Minnesota Fire And Water Restoration Contractors Insurance Policy Information
Minnesota Fire And Water Restoration Contractors Insurance. There is nothing much more devastating to a property owner than learning that his or her home or business has been damaged by a fire or water. These types of disasters can completely uproot lives and cause tremendous heartache. Recovering from fire or water damage can be extremely difficult. It requires the expertise of a professional to ensure that the job is done the right way, and safely.
As a fire and water restoration contractor, you take great pride in being able to help the victims of disasters recover. You also do your very best to provide the absolute best services possible. However, despite your best intentions, there is a chance that you could face legal problems. A client could claim that you did further damage to their property while you were restoring it, someone could sustain an injury as a result of faulty equipment, or one of your worker's could be involved in an accident while working.
Because of the risks that are associated with being a restoration contractor, it's important for you to carry the right type of Minnesota fire and water restoration contractors insurance coverage. Without insurance, you could face tremendous financial strain that could jeopardize your business and put you in financial distress personally.
Minnesota fire and water restoration contractors insurance protects your business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Insurance Is Important For Fire & Water Restoration Contractors
As mentioned above, fire and water restoration contractors face certain risks. If someone files a claim against you, you, your business, and even your family could be in serious danger. The costs of handling legal claims can be astronomical. Lawyer fees, court fees, and settlement fees could cost you hundreds of thousands of dollars, if not millions. Imagine having to pay for those fees out of your own pocket? It could put you in serious financial ruin and force you to close up shop.
Minnesota fire and water restoration contractors insurance provides you with the protection you need in the event that someone files a lawsuit against you. It offers coverage for things like legal fees, repairs to damaged property, and compensation that you may be required to make to the party who is suing you.
What Type of Insurance Should MN Fire And Water Restoration Contractors Carry?
As a fire and water restoration contractor, there are a few types of insurance policies that you are going to want to carry. These policies include:
- Commercial General Liability Insurance: This type of insurance covers the costs that are associated with personal injuries and property damage. If a client is injured as a result of faulty equipment while you a working on a jobsite, your insurance will cover medical costs, legal fees, and any compensation that may be awarded. If you damage a client's property and that client sues you, this type of insurance policy will also cover you.
- Property Insurance: If you operate your business within a commercial setting, you are also going to want to secure commercial property insurance. If your building or the contents are damaged or destroyed, commercial property insurance will protect you.
- Business Auto insurance: If you use vehicles for your business, even if they aren't company owned, it's still a wise idea to make sure that you purchase commercial auto insurance. If an accident occurs with a vehicle, your policy will cover the cost of any medical care that is required, lawsuits, settlement and legal fees, as well as lost or damaged property.
- Workers Compensation Insurance: Do you employ other people? If so, you are going to want to make sure that you have workers' compensation insurance. In fact, depending on what state you operate your business out of, you will be required to carry this type of coverage if you have any non-owner employees. Workers' compensation offers coverage for employees when they are involved in a work related accident that results in an injury, or if they sustain a work-related illness. It covers the cost of medical care and lost wages, as well as accidental death.
How Much Coverage Do You Need?
The amount of coverage you will need as a MN fire and water restoration contractor depends on several factors; The size of your business, the clients you serve, and the types of properties you work on are just some of the factors that will determine the cost of your coverage. To find out more about what type of coverage you need and how much it will cost, make sure you speak to a trustworthy insurance broker.
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 Contractors & Home Improvement Insurance
Learn about small business contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your contracting business from lawsuits.
- Air Conditioning Systems Installation Repair
- Appliance Repair & Service
- Blacksmith & Metal Workers
- Builders Risk
- Building Cleaning & Maintenance Services
- Cabinet Installer
- Cable And Satellite TV Installer
- Chimney Sweep
- Contractor Liability
- Curtain Cleaners
- Deck Builders
- Door And Window Installers
- Dryer Vent Cleaning
- Drywall Contractor
- Electrical Contractors
- Environmental Remediation Contractors
- Fence Installation
- Fire Sprinkler Contractors
- Fire & Water Restoration Contractors
- Flooring Contractor
- Garage Door Installer And Repair
- Glass Contractor
- Glazier Insurance
- Gutter Installation And Repair
- House Cleaning
- HVAC Contractor
- Insulation Contractor
- Janitorial Cleaning Services
- Lawn Care
- Lawn Irrigation Sprinkler System Installation
- Paperhanging Contractors
- Plastering And Stucco Contractor
- Pressure Washing Contractors
- Propane And Fuel Dealers
- Rug, Upholstery & Carpet Cleaning
- Sandblasting Contractors
- Security Alarm
- Septic Tank Cleaning
- Siding Contractor
- Sign Installation & Repair
- Solar Panel Installers
- Snow Plow
- Stone And Tile Installer
- Swimming Pool Contractor
- Swimming Pool Service And Maintenance
- Tree Surgeon
- Tree Trimming
- Tank Cleaners
- Upholstery Shop
- Waste Haulers & Garbage Collection
- Water Well Drilling
- Welding Contractor
- Wildlife & Pest Control
- Window Cleaning
A contractor that wants to begin or stay in business, liability coverage must be obtained for the premises or operations, off-site locations and products/completed operations exposures. These coverages may be included as a part of a businessowners policy (BOP) or purchased in a commercial general liability (CGL) policy. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to obtain a particular job.
Physical damage coverage for tools, supplies and equipment, both on and off the contractor's premises, is a concern. Liability exposures at the premises of the contractor, and at the premises of the contractor's customer, must be properly addressed along with completed operations. Business insurance is very important as is workers compensation insurance protection for employees.
Contractors may work under a general contractor as a subcontractor in larger construction projects - like a new commercial site or residential subdivision. They can work on smaller projects directly with a home owner, usually specializing in renovations or remodels.
In business insurance speak, often called 'artisan contractors' or 'casual contractors', they are involved in many aspects of construction and contracting work – and include various trades and skills. Carpenters, painters, plumbers, electricians, roofers, tree trimmers, landscaping are just a few examples. They may do roofing, fencing, drywall, tile work and many other trades that involve skilled work with tools at the customer's premises.
An artisan contractor performs a single trade or job, and each has its own specialized liability needs with its own exposures to risk and accidents. Contractors liability insurance can offer coverage for bodily injury, property damage, advertising injury and medical payments.
Most artisan contractors should have commercial general liability at the very least, but many need broader coverages - like an umbrella to increase their limits of liability, inland marine policy to protect their tools, workers compensation if they have employees, and even commercial auto if they use vehicles for business purposes.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Contractors' Equipment and Tools, General Liability, Employee Benefits Liability, Umbrella Liability, Automobile Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Accounts Receivable, Builders Risk, Computers, Goods in Transit, Installation Floater, Valuable Papers and Records, Cyber Liability, Employment-related Practicesand Stop Gap Liability.
Request a free Minnesota Fire And Water Restoration Contractors Insurance 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.