Employers Liability Insurance Minnesota Policy Information
Employers Liability Insurance Minnesota. Most business owners know the importance of workers compensation insurance to protect themselves from claims for injury by those they employ. However, businesses have realized that workers comp doesn't cover everything. The exceptions in this widely mandated employee benefit have prompted businesses to develop a companion product called employers liability insurance.
Employers liability insurance Minnesota covers you against compensation claims arising from employee illness or injury, sustained as they work for you.
Employers Liability insurance Minnesota protects your business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Building Your Employers Liability Insurance Policy
Employers Liability Insurance is compulsory for any business that has one or more direct employees. This includes full-time and part-time employees, self-employed contractors you hire, temporary staff, apprentices, volunteers and people taking part in work experience or on the job training.
Most policies extend the definition of a direct employee to include: labor-only sub-contractors or persons supplied by them, self-employed persons, persons hired or borrowed by the insured under agreement or persons engaged in training, education or work experience. This means that claims against your business under these categories will be indemnified by your employers liability insurance Minnesota, providing you are covered.
Some MN employers are exempted from this type of insurance. These include; a limited company where only 1 person is employed and that person also owns more than 50% of the share capital; a company which is not limited and has only 1 employee (sole trader) who is the principal of the business; a company which is not limited and of more than 1 employee where employees are close family members; and partnerships where the directors are equal partners in the business and do not employ others.
How ELI Works
Employers liability insurance Minnesota typically involves one of these types of claims:
- Third-Party Over Actions. In this case, another party which was held accountable for your employee's injuries files this law suit against your company. So say, for instance, one of your workers was injured while equipment you hadn't properly maintained. The worker sues the producer of the equipment, then the manufacturer turns this around to sue you for negligence.
- Loss of Consortium. The spouse of an injured worker files this law suit.
- Dual-Capacity Suits. A worker can file this law suit against their employers if an item the employer manufactures caused their injury.
- Consequential Bodily Injury. This applies when a family member of your employee suffers bodily injury caused by the employee's injuries.
Employer's Liability Insurance Claims
ELI claims wide-ranging. They can and do arise from ex-employees as well as current ones. They can be brought due to a wide range of physical and psychological injuries and/or industrial diseases sustained during the course of employment. Such claims should never be taken lightly or disregarded. Even a minor injury can cost thousands to deal with while more serious injuries or illnesses, can easily lead to claims in the tens or hundreds of thousands of dollars. Some examples are:
- Mental injury or stress not accompanied by any physical injury.
- Nervous shock or fright not accompanied by any physical injury (this may result in serious illness, such as heart attack or stroke).
- Disease brought on over time (e.g. exposure to the elements or extremes of temperature).
Why Do I Need MN Employers Liability Insurance?
Accidents happen, accusations are made, lawyers get involved and people want compensation. Rightly or wrongly these things happen every day and, sooner or later, you will be on the receiving end. A claim won't go away if you ignore it. And there are no shortcuts. So you need employers' liability insurance because you have a business to run; because you have limited funds; because you're not legally trained; and because your reputation matters.
Employers liability insurance Minnesota is not generally bought by itself. This is because when you have direct employees you almost certainly require MN workers comp. You can buy ELI directly from an insurer or from a specialist broker. The exact cost of the premium is based on a number of factors including the line of the business, the number of people you employ and your previous insurance claims history.
Minnesota Economic Data And Business Insurance Regulations
If you're an entrepreneur who is thinking about starting a business or expanding your company by opening a division in a new location, you know that there are a number of factors you have to consider. One of the most crucial elements business owners must take into consideration is the conditions of the location they are interested in; the area needs to offer conditions that are favorable for the business in order for the operation to thrive. A suitable target demographic and a healthy labor market are just some of the elements that indicate whether or not a business will thrive.
For business owners who have Minnesota in mind as their base, below, we've highlighted key details that suggest whether or not the Land of 10,000 Lakes offers favorable conditions for business owners. We also discuss the forms of commercial insurance that businesses are required to carry in the state.
Economic Trends For Business Owners in Minnesota
The unemployment rate of a state is a good indication of whether or not a state is suitable for business operations, as it provides insight into the labor market. According to the Bureau of Labor Statistics, as of May 2019, the rate of unemployment in The Gopher State was 3.3 percent, while the national average was 3.6 percent. While there has been a slight increase from 2018 (0.5 percent from June 2018 to May of 2019), the rate still indicates that the labor market in the state is favorable, which is a good sign for entrepreneurs.
Anywhere throughout the North State offers suitable conditions for businesses; however, there are some areas that are particularly ideal. These areas either large cities or areas that surround the state's largest cities, including:
- Eden Prairie
- Golden Valley
- Little Canada
- Mendota Heights
- St. Paul
- Thief River Falls
Certain industries do better than others in MN, and businesses that are centered on these industries have a greater chance of achieving success. The leading industries within the state include:
- Agriculture and forestry
- Hospitality and tourism
- Information technology
- Sustainable energy (specifically wind power)
Commercial Insurance Regulations For Businesses In Minnesota
The Minnesota Department of Commerce regulates insurance in Minnesota. Commercial insurance is designed to provide business owners and the individuals they associate with (employees, customers, and vendors) from a multitude of risks. To ensure proper protection for all, companies are required to carry the following commercial insurance policies in The North Star State:
- Workers' compensation insurance, which provides coverage for work-related injuries and illnesses that employees may sustain.
Business that use vehicles for business-related purposes over a certain weight, must also carry commercial auto insurance, and any company that sells or otherwise distributes alcohol must carry liquor liability coverage.
Additional Resources For Small Business Insurance
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
- Small Business
- Business General Liability
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Umbrella
- Comprehensive General Liability
- Directors and Officers Liability
- Cyber Liability
- Employers Liability
- Employment Practices Liability
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Professional Liability
- Workers Compensation Insurance
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
Request a free Employers Liability Insurance Minnesota quote in Albert Lea, Alexandria, Andover, Anoka, Apple Valley, Arden Hills, Austin, Bemidji, Big Lake city, Blaine, Bloomington, Brainerd, Brooklyn Center, Brooklyn Park, Buffalo, Burnsville, Champlin, Chanhassen, Chaska, Cloquet, Columbia Heights, Coon Rapids, Cottage Grove, Crystal, Duluth, Eagan, East Bethel, Eden Prairie, Edina, Elk River, Fairmont, Faribault, Farmington, Fergus Falls, Forest Lake, Fridley, Golden Valley, Grand Rapids, Ham Lake, Hastings, Hermantown, Hibbing, Hopkins, Hugo, Hutchinson, Inver Grove Heights, Lakeville, Lino Lakes, Little Canada, Mankato, Maple Grove, Maplewood, Marshall, Mendota Heights, Minneapolis, Minnetonka, Monticello, Moorhead, Mound, Mounds View, New Brighton, New Hope, New Ulm, North Branch, North Mankato, North St. Paul, Northfield, Oakdale, Otsego, Owatonna, Plymouth, Prior Lake, Ramsey, Red Wing, Richfield, Robbinsdale, Rochester, Rogers, Rosemount, Roseville, Sartell, Sauk Rapids, Savage, Shakopee, Shoreview, South St. Paul, St. Cloud, St. Louis Park, St. Michael, St. Paul, St. Peter, Stillwater, Vadnais Heights, Waconia, West St. Paul, White Bear Lake, Willmar, Winona, Woodbury, Worthington and all other cities in MN - The North Star State.
Also learn about Minnesota small business insurance requirements for general liability, business property, commercial auto & workers compensation including MN business insurance costs. Call us (612) 808-9866.