Insuring Your Business With Skill, Affordability, and Confidence

Small Business / CommercialCH Group insures all types of businesses, throughout the Twin Cities and beyond.  Many businesses can be adequately insured with just one or two insurance policies:  A Business Owners Policy (BOP) and a Business Auto Policy.  But some businesses present inherently unique commercial property, business ‘personal’ property, and liability risks.  For those, we have a range of special business insurance options we can include with your insurance program, whether your business is large or small, in multiple locations or run out of your home office.


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COMMON TYPES OF BUSINESS INSURANCE POLICIES

BUSINESS OWNERS POLICY

Think of it as homeowner insurance for your business. This type of policy is appropriate for many small and medium sized businesses. It conveniently includes many types of coverage like liability, building, business property and loss of income.

BUSINESS AUTO INSURANCE

Maybe your business owns vehicles or maybe you rent or lease them. Maybe you or your employees use personal vehicles to conduct business. If so, you need Business Auto Insurance. A Business Auto Insurance Policy protects your business against injury to others and damage to property as a result of business use of vehicles.

COMMERCIAL UMBRELLA INSURANCE

Commercial Umbrella Insurance is sometimes used interchangeably with Excess Liability Insurance. The two are really different; an umbrella insurance policy will ‘reach down’ to provide coverage in gaps between other business insurance policies while a true excess insurance policy is intended to provide extra limits of insurance on top of coverage provided by other business insurance policies that are in place.

WORKERS’ COMPENSATION INSURANCE (WORK COMP)

This type of insurance pays for medical and rehabilitation expenses for workers injured on the job. Lost wages are also covered. Each state governs the compensation details, including the amounts paid. This is often a mandatory type of insurance.

COMMERCIAL PROPERTY INSURANCE

This type of policy provides protection from loss, due to a variety of perils, to all kinds of business property including: building structures, furniture, inventory, equipment, and supplies, money and securities and business records. If you have a larger or more complex business you may need the flexibility of insuring your business property through a Commercial Property Policy.

COMMERCIAL GENERAL LIABILITY (CGL)

Your business faces exposure to loss from legal liability from a number of sources. The CGL provides broad protection from risks arising from your premises and operations, independent contractors and product liability, to name a few.

PROFESSIONAL LIABILITY INSURANCE

Any professional in any field is expected to possess skills and knowledge resulting from specialized training and experience. When a client or customer believes you have not conducted yourself according the standards of your profession or that you have been negligent in some way you can be sued. Standard business liability policies do not cover these situations. To supplement general liability protection you may need a specialty coverage known as Professional Liability Insurance or sometimes Errors and Omissions Insurance.

CONTRACTORS BONDS

There are several types of Surety Bonds for contractors: Bid Bonds, Performance Bonds, Payment Bonds, License Bonds and Supply Bonds are a few. In general, surety bonds assure a project owner that they can rely on contractor performance, ability to make payments to certain other parties (sub-contractors, e.g.), good faith bid submissions and so on. The issuer of sureties, usually an insurance company subsidiary, investigates the abilities of a contractor and, in the event of a valid claim, will make reimbursement for non-performance according to the terms of the surety.

Information Needed for General Agreement of Indemnity:

  1. Federal ID Number of each corporation
  2. Full Name and Social Security Number of each stockholder and their spouses
  3. Home Address of each stockholder and their spouses
  4. Legal Name and Address of Corporation.
  5. For Bid Bond Purposes – State(s) of Incorporation