get a professional license in Minnesota. Some contractors and building trades, including handypersons, must provide proof of liability coverage when they apply for state licensing.
Financial safety
Minnesota general liability coverage can help keep your business running after an accident. If you’re accused of causing personal injury, damaging someone’s property or if you have to defend your business after a lawsuit, it can help pay expenses.
Business growth
When you have Minnesota liability coverage it demonstrates your professionalism. Some clients may ask for proof of insurance before they’ll let you bid on a project or hire you for a job.
Leasing commercial space
Having a Minnesota general liability policy can help you rent an office or commercial space. Many landlords require a certificate of insurance before they’ll offer you a lease.
What small business might need General Liability insurance in Minnesota?
Many construction trades must be licensed to work as a residential building contractor or remodeler.2 Minnesota requires these workers, including excavators, carpenters and masons, to have an active general liability policy. The rules are complex, so be sure to check with the Department of Labor and Industry.
In addition, accidental property damage, slip-and-fall injuries, and advertising injury can be quite common. The protection of general liability coverage can help support any business, from a retail shop in Woodbury to a restaurant in St. Cloud.
How much does a General Liability insurance policy cost in Minnesota?
Rates for Minnesota commercial general liability insurance vary. Insurance companies price policies on a case-by-case basis and consider your business operations, risk exposures and profession, including:
- Where your business is located
- The kind of work you do
- How many employees you have
- Your past insurance claims
General liability policies are generally affordable for small businesses and self-employed workers. The majority of NEXT customers pay $45 or less a month for their commercial general liability insurance.**
The easiest way to know how much you’ll pay is to get a free quote from NEXT. It takes less than 10 minutes, and you can purchase your policy online for immediate coverage.
You can also try our general liability insurance calculator for a general estimate of insurance costs in Minnesota.
How NEXT helps Minnesota small business owners
We offer a fast and easy way to get a free general liability insurance quote online, purchase coverage and instantly share a certificate of insurance. Usually it takes less than 10 minutes.
You can also chat with our Minnesota–based NEXT licensed agents if you need help or have questions.
