Business Insurance in Minnesota

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Learn about Minnesota's insurance requirements

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Recommended insurance policies for small businesses in Minnesota

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General liability insurance

This policy is important for all Minnesota businesses. It covers common risks, including customer injuries. Most commercial leases require this business liability insurance.

  • Customer bodily injuries
  • Damaged customer property
  • Libel and other advertising injuries
Professional liability insurance icon

Professional liability insurance

This policy, also called errors and omissions insurance (E&O), protects Minnesota businesses that provide professional services or advice. It covers lawsuits related to work performance.

  • Work mistakes and oversights
  • Professional negligence lawsuits
  • Late or incomplete work
Cyber liability insurance icon

Cyber liability insurance

This policy covers financial losses from data breaches and cyberattacks. It's recommended for Minnesota businesses that handle credit card numbers and other sensitive data.

  • Customer notification expenses
  • Fraud monitoring services
  • Data recovery
Business owner’s policy icon

Business owner's policy

A BOP bundles commercial property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for a Minnesota business.

  • Customer bodily injuries
  • Damaged customer property
  • Damaged business property
Workers’ compensation insurance icon

Workers’ compensation insurance

Workers’ comp insurance is required for all Minnesota businesses that employees. It also protects sole proprietors from work injury costs that health insurance might deny.

  • Employee medical expenses
  • Partial missed wages
  • Legal fees from employee injuries
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Commercial auto insurance

This policy is required for business-owned vehicles in Minnesota. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.

  • Accidents involving business vehicles
  • Theft of a business vehicle
  • Damage to a company vehicle
Looking for different coverage? See more policies.

Minnesota business insurance requirements

State laws can affect which business insurance coverage you need. These policies are required everywhere in Minnesota, from Minneapolis to Duluth.

Blue check mark

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.

Workers' comp covers medical bills for work-related injuries and illnesses. It also provides disability benefits to injured Minnesota workers.

Blue check mark

Commercial auto insurance

All business-owned vehicles in Minnesota must be covered by commercial auto insurance. This policy covers the cost of accidents involving work vehicles.

Minnesota's minimum requirements for auto liability insurance are:

  • $30,000 bodily injury liability per person
  • $60,000 bodily injury liability per accident
  • $10,000 property damage liability
  • $25,000 uninsured/underinsured motorist coverage per person
  • $50,000 uninsured/underinsured motorist coverage per accident
  • $40,000 personal injury protection

Trucking companies may need additional coverage to comply with regulations.

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

How much does small business insurance cost?

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Commercial insurance can be affordable for Minnesota small business owners. Factors that affect premiums include:

  • Type of business
  • Business operations
  • Number of employees
  • Types of insurance purchased
  • Policy limits and other coverage options
View Small Business Insurance Costs
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Find the right policies and get your certificate of insurance

Insureon's licensed agents can help you find policies that fulfill Minnesota's requirements and your business insurance needs. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.

In Minnesota, insurance agencies, agents, 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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