Business owners in Saint Paul, MN are required by law to obtain workers’ compensation coverage, and they are mandated to carry commercial automobile insurance. Commercial liability is optional but is a choice many invest in to guard against financial loss.
Also known as named perils, this is a list of scenarios against which you are covered, and you can usually find these in your policy contract. It’s essential to familiarize yourself with these provisions, as you may need to carefully review the types of insurance you purchase.
For example, if your area is prone to vandalism and your standard property indemnification does not extend to these types of events, you will need to investigate which coverage does.
Minnesota entrepreneurs can also speak to their Rising Star Insurance agent about adding riders that address certain contingencies. There is also another type of policy known as open perils coverage. With this type of protection, everything is covered except that which is excluded by name.
Named perils coverage is narrower than an open perils policy. You will be financially responsible for anything that falls outside particular parameters, and your business could suffer loss. It’s vital to ensure your indemnities align with the types of exposure you risk in your chosen field of work.
It’s also often necessary for the business owner to provide proof their loss was due to one of the named perils in the policy. Open perils coverage typically requires that the insurance company prove the incident was of a category on the excluded list before they can deny a claim.
Rising Star Insurance Can Help
Let Rising Star Insurance put together a tailored insurance package to suit your needs. You can reach us by phone or the internet or stop by our office in Maplewood, MN. We can answer any questions you may have.