General Liability Insurance
In Minnesota, most businesses obtain business liability insurance through a commercial general liability insurance form.
For a free Minnesota Business Liability insurance quote apply online by selecting the link below
Free Business Liability Insurance Quote
What does a typical Business Liability Insurance policy cover?
General Liability Insurance covers five basic groups of liability.
- Bodily Injury
- This liability covers physical harm to a person at your place of business, or an injury caused by your employee at another business location.
- Personal Injury
- This liability is damage to the reputation or rights of a person or business by reason of slander, copyright infringement, invasion or privacy, defamation, false arrest, wrongful eviction, and so on….
- Products Liability and Completed Operations
- This liability covers the losses after your business has completed a job for a client.
- Advertising Injury
- This liability covers injury caused by your advertising whether spoken or written.
- Independent Contractors Liability Insurance
- This liability covers losses that may arise out of damage from the acts of an independent contractor hired by your business.
- Medical Payments
- This liability pays the medical expenses of a person injured on your premises
For a free Minnesota General Liability insurance quote apply online by selecting the link below
Free General Liability Insurance Quote
Business Liability Coverage
The most important decision you will need to make regarding business liability insurance is how you will define your coverage. Occurrence, or Claims made.
Will the claim be covered by the policy that was in effect…
At the time the incident occurred...
At the time the claim was filed?
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Business Liability Insurance Quote
Business Liability Insurance Policy (Time of Occurrence)
Traditionally, Minnesota business liability insurance has been based on the time of occurrence. This means the policy in effect at the time of the incident is responsible for handling any resulting claims - even if you are no longer with the insurance company that originally provided coverage.
With this coverage, it is critical to keep good track of your policies, and who your Insurance Carriers were.
Occurrence based policies do have a downside. Unlike property claims, business liability claims can be filed years after the actual occurrence. This type of claim will not take into account inflation or today's attitude toward legal awards.
As a result, the limits you originally purchased for your business liability coverage may be too low for today. This time passage usually makes the actual date of an incident difficult to figure out, which in turn makes it harder to assign the responsibility to your insurance provider.
Business Liability Insurance Policy (Claims-Made)
Claims-made business liability insurance is an alternate way to establish business liability coverage. With this policy, business liability insurance is linked to the policy in effect when a claim is filed and reported. This minimizes the tracking and claim inflation problems that can occur with occurrence business liability policies.
To limit the total risk to the insurance company, claims-made policies do place some limits on when an incident had occurred in order to qualify for insurance coverage. Typically, claims-made policies will cover incidents that occurred as long as seven years prior to the start of the policy. They also provide insurance coverage of claims made shortly after the business liability policy expires.
If a new claims-made business liability policy refuses to extend coverage to occurrences far in the past, you may need to obtain coverage from your previous insurer. This is known as a supplemental ERP, or tail-end coverage.
What Damages Are Covered on Your Business Liability Insurance Policy?
Your Minnesota General Liability Insurance policy will pay three types of damages:
- General damages
- This is for for intangible losses IE pain and suffering, or mental anguish,etc.
- Punitive damages
- The penalties against your business for committing a wrongful act.
- Compensatory damages
- This is for financial losses of the applicant, plus additional financial losses resulting from the claim
Ramsey County Insurance will provide you with free business liability insurance quotes, from a local Minnesota insurance agency. This local insurance agency will custom tailor a business liability insurance policy to fit your exact needs.
Take the time to get a free business liability insurance quote online now, and have the best business liability insurance companies, with the best business liability insurance rates, provide you with business liability insurance plan
fit your needs.
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For a free business liability insurance quote please click the link below
Free Business Liability Insurance Quote
Ramsey County Insurance offers Business Liability Insurance in the following Minnesota towns:Arden Hills MN, Dellwood MN, Falcon Heights MN, Gem Lake MN, Lauderdale MN, Lino Lakes MN, Little Canada MN, Maplewood MN, Mounds View MN, New Brighton MN, North Oaks MN, North St. Paul MN, Roseville MN, Shoreview MN, St. Paul MN, Vadnais Heights MN, West St. Paul MN, and White Bear MN.