South Dakota Business Insurance

Why Get Business Insurance in South Dakota
Summers in South Dakota can be packed with harsh thunderstorms, strong winds, and powerful tornadoes. All of these situations can cause massive destruction to a business- both the physical building and the contents within. As a business owner, you can protect your assets by purchasing the appropriate property insurance coverage. Having business insurance will help you replace lost and damaged equipment and get your business operations back to normal as quickly as possible.

Worker’s Compensation in South Dakota
The Worker’s Compensation program in South Dakota operates within a no-fault system of insurance. Simply put, employees who sustain work-related injuries and diseases receive payments for medical and disability benefits. Worker’s compensation also provides benefits for lost wages for eligible employees in South Dakota who are injured while performing their job at the workplace or suffer an occupational-related illness. Worker’s compensation is provided by the employer and in return avoids lengthy court battles due to personal injury claims from his or her employees. South Dakota workman’s compensation is beneficial for both employees and their employers.

Coverage for South Dakota Business Insurance
Regardless of what industry you are engaged in, every business has liabilities. Carrying adequate business liability insurance is the smart way to protect your assets. Having a commercial general liability insurance policy shields your business and its assets from financial loss which can come in the form of lawsuits and court settlements. The majority of claims covered by this form of insurance are:

  • Bodily or Physical Injury
  • Personal Injury such as libel or slander
  • Property Damage
  • Advertising Injury

Furthermore, commercial general liability policies will also cover the costs of legal defense or settle claims even if the claims are found to be fraudulent.

Commercial general liability coverage will keep your day-to-day business operations running at a normal pace despite facing either real or fraudulent claims of negligence or wrongdoing. Frequently it is offered as a package along with property insurance. Property insurance protects your business against incidents that may happen on your business premises or at locations where you usually conduct business.

Another equally important coverage is professional liability insurance. This type of coverage is what professionals such as lawyers, physicians, creative companies, and advertising businesses depend on to protect them when someone is injured due to the professional services provided. This is also referred to as Errors and Omissions insurance and should be considered an important addition to your basic liability coverage. It is critical in the sense that it protects you and your business from potential catastrophic legal cases as a result of professional negligence on the part of your business.

Finally, employment practices liability insurance will cover any damages due to allegations of discrimination, sexual harassment and illegal termination of employees. This type of insurance may be packaged with Directors and Officers liability insurance which offers protection against claims of alleged misconduct by the company directors and/or officers against individuals or groups.

Finding the right coverage at a reasonable cost doesn’t have to be a time-consuming experience. You can easily talk with several different insurance carriers online and compare prices and rates. In this way, you can tailor a business liability insurance policy which meets your specific needs and budget.