There are about 396,400 small businesses operating in Alabama, with over 2,200 in the city of Enterprise. The business community in Enterprise is diverse, with health care, hospitality, and construction playing a big role in the city’s economy. All Enterprise business owners need business insurance to protect their assets and their employees.
A comprehensive business insurance program can help you repair and rebuild damaged property after a fire or a storm, and it can help you stay in business and pay for your defense if you are faced with a lawsuit. Every business is different, so you need an independent insurance agent who can help you understand the unique risks you face and find the right policies and coverage to shield you from financial harm when the worst happens.
Liability Insurance for Small Businesses in Enterprise, AL
If you cause injury or harm to a third party, you could be sued for extensive damages above and beyond simply paying for the injured party’s medical expenses. Many liability lawsuits reach settlements of over $1 million. How would you pay for your legal defense? Could you afford to pay if a million-dollar judgment were levied against you?
Enterprise businesses need liability insurance. A commercial general liability (CGL) policy offers broad protection from lawsuits, covering your legal costs, medical expenses and other damages for the injured party, and any settlements or judgments that you must pay. A CGL policy has two major coverage components:
- Premises liability insurance: Covers third-party damage, injuries, or illnesses that occur due to an accident on your business property.
- Product liability insurance: Covers third-party damage, injuries, or illnesses caused by a defect in a product your company produces, sells or promotes.
Most CGL policies have very specific exclusions for certain types of lawsuits. Depending on the unique risks you face, you likely need additional liability policies or endorsements that supplement your CGL policy and eliminate any gaps in your liability protection. An independent insurance agent can help you assess your need for additional liability coverage, such as:
- Employment practices liability insurance: Covers your business against accusations of illegal business practices such as discrimination and wrongful termination.
- Environmental liability insurance: Covers your business if an accident results in your company polluting the land, water, or air.
- Liquor liability insurance: Covers businesses that sell or furnish alcohol in the event that an intoxicated person causes injury or property damage to others.
- Professional liability insurance: Covers individuals in professional positions if errors in judgment or other professional mistakes cause third-party damage.
Talk to an independent agent to learn more about liability risks and how to protect your business from lawsuits.
Cyber Liability Insurance for Enterprise Businesses
If a breach of your computer systems leads to identity theft or other privacy concerns for your customers, you’ll likely have to notify your customers of the breach, provide them with credit monitoring services, and undertake extensive public relations efforts to repair your image. What’s more, you’ll likely be sued for additional damages.
- Number of identity theft complaints in Alabama per year: 3,770
- Ranked 22nd highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
Cyber liability insurance is becoming increasingly important for all kinds of businesses, large and small. While policy specifics are evolving and vary among insurance companies, it typically pays for your legal defense, financial damages to injured parties, and even PR and other related expenses. Be sure to ask an independent agent about how cyber liability insurance can help you protect your Enterprise business.
Property Insurance for Small Businesses in Enterprise, AL
Commercial property insurance is essential to protect any business from loss of or damage to physical assets. It covers your buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs due to fires, severe weather, theft, vandalism, and so on.
- Number of federally declared disasters in Alabama since 1953: 82
- Most common reasons for declared disasters in Alabama: Severe Storms and Hurricanes
It doesn’t take a major disaster to damage your commercial property. Hailstorms, windstorms, and even small contained fires can cost thousands of dollars to repair and can interrupt your ability to operate. Commercial property insurance is the coverage you need when these types of incidents happen. An independent insurance agent can help you assess and evaluate your property insurance needs. Purchasing appropriate coverage limits is important; if your limits are too low, you could be prevented from making a full recovery after a disaster.
Business Interruption Insurance for Enterprise Businesses
If you experience some type of covered property damage, you could be unable to operate for an extended period while you make repairs or rebuild. How can you stay in business during this time, pay your employees, and recover your lost income?
Business interruption insurance, or business income insurance, pays for certain ongoing expenses and allows your company to stay afloat if you must close to make repairs or rebuild due to physical damage. It helps you pay certain ongoing expenses, such as employee salaries, and it reimburses you for lost income while you make repairs.
Business interruption insurance is usually a part of your commercial property policy or a business owners policy (BOP). An independent insurance agent can help you assess your risks and help you get the coverage you need.
Workers’ Compensation Insurance for Enterprise, AL Businesses
Workers’ compensation insurance covers medical treatment, lost wages, and other miscellaneous expenses for injured employees. Without it, you would have to find a way to compensate employees for their injuries, and you would likely be sued for extensive damages. Most businesses in Alabama are required to carry workers’ compensation insurance. For example, all employers in the construction industry with one or more employees must purchase Alabama workers’ compensation insurance. There are exceptions, including:
- Employers with less than five employees
- Sole proprietors and partners are not required to be covered but can elect to cover themselves
- Coverage is not required for domestic employees, farm laborers, casual employees, and municipalities having a population of less than 2,000
Your independent insurance agent can help you learn more about the workers’ compensation laws in Alabama.
Employee Benefits for Small Businesses in Enterprise
Most employers choose to offer an employee benefits plan because programs like health insurance, life insurance, vacation time, and sick time help attract and retain good employees. While employee benefits are often complex and expensive, they are a necessary part of keeping employees healthy and satisfied.
- Average amount spent per year on healthcare coverage by Alabama businesses: $639,311
- Ranked 21st for highest medical insurance costs in the US
- Average annual cost of health care in Alabama: $5,754/person or $13,477/family
There are many different health and life insurance policy types and options available for you to choose from, as well as numerous laws and regulations that you must comply with. It’s important to get expert advice and to shop around for quality, affordable coverage.
Why Work with an Independent Agent?
Enterprise business owners have a lot of options when it comes to business insurance. That’s why it’s best to work with an independent insurance agent who can help you assess your risks, evaluate your coverage needs, and obtain competitive quotes from insurance companies who specialize in your line of work.
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