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Business Insurance in Minnesota

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What are the requirements for small business insurance in Minnesota?

State laws can affect which insurance policies you need for your small business. These policies are required for Minnesota businesses.
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Workers' compensation insurance

Minnesota state law requires businesses to carry workers’ compensation insurance for all employees. Sole proprietors, partners, and corporate officers in Minnesota are excluded from compulsory coverage. This policy covers medical bills for work injuries and illnesses.

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Commercial auto insurance

All business-owned vehicles in Minnesota must be covered by commercial auto insurance. Minnesota requires a minimum of:

  • Bodily injury liability: $30,000 per person / $60,000 per accident
  • Property damage liability: $10,000 per accident
  • Uninsured / underinsured motorist coverage: $25,000 per person / $50,000 per accident
  • Personal injury protection: $40,000

Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance, as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.

Recommended insurance policies for small businesses in Minnesota

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How much does small business insurance cost?

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Commercial insurance can be affordable for a small Minnesota business. Factors that influence the cost include:

  • Your industry and risk
  • Coverage limits
  • Location
  • Number of employees
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Insureon specializes in Minnesota business insurance

In Minnesota, insurance agents, agencies, and brokers are licensed by the Minnesota Department of Commerce Insurance Division. Insureon is licensed in Minnesota as BIN Insurance Holdings LLC (NPN 15752926) for property and casualty insurance (license number 40209420). You can verify our licensure with the Sircon Corp. Verification System by selecting Minnesota, Agency, and then entering our license number.

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