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Minnesota Contractor Insurance

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Business Insurance for Contractors in Minnesota

As a contractor in Minnesota, it is essential to protect your business and your clients by carrying the appropriate insurance coverage. In this article, we will discuss the types of insurance that Minnesota contractors should consider and how to choose the right coverage for your business.

Minnesota General Liability Insurance

Minnesota contractors general liability insurance is a type of insurance that protects contractors from financial loss due to claims of bodily injury, property damage, and personal and advertising injury. This type of insurance is important for contractors in Minnesota because it can cover the cost of legal defense, settlements, and judgments in the event that someone sues the contractor for damages.

There are several types of risks that Minnesota contractors general liability insurance can cover, including:

  • Slip and fall accidents on the job site
  • Accidents caused by defective products or materials
  • Injuries to employees or subcontractors
  • Damage to rented or borrowed equipment
  • Damage to third-party property

It’s important for contractors in Minnesota to understand the specific coverage provided by their general liability insurance policy, as well as any exclusions or limitations. It’s also a good idea for contractors to consult with an insurance broker or agent to determine the right level of coverage for their specific business needs.

Minnesota Workers’ Compensation Insurance

Minnesota workers’ compensation insurance is a type of insurance that provides benefits to employees who are injured on the job or suffer from a work-related illness. This type of insurance is required by law in Minnesota, and it covers the cost of medical treatment, lost wages, and rehabilitation services for employees who are unable to work due to a work-related injury or illness.

There are several types of benefits that may be available under a Minnesota workers’ compensation insurance policy, including:

  • Medical treatment: Workers’ compensation insurance covers the cost of medical treatment for work-related injuries and illnesses, including hospital stays, surgeries, and physical therapy.
  • Temporary total disability benefits: If an employee is unable to work due to a work-related injury or illness, workers’ compensation insurance may provide temporary total disability benefits to cover the employee’s lost wages.
  • Permanent total disability benefits: If an employee is permanently disabled due to a work-related injury or illness, workers’ compensation insurance may provide permanent total disability benefits to cover the employee’s lost wages.
  • Rehabilitation benefits: Workers’ compensation insurance may cover the cost of rehabilitation services, such as vocational training or job placement assistance, for employees who are unable to return to their previous job due to a work-related injury or illness.

It’s important for contractors in Minnesota to understand their responsibilities as an employer with regard to workers’ compensation insurance, including the requirement to carry coverage and the process for reporting and filing claims. Contractors should also be aware of any exclusions or limitations in their workers’ compensation insurance policy.

Minnesota Commercial Auto Insurance

Minnesota commercial auto insurance is a type of insurance that provides coverage for vehicles used for business purposes. This type of insurance is important for contractors in Minnesota because it can protect against financial loss due to accidents, theft, and other damages to business-owned vehicles.

There are several types of coverage that may be included in a Minnesota commercial auto insurance policy, including:

  • Liability coverage: This type of coverage protects against financial loss due to third-party claims of bodily injury or property damage.
  • Physical damage coverage: This type of coverage protects against financial loss due to damages to the insured vehicle, including collision and comprehensive coverage.
  • Medical payments coverage: This type of coverage pays for medical expenses incurred by the driver and passengers of the insured vehicle as a result of an accident.
  • Uninsured/underinsured motorist coverage: This type of coverage protects against financial loss due to an accident with an uninsured or underinsured driver.

It’s important for contractors in Minnesota to understand the specific coverage provided by their commercial auto insurance policy, as well as any exclusions or limitations. It’s also a good idea for contractors to consult with an insurance broker or agent to determine the right level of coverage for their specific business needs.

Minnesota Builder’s Risk Insurance

Minnesota builders risk insurance is a type of insurance that provides coverage for the construction of a new building or the renovation of an existing building. This type of insurance is important for contractors in Minnesota because it can protect against financial loss due to damages to the construction site or materials, as well as delays in the construction process.

There are several types of coverage that may be included in a Minnesota builders risk insurance policy, including:

  • Property coverage: This type of coverage protects against financial loss due to damages to the construction site or materials, including materials that are in transit to the site.
  • Time element coverage: This type of coverage pays for the additional costs incurred due to delays in the construction process, such as additional labor or materials.
  • Soft costs coverage: This type of coverage pays for non-construction costs related to the project, such as architectural or engineering fees.

It’s important for contractors in Minnesota to understand the specific coverage provided by their builders risk insurance policy, as well as any exclusions or limitations. It’s also a good idea for contractors to consult with an insurance broker or agent to determine the right level of coverage for their specific business needs.

Minnesota Inland Marine Insurance

Inland marine insurance is a type of insurance that provides coverage for property that is transported over land, such as tools and equipmeMinnesota inland marine insurance is a type of insurance that provides coverage for property that is transported over land, such as construction equipment and materials. This type of insurance is important for contractors in Minnesota because it can protect against financial loss due to damages or losses to the insured property while in transit.

There are several types of coverage that may be included in a Minnesota inland marine insurance policy, including:

  • Property coverage: This type of coverage protects against financial loss due to damages to the insured property, including theft and loss in transit.
  • Liability coverage: This type of coverage protects against financial loss due to third-party claims of bodily injury or property damage caused by the insured property.

It’s important for contractors in Minnesota to understand the specific coverage provided by their inland marine insurance policy, as well as any exclusions or limitations. It’s also a good idea for contractors to consult with an insurance broker or agent to determine the right level of coverage for their specific business needs.

Minnesota Commercial Umbrella Insurance / COI

Minnesota commercial umbrella insurance is a type of insurance that provides additional liability coverage beyond the limits of other liability policies, such as general liability or commercial auto insurance. This type of insurance is important for contractors in Minnesota because it can provide additional protection in the event of a large claim or judgment that exceeds the limits of the underlying liability policy.

There are several types of coverage that may be included in a Minnesota commercial umbrella insurance policy, including:

  • Bodily injury liability coverage: This type of coverage protects against financial loss due to third-party claims of bodily injury caused by the insured business.
  • Property damage liability coverage: This type of coverage protects against financial loss due to third-party claims of property damage caused by the insured business.
  • Personal and advertising injury liability coverage: This type of coverage protects against financial loss due to third-party claims of personal or advertising injury, such as defamation or invasion of privacy.

It’s important for contractors in Minnesota to understand the specific coverage provided by their commercial umbrella insurance policy, as well as any exclusions or limitations. It’s also a good idea for contractors to consult with an insurance broker or agent to determine the right level of coverage for their specific business needs.

Minnesota ACORD Certificates

Minnesota ACORD certificates are documents that provide proof of insurance coverage for a specific policy or risk. These certificates are often used by contractors in Minnesota to provide evidence of insurance coverage to clients, landlords, or other parties.

ACORD certificates typically include information about the insured party, the insurance policy, and the coverage provided by the policy. They may also include information about any endorsements or exclusions that apply to the policy.

It’s important for contractors in Minnesota to understand the importance of having accurate and up-to-date ACORD certificates, as well as the process for obtaining them. Contractors should also be aware of any requirements or preferences for ACORD certificates that may be specified by clients or other parties.

Business Insurance for Contractors in Minnesota

Business insurance is an important consideration for contractors in Minnesota, as it can protect against financial loss due to a variety of risks and liabilities. Some of the key types of business insurance for contractors in Minnesota include contractors general liability insurance, workers’ compensation insurance, commercial auto insurance, builders risk insurance, inland marine insurance, and commercial umbrella insurance.

It’s important for contractors in Minnesota to work with a reputable insurance broker or agent at our firm to determine the right coverage for their specific business needs. By working with an experienced professional, contractors can ensure that they have the necessary insurance protection in place to help protect their business and their bottom line.

Your Minnesota Contractors Insurance Questions Answered

Get answers to your most common questions from Contractors Liability

For General Liability Insurance in Minnesota you need $1,000,000 per occurrence and $2,000,000 aggregate almost 100% of the time. 99% of all General Liability policies we sell in Minnesota are $1,000,000/$2,000,000.

For Commercial Auto Insurance in Minnesota you need $1,000,000 CSL meaning $1,000,000 Combined Single Limit for Bodily Injury and Property Damage to the other party combined. To protect your Minnesota vehicle you need to have Comprehensive and collision coverage. Commercial Auto Collision Insurance in Minnesota covers any collision and Comprehensive Commercial Auto Insurance covers anything but collision.

For Workers Compensation Insurance in Minnesota you need $500,000/$500,000/$500,000 in general. This covers your workers in the event of a claim where the owner is liable up to $500,000. In 99% of cases the owner is not liable and coverage for workers compensation is unlimited.

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