Jump ahead to learn:
- What could be covered by Commercial Property insurance in Minnesota?
- Is Commercial Property insurance required in Minnesota?
- How much is Commercial Property insurance in Minnesota?
- How ERGO NEXT Commercial Property insurance can help protect Minnesota business owners
What could be covered by Minnesota Commercial Property insurance?
Commercial property insurance in Minnesota could help to protect the goods and gear you need to run your business.
Commercial property coverage typically has three parts:
- Business personal property coverage (also called BPP insurance), which could help cover the contents of your business space, such as equipment, inventory, furniture, flooring and fixtures.
- Building coverage, which could help protect the building structure itself, including things like HVAC systems, sprinkler systems or damage from a fallen tree.
- Business income insurance coverage, also called business interruption insurance, could help cover lost income if your business is forced to close for repairs after an unexpected covered event, such as a fire or vandalism.
Commercial property insurance coverage can help business owners with:
- Building structural damage
- Inventory damage
- Damaged furniture and fixtures
- Stolen business goods and gear
- Equipment breakdowns
- Business income interruptions
Building structural damage
Commercial property insurance could help cover the cost of repairs after a covered event causes structural damage to a commercial building you own or rent. For example, if a fire destroys your Rochester retail store, commercial property insurance could help you with costs.
Inventory damage
If your store’s inventory is damaged, commercial property insurance could help you replace it.
Damaged furniture and fixtures
Commercial property insurance could help with costs related to damaged physical fixtures on your business premises, such as:
- Display cases
- Retail shelving
- Windows
- Flooring
- Business furniture
So if your Minneapolis restaurant’s windows are damaged due to a covered event, commercial property insurance could help cover the cost to replace them.
Stolen business goods and gear
Electronics and other stolen business equipment taken from your office, storefront, warehouse or other business space can be expensive to replace. Commercial property insurance could help cover the cost.
Equipment breakdowns
Equipment breakdowns can disrupt your business operations. Commercial property insurance can help cover it so your business can get back up and running again.
Business income interruptions
When a covered event forces your business to temporarily close for repairs, commercial property insurance could help replace lost business income. For example, if a severe storm damages your St. Paul clothing store, commercial property insurance could help replace lost business income while you rebuild.
Is Commercial Property insurance required in Minnesota?
Commercial property insurance may be required in Minnesota for things like:
- Signing a commercial lease
- Financing business real estate
- Taking out a small business loan
Minnesota landlords may require commercial property insurance as part of their business lease agreements. Similarly, lenders may require commercial property insurance when buying a business building using a business mortgage.
And if you want to finance equipment or renovate a building you own using a small business loan, commercial property insurance is a common requirement in Minnesota.
Even where commercial property insurance isn’t a requirement, many Minnesota small businesses could benefit from the financial protection it offers.
