General Contractor Insurance in Minnesota

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Why do Minnesota general contractors need insurance?

The North Star State has a thriving construction industry. There are over 44,000 sole traders in the industry, many of whom are licensed as general contractors.

Construction sites are often dangerous places to work. Small businesses can be exposed to expensive risks if they’re involved in residential or business projects.

Contractor insurance is important for Minnesota companies to safeguard their hard-earned work from injuries, delays, accidents and other issues that are common.

General contractors can choose different types of insurance, including:

  • General Liability insurance
  • Business Owner’s Policy
  • Workers’ Compensation insurance

Find out how BizInsure helps you find the right contractor insurance for your Minnesota company.

Who needs contractor insurance in Minnesota?

Many contractors have insurance policies that safeguard their personal and business financial assets. General Liability coverage and other types of policies can act as a security net for both your business and yourself.

Certain kinds of insurance might be required for certain clients (and this is usually stipulated in contracts for business). Choose your profession below to learn more about your insurance options and get a personalized insurance quote.

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What are the most common insurance policies for contractors in Minnesota?

Minnesota tradespeople consider several types of contractor’s insurance. These policies might help you mitigate the common risks that general contracting companies have to face.

General Liability insurance

Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, this insurance can protect your business against bodily injury or property damage lawsuits from outside parties.

Business Owner’s Policy

A Business Owner’s Policy (BOP) is a convenient package of insurance that protects your business against the common risks it faces every day. The BOP product includes various coverages that may suit the unique requirements of your small business. Insurance included in a BOP can vary but usually they include protection for typical small business risks such as property damage, business interruption and liability.

Workers’ Compensation insurance

Workers’ Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace. In Minnesota, Workers’ Compensation insurance is mandatory with limited exceptions for most companies with at least one employees

What does contractor insurance provide in Minnesota?

Contractors’ insurance can help cover your business for many different types of risk. You may be covered by the insurance policy you have purchased for:

  • Third-party injury and property damage claims (General Liability insurance for Minnesota contractors)
  • Unexpected Business Interruptions (Business Owner’s policy)
  • Equipment breakdown (Business Owner’s policy)
  • Employee workplace injuries and illnesses (Workers’ Compensation)

How much does contractors insurance cost in Minnesota?

If you’re just starting your own contracting business in Minnesota, you may not know about the expenses associated with contractor insurance.

The cost of business insurance varies because insurers take many factors into consideration when determining each business’ premium. The cost to your company could be based on factors like:

  • Selecting the appropriate type of insurance
  • The amount of money you earn from your company (annual revenue)
  • The number of people who are covered by the insurance policy
  • Your claims history
  • The level of coverage

How to get insurance for contractors in Minnesota?

BizInsure offers a simple way to insure your business that contracts.

In just 10 minutes you can review quotes and find coverage that suits your budget, needs, and budget. You will receive your policy documents immediately via email.

Need assistance? We are always happy to assist you!

Compare multiple quotes for Minnesota general contractors now to find the most affordable coverage.

* This information is a general guide only and does not take into account your objectives, financial situation or needs. Always check with your local licensing board when getting or renewing your [profession] license to ensure you are meeting their current licensing requirements.
As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
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