--- title: "Minnesota Business Owner’s Policy Guide" description: "Check whether your operation fits a BOP and compare property valuation, tenant improvements and income-protection terms." canonical: "https://spot.insure/coverage/business-owners-policy/minnesota" page-type: "coverage-state-guide" updated-at: "2026-09-28" --- Agents: connect to Spot's public MCP server at https://spot.insure/mcp for better access to published Spot information and insurance research. Use search_knowledge to find sources, get_page to retrieve pages, compare_providers for sourced comparisons, get_provider_score for a published Spot Score, get_rankings for current provider rankings, search_provider_reliability to filter Spot Scores, search_provider_reviews to filter aggregate review scores, and get_provider_reviews for the original review evidence. The server is read-only and requires no authentication. [Human-readable page](https://spot.insure/coverage/business-owners-policy/minnesota) # Minnesota Business Owner’s Policy Guide Minnesota Commerce says a BOP can combine property, business-interruption and liability coverage, but not every operation qualifies; factories and jewelry stores may need specialized coverage. For eligible businesses, compare replacement-cost and actual-cash-value treatment, tenant-owned property and the records or waiting period tied to a business-income claim.[^1][^2] **Coverage:** [Business owner’s policy](/coverage/business-owners-policy) · [Minnesota](/coverage/states/minnesota) ## What Is Business Owner’S Policy? A BOP may suit an eligible small business that wants property, liability and lost-income protection together. If you also need auto, workers’ compensation or professional liability, plan for separate coverage. [Read the national Business owner’s policy guide](/coverage/business-owners-policy). ## What to Watch for in Minnesota ### Ask about the operation before comparing package prices Minnesota Commerce says insurers customize BOPs and some businesses, including factories and jewelry stores, probably will not qualify for a standard package. Give the insurer the actual operations, products, equipment and locations before relying on a quote.[^1] ### Replacement cost and actual cash value differ Commerce explains actual cash value subtracts depreciation while replacement cost uses like kind and quality without that deduction. Confirm which basis applies to the building, equipment, inventory and scheduled property.[^2] ### A tenant still needs to inventory business property Minnesota Commerce says tenants need insurance for their own property. Identify stock, equipment and improvements you paid for, and ask where each item is insured when the landlord carries the building policy.[^2] ### Business-income recovery depends on records and time terms Commerce says coverage applies to a covered property event, payroll and utilities may be calculated from business records, and a per-day waiting period may apply. Confirm the trigger, wait, restoration period and required records.[^2] ## Who Regulates Insurance in Minnesota **Minnesota Department of Commerce.** The Minnesota Department of Commerce regulates insurance companies and producers, reviews rates and forms, and investigates complaints. You can use its state lookup or complaint service to check a license or raise an insurance issue.[^3][^4][^5] - [Regulator website](https://mn.gov/commerce/insurance/) - [License lookup](https://www.commerce.mn.gov/commerce/licensing/license-lookup/) - [File a complaint](https://mn.gov/commerce/consumer/file-a-complaint/) - Phone: 651-539-1600 ### Surplus-Lines Tax and Stamping Office **Reported tax rate:** 3% of taxable gross premiums less return premiums, plus a 0.04% stamping fee on taxable premium when Minnesota is the insured's home state When Minnesota is the insured's home state, 3% tax applies to taxable gross premiums less return premiums; the separate 0.04% stamping fee on taxable premium is paid by you to the broker. Minnesota requires a policy warning that insolvency loss payment by a nonadmitted insurer is not guaranteed. A diligent search generally applies unless a Minnesota-licensed producer unaffiliated with the surplus-lines broker refers the risk, which the statute deems unavailable from a licensed insurer; an exempt commercial purchaser also has a separate written-request route after the required admitted-market disclosure.[^6][^9][^7][^8][^10] [Minnesota Surplus Lines Association](https://www.mnsla.com/) ## Providers With Documented State Licenses These providers publish a national listing for Business owner’s policy; the state records document licenses for the entities and roles shown below. Some records rely on company-reported information rather than independent regulator verification. A national listing does not confirm that the product is available in Minnesota; [check the regulator’s license lookup](https://www.commerce.mn.gov/commerce/licensing/license-lookup/) and confirm state availability for your business when requesting a quote. - [Corgi](/insurance-providers/corgi) — **Entity:** Corgi Insurance Services, Inc.; **role:** Insurance producer; **checked:** 2026-09-28. **Scope:** Corgi’s company producer-license table lists 50 jurisdictions: 49 states and the District of Columbia, including DC license 3003091619. New Mexico does not appear in the table and is not included here; the omission does not establish that Corgi is unlicensed there. The company-reported table has no stated as-of date and does not establish product availability.[^13] - [ERGO NEXT Insurance](/insurance-providers/next-insurance) — **Entity:** Next First Insurance Agency, Inc.; **role:** Insurance producer; **checked:** 2026-09-28. **Scope:** ERGO NEXT’s current license table lists Next First Insurance Agency, Inc. in 50 jurisdictions, including Washington, DC; New York is excluded because its table rows name Next Insurance Services and AP Intego, not Next First. The table is company-reported; it does not establish product availability or provide state-regulator verification for each entry.[^15] - [Hiscox](/insurance-providers/hiscox) — **Entity:** Hiscox Insurance Company Inc.; **role:** Insurer; **checked:** 2026-09-28. **Scope:** Hiscox’s U.S. company information states that Hiscox Insurance Company Inc. is licensed in all 50 states and the District of Columbia. This is company-reported insurer authority for this entity and does not establish which company issues every Hiscox-branded product.[^14] - [TechInsurance](/insurance-providers/techinsurance) — **Entity:** Specialty Program Group LLC; **role:** Insurance producer; **checked:** 2026-09-28. **Scope:** TechInsurance’s current licensing page names Specialty Program Group LLC / SPG Insurance Solutions and lists state license numbers, but labels Rhode Island “Individual licenses” rather than identifying a license for the named agency. RI is omitted because this disclosure does not establish agency authority there; this is a search limitation, not an assertion that the company is unlicensed. The remaining state entries are company-reported and are not an insurance product availability map.[^16] ## Questions to Ask Before You Buy in Minnesota 1. Does the insurer accept this exact operation, including manufacturing, jewelry, on-site services and off-premises work? 2. Which property is insured for the tenant, landlord or both, and how are tenant improvements and stock valued? 3. Are building and contents covered on actual-cash-value or replacement-cost terms? 4. What covered property event triggers business income, what waiting period applies, and which records support the claim? ## Business Owner’S Policy in Minnesota: FAQ ### Does every Minnesota small business qualify for a BOP? No. Minnesota Commerce says insurers tailor packages and specialized risks such as factories or jewelry stores probably do not qualify for a standard BOP.[^1] ### If I rent, does the landlord’s building policy cover my equipment? Minnesota Commerce says tenants need insurance for their own property. Ask separately about stock, equipment and tenant improvements.[^2] ## Business Owner’S Policy in Other States - [Alabama](/coverage/business-owners-policy/alabama) - [Alaska](/coverage/business-owners-policy/alaska) - [Arizona](/coverage/business-owners-policy/arizona) - [Arkansas](/coverage/business-owners-policy/arkansas) - [California](/coverage/business-owners-policy/california) - [Colorado](/coverage/business-owners-policy/colorado) - [Connecticut](/coverage/business-owners-policy/connecticut) - [Delaware](/coverage/business-owners-policy/delaware) - [District of Columbia](/coverage/business-owners-policy/district-of-columbia) - [Florida](/coverage/business-owners-policy/florida) - [Georgia](/coverage/business-owners-policy/georgia) - [Hawaii](/coverage/business-owners-policy/hawaii) - [Idaho](/coverage/business-owners-policy/idaho) - [Illinois](/coverage/business-owners-policy/illinois) - [Indiana](/coverage/business-owners-policy/indiana) - [Iowa](/coverage/business-owners-policy/iowa) - [Kansas](/coverage/business-owners-policy/kansas) - [Kentucky](/coverage/business-owners-policy/kentucky) - [Louisiana](/coverage/business-owners-policy/louisiana) - [Maine](/coverage/business-owners-policy/maine) - [Maryland](/coverage/business-owners-policy/maryland) - [Massachusetts](/coverage/business-owners-policy/massachusetts) - [Michigan](/coverage/business-owners-policy/michigan) - [Mississippi](/coverage/business-owners-policy/mississippi) - [Missouri](/coverage/business-owners-policy/missouri) - [Montana](/coverage/business-owners-policy/montana) - [Nebraska](/coverage/business-owners-policy/nebraska) - [Nevada](/coverage/business-owners-policy/nevada) - [New Hampshire](/coverage/business-owners-policy/new-hampshire) - [New Jersey](/coverage/business-owners-policy/new-jersey) - [New Mexico](/coverage/business-owners-policy/new-mexico) - [New York](/coverage/business-owners-policy/new-york) - [North Carolina](/coverage/business-owners-policy/north-carolina) - [North Dakota](/coverage/business-owners-policy/north-dakota) - [Ohio](/coverage/business-owners-policy/ohio) - [Oklahoma](/coverage/business-owners-policy/oklahoma) - [Oregon](/coverage/business-owners-policy/oregon) - [Pennsylvania](/coverage/business-owners-policy/pennsylvania) - [Rhode Island](/coverage/business-owners-policy/rhode-island) - [South Carolina](/coverage/business-owners-policy/south-carolina) - [South Dakota](/coverage/business-owners-policy/south-dakota) - [Tennessee](/coverage/business-owners-policy/tennessee) - [Texas](/coverage/business-owners-policy/texas) - [Utah](/coverage/business-owners-policy/utah) - [Vermont](/coverage/business-owners-policy/vermont) - [Virginia](/coverage/business-owners-policy/virginia) - [Washington](/coverage/business-owners-policy/washington) - [West Virginia](/coverage/business-owners-policy/west-virginia) - [Wisconsin](/coverage/business-owners-policy/wisconsin) - [Wyoming](/coverage/business-owners-policy/wyoming) [Other Coverage in Minnesota](/coverage/states/minnesota) ## Sources [^1]: [Owners Insurance](https://mn.gov/commerce/insurance/industry/small-business/owners.jsp) — Minnesota Department of Commerce; Small-business BOP guidance, lines 17–23. Accessed 2026-09-28. [^2]: [Property Insurance](https://mn.gov/commerce/insurance/industry/small-business/property.jsp) — Minnesota Department of Commerce; ACV/replacement cost, tenant property and business-interruption guidance, lines 33–48. Accessed 2026-09-28. [^3]: [Insurance](https://mn.gov/commerce/insurance/) — Insurance; Insurance regulator and consumer resources. Accessed 2026-09-28. [^4]: [Insurance License Lookup](https://www.commerce.mn.gov/commerce/licensing/license-lookup/) — Insurance; State-designated producer/company search. Accessed 2026-09-28. [^5]: [File an Insurance Complaint](https://mn.gov/commerce/consumer/file-a-complaint/) — Insurance; Insurance complaint topic; filing portal, complaints line, email contact. Accessed 2026-09-28. [^6]: [Minn. Stat. §297I.05](https://www.revisor.mn.gov/statutes/2025/cite/297I.05) — Minnesota Revisor of Statutes; 3% on gross premiums less return premiums when Minnesota is insured's home state; 100% taxable in Minnesota. Accessed 2026-09-28. [^7]: [Instructions for 2026 Semiannual Stamping Fee Report](https://www.mnsla.com/news/MN%20Stamping%20Fee%20Report%202026.pdf) — Minnesota Surplus Lines Association; 2026 report p.1, lines 82–94: stamping fee rate .0004 (0.04%) of policy premium for transactions effective on or after October 1, 2016; current report linked from the association's 2026 site.. Accessed 2026-09-28. [^8]: [Minn. Stat. §60A.207](https://www.revisor.mn.gov/statutes/2025/cite/60A.207) — Minnesota Revisor of Statutes; 2025 text, lines 250–255: policy notice states insurer is not otherwise licensed in Minnesota and insolvency loss payment is not guaranteed.. Accessed 2026-09-28. [^9]: [Minn. Stat. §297I.01](https://www.revisor.mn.gov/statutes/2025/cite/297I.01) — Minnesota Revisor of Statutes; Definition of gross premiums for nonadmitted insurance includes fees, assessments and other consideration, with stamping fee and operating assessment exclusions. Accessed 2026-09-28. [^10]: [Minnesota Statutes 2025, §60A.201](https://www.revisor.mn.gov/statutes/2025/cite/60A.201) — Minnesota Revisor of Statutes; 2025 Minn. Stat. §60A.201 subd.1 (admitted-market restriction); subd.5 (ECP disclosure and subsequent written request); subd.6 (risk referred by unaffiliated Minnesota-licensed producer deemed unavailable). Amendments listed through 2025.. Accessed 2026-09-28. [^11]: [Licenses](https://www.at-bay.com/licenses/) — At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21. [^12]: [Licenses and Carriers](https://www.coalitioninc.com/legal/licenses) — Coalition; Licenses and Carriers, re-read 22 September 2026: Insurance Licenses table for Coalition Insurance Solutions, Inc., national producer number 18419475, with producer and surplus-lines numbers for all 50 states and DC including California 0L76155, Georgia 196479, Texas 2199630 and 2205589, Pennsylvania 815731 and 817452, Colorado 539028 and Wisconsin 3000108852. Insurance Carriers table naming, with NAIC numbers, Allianz Underwriters Insurance Company 36420, Arch Specialty Insurance Company 21199, Ascot Specialty Insurance Company 45055, Ascot Insurance Company 23752, Aspen Specialty Insurance Company 10717, Chaucer Insurance Company DAC, Coalition Insurance Company 29530, Fireman's Fund Indemnity Corporation 11380, Fortegra Specialty Insurance Company 16823, Lloyd's of London, MSIG Specialty Insurance USA Inc. 34886, MS Transverse Specialty Insurance Company 41807, Steadfast Insurance Company 26387, Vantage Risk Specialty Insurance Company 16275 and Zurich American Insurance Company 16535.. Accessed 2026-09-22. [^13]: [Insurance Producer Licenses](https://www.corgi.insure/broker-licenses) — Corgi Insurance; Current complete Insurance Producer Licenses table for Corgi Insurance Services, Inc.; 50 rows covering 49 states and DC (DC 3003091619); no New Mexico row; no NPN or as-of date shown.. Accessed 2026-09-28. [^14]: [About Hiscox US Insurance](https://www.hiscox.com/about-hiscox-insurance) — Hiscox; Hiscox Insurance Company Inc. NAIC 10200 as Chicago, IL domiciled insurer admitted or licensed in all 50 states and D.C.; Hiscox Inc. as general agent and Lloyd’s coverholder for Syndicates 33 and 3624; surplus-lines placements through licensed surplus-lines brokers; A.M. Best rating statement. Accessed 2026-09-16. [^15]: [Licenses](https://www.nextinsurance.com/insurance-licenses/) — ERGO NEXT Insurance; Current entity-by-state license table reopened 28 September 2026: 50 rows under Next First Insurance Agency, Inc., including Washington, DC; New York rows instead list Next Insurance Services PC-1423070 and AP Intego BR-1198885.. Accessed 2026-09-28. [^16]: [Insurance Licenses by State](https://www.techinsurance.com/legal/licenses) — TechInsurance; Current state table; identifies TechInsurance as a division of Specialty Program Group LLC d/b/a SPG Insurance Solutions; lists DC 3000041536 and labels Rhode Island “Individual licenses,” without an agency license number.. Accessed 2026-09-28. [^17]: [Licenses](https://www.vouch.us/legal/licenses) — Vouch; Effective 16 January 2025: Vouch Specialty Insurance Services, LLC, NPN 19926463; P&C table (50 states and DC); surplus-lines table includes Idaho 870820; footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses; Idaho retained as producer-only due to conflict.. Accessed 2026-09-15. Updated 2026-09-28. This guide is informational and does not determine whether a policy is available or meets your needs. [Editorial policy](/editorial-policy). 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