Rochester, MN Business Insurance
Find the right business insurance policy for you.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Rochester is the third largest city in Minnesota and is home to the famous Mayo Clinic – the largest single employer in the state, next to the state government. In addition to the clinic, there are many hotels, restaurants, and retail stores that serve nearly two million visitors who come to town each year. Within this active economy are thousands of business owners and corporate managers who need to find the right Rochester, MN business insurance.
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No two companies have the exact same insurance needs, and your business coverage must be tailored to the risks you face. An independent agent in the Trusted Choice® network can help you compare options and rates from multiple insurance companies and find the coverage that will best protect your company assets. Contact a local member agent today to compare Rochester commercial insurance quotes and select the right coverage for your unique business.
- In 2010, the Minnesota GDP was $267 billion
- In 2012, 19 Fortune 500 companies were located in Minnesota
- The Mayo Clinic employs 30,000 people and draws in 2 million visitors to Rochester each year
- IBM’s Rochester Campus, The University of Minnesota at Rochester, and Seneca foods are large employers in the city
While the core of Rochester’s economy revolves around the Mayo Clinic, the city also hosts other large institutions, which means there are plenty of opportunities for small and midsized businesses to start and grow supporting companies that offer services to those corporations and their employees.
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Request a QuoteWhat Does Rochester Business Insurance Cost?
The costs of premiums for Rochester business insurance ranges widely based on the size of the company, the organizations’ specific risk factors and the type of work performed. Each business has its own distinct operational risks. For example, the specific coverage needed will vary significantly for a company that offers food or hospitality vs. healthcare. And the specific coverage will affect your premiums.
Here are some sample ranges for small businesses:
- Small business professional liability yearly cost estimate: $500 to $2,500
- Small business general liability yearly cost estimate: $500 to $15,000
- Small business health insurance estimate: $500/individual to $12,000/family
Rates vary not only by the type and amount of insurance you need, but will also vary from one insurance company to another. For this reason, working with an independent agent in the Trusted Choice network can help to make a difference in your bottom line. These agents can compare rates from multiple insurance companies and help to find the coverage you need within your price range.
Rochester Business Risks and Hazards
All companies are different, but many share some of the same basic business risks. For example, all businesses have liability risks for various products or services offered. The amount of risk, and the source of those risks varies, however, even among companies in the same industry. For example, whereas a physician needs to have a form of professional liability coverage known as malpractice, a company that provides pharmaceutical products will need product liability coverage.
Some of the most common coverage types include:
- Property damage insurance
- General liability insurance
- Professional liability
- Product liability
- Premises liability
- Insurance against fraud, embezzlement, extortion, or theft
- Coverage for cybercrime and data loss
Whether you run a pharmacy, a restaurant, a manufacturing plant or a wellness center, a local independent agent can analyze your business and provide you with custom recommendations based on your specific business risks.
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Request a QuoteRochester Group Insurance for Employee Benefits
If your company has a work force, you may be in the market for group insurance benefits. There are several different types of Rochester business insurance that may meet your needs. The one that is required for most companies is workers compensation. You may also want to offer disability coverage, health benefits and life insurance. Group benefits can be part of a complete strategy for attracting and retaining quality workers.
A local independent agent in the Trusted Choice network can explain the costs and benefits of group insurance plans for employees.
Rochester Commercial Insurance Quotes
The risks you and your staff face in your daily operations are unique to you. Whether your company only needs a basic coverage plan or requires a complex solution from multiple companies, you can get all of those needs met by working with one Trusted Choice member agent.
One of these local independent professionals can help you evaluate your unique business needs, compare Rochester business insurance companies, and come up with solutions that help protect your bottom line. Contact a local Trusted Choice member agent to start comparing options and quotes.