Get the right commercial insurance for your Milwaukee business
Which policies are recommended for Milwaukee businesses?
General liability insurance
A general liability policy protects Milwaukee businesses from lawsuits related to customer accidents, defamation, and copyright infringement. Commercial leases often require this coverage.
- Customer injuries at your business
- Damage to a customer's property
- Libel and other advertising injuries
Professional liability insurance
This policy covers the cost of lawsuits related to mistakes and oversights, such as a recommendation made by a consultant that causes a client to lose money. It's also called business liability or errors and omissions insurance.
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber insurance
Cyber liability insurance covers costs related to data breaches and cyberattacks. Every Milwaukee business that handles credit cards or other personal information should carry this coverage.
- Customer notification costs
- Fraud monitoring services
- Data breach investigations
Business owner’s policy
A BOP bundles general liability coverage and commercial property insurance together at a discount. It's the policy most often recommended for small businesses in Milwaukee.
- Customer injuries
- Damaged business property
- Business interruption coverage
Workers’ compensation insurance
Workers’ comp is required for Milwaukee businesses with more than three employees. It covers medical bills for sole proprietors who suffer a work-related injury, which personal health insurance may not cover.
- Employee medical expenses
- Partial missed wages
- Lawsuits over employee injuries
Commercial auto insurance
All vehicles owned by Milwaukee businesses must be covered by a commercial auto policy. This policy covers auto accident injuries and property damage.
- Medical bills from an accident
- Property damage caused by your vehicle
- Auto accident lawsuits
Errors and omissions insurance
Consultants and professional services in Milwaukee carry this coverage to protect against legal costs from clients harmed by your advice or services. It's sometimes called professional liability insurance.
- Errors and oversights
- Late or incomplete work
- Negligence accusations
Commercial property insurance
Also called business property insurance, this policy covers the cost of repair or replacement of your office building's physical structure and its contents, such as furniture. Bundle it with general liability coverage in a BOP for a discount.
- Storm damage
- Fires
- Theft and vandalism
Commercial umbrella insurance
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
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Which business insurance policies are required in Milwaukee?
Workers' compensation insurance
Milwaukee employers are generally required to have workers' compensation insurance for their employees, with few exceptions.
Workers' compensation protects employees in the event of an accident or injury during business operations. It also provides defense costs for the employer if an employee sues, claiming the business failed to reasonably prevent an accident.
Employers with more than three full-time or part-time employees and businesses with employees who earn over $500 in a calendar quarter must provide workers' comp for their workers.
Small business owners who employ six or more farm workers for 20 or more days in a calendar year must also secure workers' compensation. Lastly, out-of-state businesses that employ Wisconsin workers must have workers' comp insurance to cover their employees.
There are some employment exemptions where Milwaukee employers do not need to provide workers' comp insurance, including volunteers, real estate brokers, and certain farm employees.
Commercial auto insurance
Any Milwaukee business that owns and operates commercial vehicles must have a commercial auto policy. Commercial auto insurance will cover auto damage and medical costs in the event of an injury.
Milwaukee business owners need to maintain a minimum coverage of:
- Bodily injury liability: $25,000 for each person / $50,000 for each accident
- Property damage liability: $10,000 for each accident
Those in the trucking industry or businesses that own commercial vehicles with a Wisconsin Department of Transportation serial number may need to obtain additional coverage.
How much does business insurance in Milwaukee cost?
Small businesses in Milwaukee don't have to pay a lot for commercial insurance. Here are a few average costs for Wisconsin businesses, based on policy data from Insureon customers:
General liability: $49 per month
Workers' comp: $60 per month
Professional liability/E&O: $71 per month
The cost of business liability insurance depends on factors such as:
- Type of business
- Business operations
- Number of employees
- Policy limits and deductibles
- Claims history
Top professions we insure
FAQs about Milwaukee business insurance
How do I get a certificate of insurance for my business?
You may need to get small business insurance fast to fulfill a state law requirement or to sign a building lease. Getting insurance can be done in three simple steps:
- Fill out Insureon's easy online application to get free quotes from top-rated insurance agencies.
- Select your insurance policies and submit your payment.
- Login to your account and download your certificate of insurance (COI).
Our insurance agents are standing by to help you find the best coverage options for your Milwaukee business. Most policies are active within 24 hours.
Can my business be held liable for a data security breach?
Yes – that's why cyber insurance is so crucial. Small businesses are a common target of cyberattacks since they often have fewer security measures in place.
Milwaukee businesses that experience a cyber attack or data breach must inform affected Wisconsin residents within 45 days that their personal information was compromised. If more than 1,000 people are affected, the business must inform consumer reporting agencies.
Personal information is defined as a person's first name and last initial or last name combined with:
- A social security number
- A driver's license number
- A credit or debit card number
- Biometric data
- Passwords to financial accounts
Cyber insurance can help Milwaukee businesses handle the expense of a data breach or cyber attack.
Does my industry affect Milwaukee insurance requirements?
Certain industries have different rules and requirements for the types of insurance they must carry in order to operate.
Examples of industry-specific business insurance requirements include:
- Contractors, for example, often need a minimum contractor general liability policy of $250,000 per occurrence limit as well as a surety bond for at least $5,000 in order to obtain government contracts.
- Certain medical practitioners in the state of Wisconsin are required to carry malpractice liability insurance in order to practice.
- Notaries in Wisconsin must have a $500 notary bond for four years in order to operate.
Check with your industry, licensing, or contractor requirements to ensure your small business is adequately protected.
How can I get help starting a small business in Milwaukee, WI?
If you're looking to open up a small business in Milwaukee, check out these helpful resources.
- The Milwaukee Small Business Enterprise (SBE) Program provides certification and services for small business owners who are at an economic disadvantage.
- The University of Wisconsin Small Business Development Center assists prospective business owners at no cost through free online trainings and other resources. They have centers in Milwaukee, Madison, Green Bay, and other cities in Wisconsin.
- The Wisconsin Department of Workforce Development has vocational services available to support current and prospective Milwaukee small business owners.
- The U.S. Small Business Administration Wisconsin District offers events, guides, and education for small business owners in Wisconsin and beyond.
How can I save money on Milwaukee business insurance?
Saving money on small business insurance is easy. With Insureon, you can fill out a free online application, and our licensed agents will help you find the best types of business insurance for your needs and budget.
A few other ways to save:
- Shop around and compare business insurance coverage options.
- Bundle instead of buying separate policies. Policy bundles, such as a business owner's policy, combine general liability insurance and a commercial property insurance policy to save you money.
- Keep a safe and compliant workplace. The fewer accidents and lawsuits your business has, the lower your premiums will be.
Learn more about finding cheap business insurance.