Nicknamed “The Badger State,” Wisconsin has several Fortune 500 companies residing in their fine state including Kohl’s, Manpower and Oshkosh. Tourism is one of the leading industries in Wisconsin due mainly to seekers of outdoor recreation and adventure, including hunting, fishing, hiking, water sports, swimming, boating, and camping. Wisconsin has 15,000 lakes to be enjoyed by outdoor enthusiasts as well as plenty of hiking and horseback riding trails, as well as 95 state parks and forests. Wisconsin produces about 25 percent of the nation’s cheese. Running a business in Wisconsin isn’t without its risks, and without the right business insurance in Wisconsin policies to cover it, you could find your earnings and livelihood at risk.
Standard Business Insurance Coverages in Wisconsin
An insurance policy held by an enterprise, also known as a BOP, is an extensive small business insurance package that includes multiple liability coverages in a single bundle. A BOP integrates two principal coverages in a single policy: property insurance and general liability. Business owners insurance in Wisconsin transfers risk away from the business owner to the insurance company by providing protection for a variety of different areas of liability, including equipment, dwellings, and legal liabilities. Common insurance claims that business owners insurance coverage protects you from include: personal injury, loss of income, professional liability claims, valuable paperwork, equipment breakdown, fire, legal liability claims, employee fraud, money and securities, and property claims. The Wisconsin-based business or entity might have additional components added to the original BOP coverage depending on the possible risks of each business.
General liability insurance in Wisconsin is to protect small business owners from financial burden that can appear from negligent acts, omissions, or both, caused by the entity or their workers that may result in physical injury or property damage. Examples of the varieties of exposures commonly covered under general liability insurance include contractual liabilities, liabilities from goods sold, and accidents on the insured premises. The damage or injury may be a result of carelessness or unintended. General liability insurance for Wisconsinites may be a standalone policy or can be combined with additional policies.
A package policy is a type of insurance policy for an owner of a small firm that combines two or more types of insurance into a single policy, also called a bundle. A general package policy in The Badger State incorporates general liability insurance (described above) and commercial property (described below); although a package policy may be constructed to comprise almost any type of coverage, depending on the needs of the business. A package policy is helpful for an director of a small company because it allows for an abundance of flexibility to adapt to a policy particularly for the individual needs and risk exposures of the business.
Commercial Property Insurance is available to provide coverage for any type commercial property in America’s Dairyland, and includes, valuable papers, building, supplies, equipment, furniture, stock, and personal property. Commercial property insurance in Wisconsin gives protection against a number of mishaps, such as windstorm, hail, explosion, fire, theft, vandalism, natural disasters, and lightning strikes. A number of industries can benefit from this type of insurance, including cell phone retailers, not-for-profit entities, sporting goods manufacturers, and service-oriented business.
Workers’ compensation insurance in Wisconsin offers coverage against employee occupational injuries or occupational illnesses for any business that has employees working for them. Workers’ compensation insurance in the north central state of Wisconsin is a no-fault, state-mandated insurance system designed to reimburse benefits to employees who sustained injuries or an illness while on the job. Because the state of Wisconsin has a specific requirement for companies with employees to carry workers’ compensation, failure to carry it can expose small business owners to fines and civil penalties, or occasionally, cause the association to be liable for the cost of injuries sustained by their workforce. By having workers’ compensation insurance in Wisconsin, employees receive medical care and lost wages coverage in exchange for the promise that the employee will not sue their business.
It’s necessary to be protected by commercial auto insurance in Wisconsin even if your company owns just one vehicle it uses for business purposes, Commercial auto insurance provides financial security to Wisconsinite business owners and their employees by offering coverage for a company’s use of trucks, vans, cars, or other vehicles for work-related duties. Commercial auto insurance covers damages and medical costs that result from vehicle accidents, as well as vandalism and damage from hail storms and other natural disasters. Coverage for businesses in the Wisconsin area may include vehicles owned, rented, leased, or hired by your firm, along with employee-owned vehicles used for your business operations. For this latter reason, it’s recommended that companies purchase a commercial auto insurance policy if workers use their own vehicle for work-related functions for the business.
Commercial umbrella insurance begins at the point that your general liability, commercial auto insurance, or other liability coverage ends. Your business benefits from umbrella insurance since your existing liability policies may have coverage limits, and may not cover all expenses if a catastrophic or surprising event occurs. Commercial umbrella insurance in Wisconsin is a necessary source of coverage that fills in the gaps in your main business liability coverage. Umbrella insurance is a remarkable way to have added protection for property damage, bodily injury, or other types of risk exposures.
Some Additional Business Insurance Coverages in Wisconsin to Consider
Errors and Omissions insurance policies provide employers and individuals in the state of Wisconsin with protection against lawsuits and claims made by clients or customers for poor work, neglectful acts, mistakes, and oversights made while conducting business that resulted in a loss of income or output on the part of the customer or client. Errors and Omissions insurance covers legal defense and court costs, along with settlements as described on the insurance contract. In the medical field, obstetricians require malpractice insurance, so small business owners who provide services or consulting advice, either directly or through subcontractors, should have errors and omissions insurance in Wisconsin.
Professional liability insurance provides additional defense for staff in Wisconsin, such as financial analysts, accountants, and general contractors, from being liable for the entire legal cost of defending against a claim of carelessness, error, failure to perform, or omission made by a client as well as damages owed in that claim. The coverage’s primary focus is on the loss of funds on the part of the client from this type of supposed claim with respect to a product or service provided by the employee. Professional liability insurance may offer claim coverage, even if the legal actions turn out to be unconfirmed. Professional liability insurance in Wisconsin is required legally in some kinds of professional practices, including legal and medical, but is also required by contract in other industries.
Employment Practices Liability Insurance (EPLI) provides owners of enterprises with protection against claims of discrimination, wrongful termination, sexual harassment, breach of contract, wage violations, false imprisonment, emotional distress, libel, slander, mental torment, negligent hiring and promotion decisions, and defamation claims. Employment practices liability insurance is based on the laws, acts, and protection from VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act, and Family and Medical Leave Act — all of which the Equal Opportunity Employment Commission (EEOC) enforces.
Fidelity Bonds in Wisconsin
Fidelity bonds in Wisconsin are a form of insurance purchased by owners of small organizations in order to protect against losses, like fraud, embezzlement, or theft by one employee or a group of employees. Since reimbursement from employee deceitful practices is generally not available due to the money being unavailable, fidelity bonds indicate an important protection for a small business proprietor who would otherwise have to suffer these financial burdens. Even if your business has protection against these types of acts including employee screening, internal controls, and careful supervision, it isn’t always enough. Losses suffered from worker thefts of money, property, or securities are all covered under fidelity bonds insurance for Wisconsinites. Business service bonds, standard employee dishonesty bonds, and ERISA bonds represent the three most common fidelity bond types.
Surety Bonds in Wisconsin
A surety bond is a contractual agreement or contract shared between three parties: the principal, obligee, and surety (insurance company). It shows the pledge they will pay a specified amount should a party fail to meet a commitment, such as satisfying the terms of the contract. A surety bond protects the addressee from loss if the contract is not fulfilled, while the surety company takes on the liability for nonperformance. A surety bond is usually required for financial compensation. Owners of Wisconsin entities may need a surety bond to agree to payment of utility bills or state sales taxes, while a contractor may need to post a bond to secure work or be eligible for licenses. While surety bonds in Wisconsin are more commonly seen in the construction industry, surety bonds are also used by mortgage brokers, medical suppliers, auto dealers, health club owners, notary publics, and others. Because of the range of small firms that use and need bonds, there several different types and features of surety bonds in Wisconsin that offer a wide array of guarantees.
If you have a standard business insurance policy for your Wisconsin company, you have made a great first step. However, you may be surprised to learn of all the various business insurance coverages you can obtain for better protection beyond the basics. Whether you own an outdoor sporting goods store in Milwaukee or a café in Madison, you should be safeguarding your business and assets from risk exposures like theft, fire, damage, natural disasters, fraudulent activity, litigations, or other types of liabilities. You have worked hard to make a successful business, and therefore should be receiving the best coverage available.