Insurance for Small Business Owners in Minnesota

Do You Need Small Business Insurance in Minnesota?

The Land of 10,000 lakes boasts some of the oldest geological formations in the US, and each year visitors and residents alike, enjoy those natural escapes, like Eagle Mountain. Or they head to the Twin Cities to take in the shopping and the night life. All across Minnesota, small businesses are there to serve their needs providing retail products and myriad services.

  • 1.3 million small business employees (almost 47% of the private workforce)
  • Over 526,000 small businesses
  • Small businesses with 20 to 99 employees largest share

To help small businesses stay financially sound, the state of Minnesota requires active business insurance coverage. We’ve done the research for you below; and to save time, get a quote for coverage in minutes with B2Z Insurance. 

Required Business Insurance Coverage in Minnesota

The State of Minnesota requires the following insurance coverage for small businesses:
  1. Commercial Auto Insurance.
    The State of Minnesota has made adequate automobile insurance coverage mandatory for both commercial and individual travel. This means carrying minimum benefit amounts for bodily injury liability ($30,000 per person/$60,000 per accident) and for property damage liability ($10,000 per accident).

  2. Workers’ Compensation Insurance.
    Small businesses in Minnesota are required to carry active Workers’ Compensation coverage regardless of size. This typically covers the medical and legal costs for employees who are injured or become ill on the job. Without this coverage, your small business may incur state fines in addition to associated legal fees and medical costs required to treat the employee.

Recommended Business Insurance Coverage in Minnesota

The following insurance coverage is recommended for Minnesota small businesses:
  1. Small Business Owner’s Insurance.
    A Business Owner’s Policy (or BOP) is a cost-effective way for small business owners in Minnesota to bundle both property insurance and general liability into one comprehensive policy. Typically BOP covers losses and damages related to buildings used for business purposes, as well as machinery, equipment, and business personal property. It also covers customer medical expenses for onsite accidents and advertising damage claims.

  2. General Liability Insurance.

    Although included in a BOP policy, some small business owners may seek out General Liability coverage as a separate minimum coverage as it may be required to lease commercial office space. Typically it covers customer medical expenses for onsite accidents and other damage claims, like false advertising.

  3. Professional Liability Insurance.
    If your services business specializes in providing expertise and advice, Professional Liability coverage is recommended. It typically covers work mistakes and errors, missed deadlines, incomplete work and professional negligence lawsuits. Also, referred to as “errors and omissions” insurance.

  4. Cyber Liability Insurance.

    Misplaced flash drives with customer data and phishing scams can cost your small business upwards of $200,000 or more to resolve. Cyber Liability coverage makes financial sense: It typically covers system damage, customer notification and fraud monitoring costs, as well as legal fees, associated with breaches, malicious hacking, and cyberattacks.

Our Small Business Insurance Company Is Here to Help

B2Z understands that insurance can be confusing, so we set out to make it understandable and easy to purchase.
  1. Q
    Does B2Z offer small business coverage in Minnesota?
  2. Q
    How do I get a quote for small business insurance in Minnesota?

    B2Z has made getting a quote simple: Answer a few questions about your business, choose your coverage, and validate your account and payment information. That’s it! Click the Get Your Quote button to get started.