St Paul Business Liability Insurance

St Paul business liability insurance can be in one of two forms: claims made or occurrence. Claims made policies are active during the time your St Paul company is actually insured, but not after that. Occurrence policies, on the other hand, remain forever active regarding incidents related to the period in which you were insured. You have several different factors to consider regarding this choice, including cost, risks, and what's best in your particular industry.

St Paul business liability insurance won't protect your company if a claim is made regarding a professional air negligence. So, if you're giving opinions, providing solutions, or anything along those lines, you need professional Minnesota business liability insurance, called malpractice or errors and omissions. Malpractice will protect you from claims regarding professional negligence. Malpractice isn't just for lawyers doctors and attorneys, it's for all professionals with liability concerns.

Deciding Between Occurrence and Claims Made

Imagine this scenario: you're a contractor and you build a playground in St Paul. Several years later, you retire and take up golfing. Several years more go by, and then you're contacted regarding a serious accident in the playground that you built 15 years ago. You are blamed for the damaged monkey bars, and looking at an ugly lawsuit.

If you had an occurrence policy at the time that you built the playground, you're still covered. So, you St Paul business liability insurance company will pay all legal fees, and the damages. However, if you had a claims made policy, you find yourself completely without insurance. Sounds pretty simple, right? It's not.

Most people, when they hear about the difference between occurrence policies and claims made policies, realize that an occurrence policy sounds like the safer choice. St Paul, MN companies with work that will last into the future are aware that an occurrence policy is the best option for long-lasting protection. However, occurrence policies aren't available for every industry, and, occurrence policies are much more expensive than claims made policies.

Also, occurrence policies are adjusted for the growth of your business, or inflation. So, depending on the evolution of your St Paul, MN company, and the economy, your policy may experience a significant loss in value. As you've probably gathered at this point, St Paul business liability insurance isn't particularly straightforward.

Another option is to purchase a claims made policy and then add tail coverage. Tail coverage will cost less than your original St Paul business liability insurance premium, but it's still pretty expensive. If you switch insurers, you need to have prior claims endorsement, or you need to have tail coverage. Protecting your St Paul business gets increasingly confusing if you change insurance companies.

If possible, your best option is to choose a St Paul business insurance company you really like. And then, with the help of your insurance agent, decided whether and occurrence or a claims made policy is better for you, and stick with it. If you build a lasting relationship with your Minnesota insurer and your St Paul business liability insurance agent, making sure your company is well protected will be easier in the long run.

Minnesota Malpractice

If a claim is made regarding professional error negligence, your St Paul business liability insurance will be null. You need to have malpractice coverage for your Minnesota business if a claim could be made regarding a professional error. You need to protect your professional liability for several reasons.

First of all, even very capable professionals make mistakes sometimes. Perhaps you're having an off day, or you're very tired, and if that's the case then you need to protect your liability. Secondly, even if you never make a mistake, a client or customer can defeat the print claim against you. Unfortunately, liability claims are made for all kinds of reasons, and meritless claims happen all the time.

If the customer or client brings a claim against you that has no foundation whatsoever, you're in trouble if you don't have professional liability insurance. A lawsuit could easily put an uninsured small business under. So, if you are building houses, offering advice, providing solutions, or any other professional task, don't expect your St. Paul business liability insurance to cover you. Insuring your business is a complicated matter, because you have different risks than other companies, and different concerns based on your particular industry.

You may have to consider claims regarding your product or your profession, for example. Furthermore, don't forget about employee coverage, commercial auto policies, and other potential concerns. Given how complicated St Paul business liability insurance can be, the best way to protect your company is to choose an agent you trust. An agent who has experience in your industry can assess your risks. He or she will carefully look for anticipated gaps, and find a high-quality insurer.

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