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Minnesota Business Insurance

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Customized business insurance in Minnesota

Small companies account for almost all businesses in Minnesota and employ nearly half of the state’s labor force.1

Business insurance in Minnesota offers essential protection for both your company’s bottom line and your employees by helping you handle unexpected events.

Business insurance packages in Minnesota help cover damages if:

  • Someone accuses your company of injury of property damage
  • Someone says you were professionally negligent
  • You or an employee has an accident in a company car
  • A worker suffers an on-the-job injury

NEXT Insurance helps more than 1,300 types of small businesses and self-employed workers quickly get the coverage they need online at the best price. We specialize in small business insurance, so we can easily help you find a custom insurance package that is right for you.

Continue reading to find out about the most important types of business insurance in Minnesota or start a free instant quote to review options for your business.

Business insurance coverage and requirements in Minnesota

The types and amount of business insurance you might need are based on factors that include:

  • The industry you’re in
  • Risks you often encounter
  • How many people you employee

Small business insurance bundles in Minnesota frequently include the following policies:

Continue reading to find out about the most important types of business insurance in Minnesota or start a free instant quote to review options for your business.

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General Liability
General Liability Insurance

Expenses from accusations of injury or property damage can quickly add up.

This is why general liability insurance is one of the most important forms of coverage, and we recommend it for most small businesses.

General liability insurance helps pay for costs associated with injuries and property damage and will cover a portion of attorney fees, court costs and settlements in the event of a lawsuit. Commercial landlords often require that small business owners carry general liability insurance before they’ll offer a lease.

A small business owner might need to file a general liability claim in the following scenario:

Someone accuses a self-employed dog walker in Minneapolis of negligence after being bitten by an off-leash dog. General liability insurance would assist the injured person with medical expenses and would help the dog walker if she were sued.

Tools and equipment insurance is a general liability add-on for construction and cleaning companies. This coverage helps replace or repair business items that are lost, damaged or stolen.

Workers Compensation
Workers’ Compensation insurance

State law requires businesses with employees in Minnesota to carry workers’ comp insurance.3

Employees who get hurt on the job might need medical care and time to recover. Workers’ compensation insurance helps pay for part of these expenses.

For instance, an employee of a Duluth-based excavation company is injured while working with a bulldozer and needs medical attention and a month out of work to get better. Workers’ comp coverage helps the business owner pay for the employee’s hospital bills and covers a portion of lost wages.

Commercial Auto
Commercial Auto insurance

According to Minnesota state law, all drivers must have auto insurance that covers up to $60,000 in damages for injuries to two or more people.2

Businesses insurance in Minnesota frequently includes commercial auto coverage to help protect against damages from accidents that happen while driving for work. Companies that own vehicles need this form of coverage, since personal auto insurance usually won’t provide protection if you or an employee has a business-related accident.

For example, a shuttle driver at a locally-owned hotel in St. Paul gets into an accident while driving to the airport, injuring several passengers. Commercial auto insurance helps the hotel cover the guests’ medical bills and would pay for some costs if they filed a lawsuit for additional damages.

Your business might sometimes ask employees to rent vehicles for work or drive their own automobiles. If so, adding hired and non-owned auto insurance to your business insurance package will help pay for damages from accidents that occur in these vehicles.

Errors & Omissions
Professional Liability (E&O) insurance

If someone says that your company made a mistake, failed to deliver on a contract or missed an important deadline that caused financial loss, you could be named in an expensive lawsuit.

This is why many small business insurance packages in Minnesota include professional liability insurance, which is also called errors and omissions (E&O) insurance. Professional liability insurance helps your company pay to cover the costs of the mistake, including attorney fees, court costs and settlements if you are sued.

For example, a client says that an event planning company in Rochester failed to book the right conference room for an important meeting, which ruins a business pitch. Professional liability coverage would help the event planners settle with the client for the mistake so that they don’t have to pay for all expenses out of pocket.

How much does insurance cost

How much does business insurance in Minnesota cost?

Business insurance in Minnesota costs a median of $43 per month across all industries that NEXT serves. Your company’s actual bill will depend on variables such as:

Risks you routinely encounter. Small businesses with more exposure to risk of injury or property damage can expect to pay more for insurance per month.

For example, construction businesses in Minnesota pay a median of $53 per month for coverage each month for insurance, while retailers in the state spend less than half of that.

Your coverage types and policy limits. Choosing the minimum business insurance in Minnesota or a higher deductible means that your business will spend a little less each month for coverage. But the cost of an accident might offset any savings if you need to file a claim.

The number of people you employ. Workers’ comp insurance costs are partially based on how many people are on your payroll. Providing your insurance professional with a full employee count will help you get the most accurate quote.

Start a quote with NEXT Insurance today to explore coverage options for your business in just a few minutes.

Dedicated small business insurance

How NEXT can help you with business insurance in Minnesota

We offer a quick and simple way for you to get business insurance quotes online, purchase coverage and share your certificate of insurance. The entire process typically takes just a few minutes.

Our team of licensed, U.S.-based advisors can help you if you have any questions.

More resources for Minnesota small businesses and self-employed workers

Customer reviews

I am so excited
I am totally excited about my new insurance for my small business. I am happy that the price was in a range that I can afford, the terms were easy to understand and it was so simple to purchase my first policy. I look forward to doing business with you in the future.
Curzella J.
Easiest insurance purchase – EVER!
I was looking around trying to compare insurance and I am so lucky I found NEXT. I was able to compare levels of coverage, and all the options, without pressure from a salesperson or time limits. I was able to check out prices and it was more coverage for less than the “traditional” company I looked at.
Michael W.
Happy small business owner!
I needed liability insurance for my new small business brick & mortar location. I got the run around from another company, but NEXT provided a competitive insurance quote in a timely manner. I now have the insurance that I need and it was stress-free!
Nicole E.

Get customized insurance wherever you do business

Learn more about insurance options in the states where you work.

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* To the extent permitted by law, applicants are individually underwritten, not all applicants may qualify. Individual rates and savings vary and are subject to change. Discounts and savings are available where state laws and regulations allow, and may vary by state. Certain discounts apply to specific coverages only.
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Issuance of coverage is subject to underwriting. Not available in all states. Please see the policy for full terms, conditions and exclusions. Coverage examples are for illustrative purposes only. Your policy documents govern, terms and exclusions apply. Coverage is dependent on actual facts and circumstances giving rise to a claim. Next Insurance, Inc. and/or its affiliates is an insurance agency licensed to sell certain insurance products and may receive compensation from insurance companies for such sales. Policy obligations are the sole responsibility of the issuing insurance company. Refer to Legal Notices section for additional information.