Independent Business and Commercial Insurance Agents
Max has enjoyed hunting in Minnesota his whole life. Since he soon will be retiring, Max decides he is now in a position to turn his lifetime hobby and passion into a business. When you start a business you need business insurance. He plans to open a combination shooting range and hunting club. He finds a location and property that had been a gun club and negotiates a rent that seems feasible. The realtor notes he will also need a certificate of insurance for the closing. The requirements of most leases for commercial spaces is proof of commercial liability insurance that covers the type of use of the building.
Max is smart. It is important to him to protect the assets he has worked all of his life to secure. Its very important when starting a business to cover your assets with the proper business insurance So, before agreeing to the lease, he discusses his insurance needs with his commercial insurance independent agent.
Let’s examine some of the kinds of commercial insurance and benefits that Max, and you as a small-business owner in Minnesota, might consider.
Commercial insurance is defined as an agreement between a business owner and an insurer to help to minimize the business owner’s risks due to unforeseen losses.
In talking with his commercial insurance independent agent, Max identifies six main kinds of losses that concern him:
- Shooting accidents
- The effects of adverse weather
- Theft of property and equipment
- Acts of vandalism
- Lawsuits filed by members
- Employee Related Liability
As a result, Max’s commercial insurance independent agent advises him that there are three main types of insurance to consider that would cover these losses:
- Property Coverage – This insurance would help to protect the shelters on his shooting range, Max’s main building, and the equipment that he rents to members. Its important to have a local commercial Insurance independent agent to ensure that risks specific to Minnesota such as certain types of weather are covered. Its also important to know that policies can be endorsed (changed) to include theft – even by employees.
- Commercial Liability Coverage – This insurance would help to protect Max against a potentially damaging lawsuit filed by one or more of his members, possibly as the result of bodily injuries sustained on the shooting range. He cautions Max that some companies will exclude bodily injury to athletic participants, so he will need to review each coverage proposal carefully.
- Employment Liability Coverage – This would protect the business against claims filed by the employees regarding such things as harassment.
Max’s commercial insurance independent agent also asks him about his other insurance needs, such as commercial vehicle insurance and workers compensation insurance. Max learns that workers compensation insurance is statutorily required and it would help to pay the medical care and rehabilitation of any workers that get hurt on the job.
Max’s agent helps him to review his property lease to know what insurance the property owner is contractually required to have in Minnesota. He also reviews the lending agreement with Max’s bank for any other Commercial insurance requirements.
Like most small business owners, Max is not an insurance specialist, but it is one of the many hats he needs to wear to be successful. Fortunately for Max, his commercial insurance independent agent has experience with many small business clients. Since his agent represents multiple insurance companies, and lives in Minnesota, he is able to offer Max a package policy specifically designed for shooting ranges and hunting clubs. Max’s agent provides him several options to consider so that Max can agree to the lease with confidence. Your commercial insurance independent agent can also help you select the type of coverage or package policy that is right for you and your business.
Don't try to handle your commercial insurance needs without an agent you trust.