Minnesota Business Insurance
Customized protection for your Minnesota business
As a small business owner in Minnesota, you should consider business insurance for financial and legal reasons. Customer mishaps, commercial property damage and employee injury are a few of the many incidents that can result in costly claims and lawsuits without the right insurance in place.
Minnesota reported 71,600 non-fatal workplace injuries in 2018, with nearly 88% of them from private sector businesses, according to the Bureau of Labor Statistics. Incidents like these can disrupt your daily operations and jeopardize your business assets and cashflow. Insurance helps to limit the burden of these setbacks.
The Progressive Advantage® Business Program can help you find the business insurance you need to stay protected. We’ll help you customize a Minnesota policy if you need general liability, workers’ comp or a combination of coverages.
Types of MN business insurance
How much does business insurance cost in Minnesota?
The cost of business insurance in Minnesota depends mostly on the type of work that you do. Professions are usually rated on the risks and exposures that are common to their industry. For example, a roofing contractor will typically pay more than a handyman because their work is done high off the ground.
Other factors that affect your rate include business size, location and coverage needs. A business in a large city like Minneapolis can expect a different rate than a business in a smaller city like Duluth. Additionally, a business that has employees might pay more than one that doesn’t.
Learn more about the factors that affect your business insurance rate, or get a quote online to find out what you’ll pay for customized coverage.
Minnesota business insurance requirements
Workers’ compensation is the only type of business insurance required by Minnesota state law. Businesses that employ one or more employees can get coverage through a private insurance carrier or qualify to become self-insured.
Contractors who hire subcontractors to do their work should consider workers’ comp coverage, even if they don’t have employees of their own. Contractors could be responsible for the injuries of their subcontractors who don’t have workers’ compensation insurance.
While Minnesota doesn’t legally require other business insurance, like general liability or a BOP, many prospective clients and landlords do.
Resources for Minnesota small business owners:
Minnesota professions we insure
We help small business owners from a wide variety of industries, including these common professions:
Browse more examples of professions we insure.
Business insurance for all Minnesota cities
We can customize business insurance in all Minnesota cities, including, but not limited to: