There are various business insurance solutions applicable to Northern Plains businesses, both large and small. The Northern Plains, which we will define for this specific article as South Dakota, North Dakota, Iowa, Minnesota and Nebraska, exhibit some important differences in insurance coverages, from varying workers compensation systems to behemoth blizzards which can result in property damage and business interruption claims.
Northern Plains states experience significant snowfall and some of the coldest temperatures experienced in the United States. For example, on January 12th, 2009, a fast-moving blizzard brought snow and high winds to North Dakota closing schools and causing problems for residents and businesses trying to dig out from a record snowfall in December. Temperatures dropped to 30 below and wind gusts were recorded to 60 MPH. Travel was discouraged in many parts of North Dakota due to drifting snow and poor visibility. A similar report can be found for 2010 and 2011. Every winter, Northern Plains businesses can expect similar occurrences. Consequently, for these businesses it's crucial that their operation is aware of both standard business insurance coverages and the specialty coverages applicable to the specific businesses challenges in this region. The categories below illustrate the areas which may be applicable to business owners and managers, though businesses should contact a licensed insurance agent to determine the best possible premium-to-coverage ratio for their respective business.
Northern Plains property and liability coverage is critical for most businesses. Property insurance covers business property and inventory against loss or damage. For businesses that don't own property, insuring the content is often a necessity. For example, if a business leases a facility in South Dakota, and utilizes expensive equipment or stores significant inventory there, content insurance is certainly requisite. Replacement policies typically result in higher costs and premiums. However, insurance replacement policies can offer prompt recovery from a significant loss, as the lost or damaged property can be quickly and completely replaced. Liability insurance is designed to protect Northern Plains business from losses in the event of suits and claims against your organization. Varied and sundry damages, legal fees, and many other aspects of liability can be covered under a Northern Plains liability insurance policy.
Types of perils covered by property insurance policies include:
After identifying the basics of business property and liability insurance, it is important to note there are many other types of commercial insurance, which in some cases are referred to as specialty insurance or niche coverage. A few of these include: Agribusiness Insurance, Business Interruption Insurance, Commercial Auto Insurance, Employee Benefit Insurance, Life and Disability Insurance and Workers Compensation Insurance.
Northern Plains businesses must evaluate the regional differences that will adversely impact them including tornadoes, blizzards and flooding. Further, employee benefits and workers compensation insurance will have regulations and rates specific to each state. When perusing the breadth of coverage and options available to Northern Plains businesses, it's always wise to meet with a local, licensed insurance agent or broker to ensure specific needs are met.
Northern Plains states experience significant snowfall and some of the coldest temperatures experienced in the United States. For example, on January 12th, 2009, a fast-moving blizzard brought snow and high winds to North Dakota closing schools and causing problems for residents and businesses trying to dig out from a record snowfall in December. Temperatures dropped to 30 below and wind gusts were recorded to 60 MPH. Travel was discouraged in many parts of North Dakota due to drifting snow and poor visibility. A similar report can be found for 2010 and 2011. Every winter, Northern Plains businesses can expect similar occurrences. Consequently, for these businesses it's crucial that their operation is aware of both standard business insurance coverages and the specialty coverages applicable to the specific businesses challenges in this region. The categories below illustrate the areas which may be applicable to business owners and managers, though businesses should contact a licensed insurance agent to determine the best possible premium-to-coverage ratio for their respective business.
Northern Plains property and liability coverage is critical for most businesses. Property insurance covers business property and inventory against loss or damage. For businesses that don't own property, insuring the content is often a necessity. For example, if a business leases a facility in South Dakota, and utilizes expensive equipment or stores significant inventory there, content insurance is certainly requisite. Replacement policies typically result in higher costs and premiums. However, insurance replacement policies can offer prompt recovery from a significant loss, as the lost or damaged property can be quickly and completely replaced. Liability insurance is designed to protect Northern Plains business from losses in the event of suits and claims against your organization. Varied and sundry damages, legal fees, and many other aspects of liability can be covered under a Northern Plains liability insurance policy.
Types of perils covered by property insurance policies include:
- Smoke, Explosion, Glass breakage, Falling objects
- Vehicle damage
- Fire and lightning
- Freezing pipes, etc. (particularly important for Northern Plains Businesses)
- Theft and vandalism
- Windstorm and hail
- Weight of snow or ice (particularly important for Northern Plains Businesses)
- Damage from electrical currents
- Heating or cooling systems or appliances
- Water damage from appliance rupture or overflow
After identifying the basics of business property and liability insurance, it is important to note there are many other types of commercial insurance, which in some cases are referred to as specialty insurance or niche coverage. A few of these include: Agribusiness Insurance, Business Interruption Insurance, Commercial Auto Insurance, Employee Benefit Insurance, Life and Disability Insurance and Workers Compensation Insurance.
Northern Plains businesses must evaluate the regional differences that will adversely impact them including tornadoes, blizzards and flooding. Further, employee benefits and workers compensation insurance will have regulations and rates specific to each state. When perusing the breadth of coverage and options available to Northern Plains businesses, it's always wise to meet with a local, licensed insurance agent or broker to ensure specific needs are met.
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