Best General Liability Insurance in Minnesota (2023)

MoneyGeek assessed various factors such as cost, customer satisfaction, financial stability and online quote processes to find the best general liability insurance providers in Minnesota.

Our top pick is Thimble, which offers average monthly policy costs of $54 for limited liability companies (LLCs) with 20 employees and $22 for sole proprietors with no employees. Next provides the most affordable coverage, with rates as low as $25 per month for both LLCs and sole proprietors.

Thimble is the top general liability insurance provider in Minnesota, receiving a MoneyGeek score of 92 out of 100. Check out the table below for the MoneyGeek scores and average costs of the Minnesota insurers we evaluated.

Next is the cheapest general liability insurance provider in Minnesota, with an average cost of $25 per month for both LLCs and sole proprietors.

We calculated an affordability score by combining the monthly costs for LLCs and sole proprietors equally. This means that Next, the most affordable provider in the state, may not have the lowest cost for both business types individually.

Nationwide offers the best general liability insurance for employers in Minnesota, with a MoneyGeek score of 97 out of 100 and a monthly premium of approximately $34. Our rankings are based on calculating the average monthly cost of general liability insurance for LLCs with 20 employees.

Workforce size is a crucial consideration in determining insurance expenses. Typically, companies with less than 20 employees pay below the median cost, while those with more than 20 employees tend to pay more.

If you’re a sole proprietor, biBERK is the best general liability insurance provider in Minnesota. It received a MoneyGeek score of 96 out of 100 and has a policy cost of approximately $23 per month.

We calculate our rankings based on the average costs for sole proprietors with no employees. However, those in higher-risk industries, such as construction, are usually subject to higher insurance costs.

Although the state of Minnesota does not require general liability insurance, we highly advise acquiring it so you can be financially protected against third-party liability claims. This insurance coverage includes the following protections:

• Third-party bodily injuries: This coverage pays for medical expenses if someone is injured while on your business premises.
• Third-party property damage: General liability insurance pays for the cost of damages caused by your business or employees to another person’s property.
• Personal and advertising injury: This coverage protects your business by paying for legal expenses and damages if someone sues your business or employees for libel, slander or copyright infringement.

General liability coverage might be required to obtain business licenses or contracts in certain industries. In addition, the state requires that you get other forms of business insurance if you meet certain qualifications.

Businesses in Minnesota with one or more employees are required to purchase workers' compensation insurance. You’re also required to get commercial auto insurance for your company-owned vehicles.

The minimum coverage limit for auto insurance in Minnesota is:

• $30,000 per person
• $60,000 per accident for bodily injury
• $10,000 for property damage

Business owners in Minnesota can expect to pay an average of $55 per month for general liability insurance if they have 20 employees, and sole proprietors may pay an average of $27 per month. These rates are for a policy with a $2 million aggregate limit, a $1 million occurrence limit and a $0 deductible.

The insurance provider's maximum payout for claims during the policy period is represented by the aggregate limit, whereas the occurrence limit is the maximum coverage amount per claim. The deductible is the amount that the business owner must pay before the insurance coverage kicks in.

Below are specific factors that affect the cost of general liability insurance for each business:

To make an informed decision about the best general liability insurance for your business, it's important to consider various factors and your specific needs. We responded to some frequently asked questions to help you find the right coverage.