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Posts Tagged ‘ business insurance Moorhead ’

Does Your Part-Time Business Need Commercial Insurance?

Monday, August 3rd, 2020

As a part-time business owner, it’s likely that you’ve got a lot on your plate. One thing you shouldn’t have to think twice about is whether or not you need commercial insurance.

A part-time business should always have commercial insurance coverage. This is largely due to the fact that your personal coverages won’t be able to take on the bigger business costs. These bigger costs can be anything from business inventory to liability.

Here we break down some of the details on commercial insurance to help you understand what you will need and the costs associated with it.

How much does commercial insurance cost?

The cost of commercial insurance for a part-time business will vary greatly. 

It will depend on a number of factors including:

  • Business industry
  • Number of employees
  • Location of your business and surrounding factors (distance from a fire station, fire hydrant, etc.)
  • Revenue
  • Security and damage detection devices
  • Property value (the cost to rebuild and replace)
  • Insurance and claims history

If you are looking to lower the cost of your commercial insurance, you can look for bundling options with your insurance company or choose a higher deductible. Always try to fix damages on your own before submitting a claim and think about installing preventative measures.

What does commercial insurance cover?

Unfortunately, running your business from home doesn’t mean that your home insurance will cover work related damages. This is because your home insurance is meant to cover your personal property as opposed to your business property. Look for home-based insurance solutions with your provider.

Operating your business elsewhere will require commercial property insurance. Generally, this coverage extends to:

  • Vandalism and theft
  • Fire and smoke
  • Explosion
  • Electrical current
  • Hail and wind
  • Water damage
  • Vehicle or aircraft impact

Your coverage will depend on your insurance company and the items that you agree upon. Always be sure to research what coverage will be most important to your unique business and prioritize based on your needs. 
Contact us for more information and commercial insurance and set up your policy today!

Flood Insurance for Businesses

Monday, June 1st, 2020

We recently shared some of our top tips for preventing floods in commercial properties. We touched on the importance of having comprehensive business insurance in place to protect you from damage, but today we’re going to discuss flood insurance for businesses in greater detail.

So, what kind of insurance would your business have in place if it were damaged by a flood? Unfortunately, a lot of business owners assume their regular business insurance would apply to flood damage. But the truth is, many insurance policies actually exclude flood damage. 

Flood insurance for businesses

To make sure they have the right coverage in place, businesses might want to consider purchasing commercial flood insurance through the National Flood Insurance Program (NFIP).

Here are some other things you should know about commercial flood insurance. 

What is covered by commercial flood insurance?

This coverage applies to the physical structure of your building, as well as the contents (including your inventory and equipment) inside of it. 

What doesn’t commercial flood insurance cover?

Most of the things outside of your property (think signage, septic systems, and landscaping) likely won’t be covered by flood insurance. On that some note, business interruption insurance isn’t included in your flood insurance. So if your business is interrupted by flood damage, you’ll need to have separate business interruption coverage.

Is flood insurance legally required?

There are some situations when you’ll need to purchase flood insurance for your business. This includes when your business is located in a high-risk flood area and you have a mortgage from an insured or federally regulated lender. 

What are the commercial flood policy limits?

Business owners can purchase flood insurance with up to $500,000 in coverage for their building. This is in addition to $500,000 of coverage for its contents.

Does commercial flood insurance cover mold? 

According to FEMA, damage caused by moisture, mildew, or mold that could have been avoided by the property owner is not covered by flood insurance. Additionally, damage caused by sewer or drain backup isn’t covered unless there’s a flood in the area that caused the backup. 
Would you like to hear more about the commercial insurance options for your small business? Get in touch with Fargo Moorhead Insurance today!

What Does It Mean to Be Bonded and Insured?

Thursday, March 5th, 2020

Is your business bonded and insured? Whether the answer is yes or no, it’s important to understand exactly what these terms mean and the difference it can make for your business.

Let’s explore these terms by breaking each of them down.

Small business insurance

If your small business has insurance, you help protect yourself and your business from a great deal of financial risk. When your business is insured, you pay a monthly premium in exchange for the peace of mind and security that you won’t be left paying thousands or even millions out of pocket in the event of a claim. 

Every small business insurance policy is a bit different, but these are some of the common components of a policy:

  • Commercial property insurance
  • Commercial auto insurance
  • Business property insurance
  • Errors and omissions insurance
  • Business interruption insurance

Is your business bonded?

Not all businesses need to be insured and bonded. But if you do need bonds for your business, here’s what you should know. 

Surety bonds involve three parties: the principal, the obligee, and the surety. If your business is bonded, the entity hiring your services want to ensure they’ll be financially protected from inadequate or incomplete work, negligence claims, or failure to comply with local or federal laws. 

Many people/companies will not hire a business unless they’re bonded. One example of a business that will need to be bonded and insured is a construction company. Construction or contractor bonds are also referred to as license and permit bonds and they provide critical protection for the client. 


We’ve also covered surety bonds more in-depth in this post. 

Other bonds

Depending on the nature of your business, there are a variety of other bonds you might need. 

These include:

  • Janitorial bonds
  • Fidelity bonds
  • Court bonds
  • Commercial bonds

Give us a call today if you’d like to learn more about bonding and insuring your business!

What You Need to Know About Commercial insurance If You Work From Home

Tuesday, November 12th, 2019

If you work from home, insurance for your business is still just as important as it would be if you operated from a separate location. Every business operates with a certain level of risk. When you appropriately prepare for these risks with business insurance, you help protect yourself from costly liability claims and so much more.

Here are some essential things you should know about business insurance if you work from home. 

Your home insurance isn’t enough 

Many business owners who work from their homes assume their home insurance covers anything in their home — including their business operations. But the truth is, a standard homeowners insurance policy will not include coverage for business activities. 

Business property insurance

Let’s say a fire destroyed a large part of your home, including some of your business supplies. Your home insurance could cover the cost of repairing or replacing your personal property, but business property is another story. For that to be covered, you’ll want to have a business property insurance policy in place. 

Liability insurance for home businesses

A commercial general liability policy can be incredibly useful for a home-based business. With this policy in place, you can have coverage if you are found liable for third-party injuries or damages. If you and your staff conduct business away from your home too, this coverage can also come in handy then.

Let’s say, for example, you own a tree cutting business that’s based from your home. When one of your employees is on a job, they cut a tree that falls and breaks a neighboring window. With CGL coverage, the cost of repairing the damage could be covered.

Workers compensation insurance for home businesses

Workers compensation is almost always required for businesses that employ people. So, if you have employees, even if they work from your home with you, workers compensation insurance is still important. Your employee could be injured at your home or away at a job site. With workers compensation insurance, you’ll have the means to pay for their lost wages and other costs associated with the injury. 

Business interruption insurance

When something catastrophic happens in your business/home, business interruption insurance can mean the difference between your business coming through relatively unscathed or not surviving the interruption. 

Perhaps there’s a flood in your home office where you conduct your business and where all operations take place. If you’re unable to operate your business and earn income until the situation is taken care of, business interruption insurance can help you cover wages, utilities, and other bills that come up during this time. 

Commercial auto insurance

If you use a vehicle for your business, commercial auto insurance is an important part of your business insurance policy. Even if you use your personal vehicle for work, it’s important to have separate business coverage for commercial use — the same regular home insurance won’t cover business operations conducted in the home. 

Whether you operate your business from home or a separate location, there are great business insurance options that can protect you from insurance risks. Give us a call today to learn more!

Does Your Business Need Commercial Umbrella Insurance?

Friday, October 18th, 2019

When you hear the term “commercial umbrella insurance,” what comes to mind? Many business owners aren’t entirely aware of what this type of coverage entails, or even what it means. Today, we are going to give you the answers to your most pressing questions on the topic!

What is commercial umbrella insurance?

Commercial umbrella insurance is a way of giving business owners added liability coverage when their basic policy limits are reached. 

What does commercial umbrella insurance cover?

There are different types of business insurance policies that umbrella insurance can be used with. 

This includes: 

  1. Commercial general liability (CGL) insurance
  2. Commercial auto insurance
  3. Other types of liability coverage not included in a CGL policy

How does commercial umbrella insurance work? 

Let’s say your commercial auto insurance policy has a $75,000 limit. 

One of your drivers is involved in a multi-vehicle collision for which they’re at fault, and the damage totals more than $200,000 in damage.

Because your business auto insurance caps out at $75,000, how will you cover the additional $125,000? 

If you have a commercial umbrella insurance policy, this can be used to go toward this gap in coverage once your limits are reached.

Who needs a commercial umbrella insurance policy? 

Most small business can benefit from a commercial umbrella insurance policy. This can depend on the specific risks your business faces, how high your existing coverage limits are, and many other factors. 

A business that regularly faces public exposure is more likely to experience costly third-party liability claims. In that case, a commercial umbrella insurance policy is a wise choice.

Commercial umbrella insurance policies often cost business owners less than $1000 per year, and with that comes a great deal of peace of mind and protection.

If you’d like to learn more about what a commercial umbrella policy might look like or cost for your business, get in touch with Fargo Moorhead Insurance today!

Are you a business owner in Casselton, Fargo, West Fargo or other areas of North Dakota?

Thursday, January 10th, 2019

Fargo Moorhead Insurance offers business owners a variety of unique commercial insurance options to protect yourself, your business, your property, and your employees.

Our commercial insurance options include:

General liability: This is an incredibly valuable form of insurance for any business to ensure you’re protected from losses associated with injury and property damage.  

Professional liability: If you’re in a business that provides services or advice to your client, you are at risk for errors and omission cases and other claims of negligence made against you. That’s where professional liability insurance comes in to protect you from damages and legal fees that come with these claims.  

Mechanic and body shop: If you’re a mechanic or you own a body shop, you likely have plenty of valuable equipment in your possession, as well as some employees under your command. Mechanic and body shop commercial insurance helps cover the costs that arise from property damage, theft, and more in your business.  

Cabs and limousines: If you own or operate one or a fleet of cabs or limousines, you’ll need a specific form of commercial insurance to protect business and your automobiles. These policies help offset the costs that arise after accidents, injury, theft, and other damages.

These are just a few of the types of commercial insurance we are pleased to offer. If you’d like to learn more about insuring your business in North Dakota, call us today! 

Did you know North Dakota is the country’s biggest sunflower seed producer? Whether you grow sunflowers or you operate any other kind of farm, it’s important you have the right insurance policy.

At Fargo Moorhead Insurance, we offer comprehensive farm insurance plan to protect you, your livestock, and your farm from whatever happens.

This can include:   

  1. Machinery and Equipment If your farming equipment or machinery is lost, stolen, or damaged, your farm insurance can help cover the cost of repairing or replacing these tools that are essential to your business operations.
  2. Livestock Most farm insurance policies include coverage for livestock losses associated with storms, theft, vandalism, fire, and more. But did you know you can also purchase additional livestock insurance to help when your livestock is injured, ill, or dies from unexpected medical events?   
  3. Liability Farms can be dangerous places, and you, your family, or guests at your property are at risk of injury or even death. With liability insurance, you’ll have protection to cover the cost of medical expenses and legal damages if someone is injured on your property.

Want to learn more about the right farm insurance policy for your property? Contact us today!