There are nearly 389,000 businesses operating in Alabama. Florence’s over 4,000 businesses represent a variety of industries, including healthcare, hospitality, and construction. Florence business owners need a comprehensive business insurance plan to protect their assets and their employees when something goes wrong. Since every business has unique risks, it’s important to understand all of your exposures and find tailored insurance policies to cover them. A local independent insurance agent can help you assess your risks, compare policies and quotes, and make an informed decision.
Liability Insurance for Small Businesses in Florence, AL
Lawsuits against businesses are common. From simple trips and falls to illnesses caused by tainted food or severe injuries caused by faulty products, if someone accuses you of negligence, the costs to defend yourself and pay the injured party can be devastating. What’s more, even if claims against you are unfounded, you always have to defend yourself if you are sued, and mounting any defense will be costly. That’s why all businesses need liability insurance. A commercial general liability (CGL) policy offers broad protection from lawsuits. It covers court costs, attorney fees, and even settlements or judgments that you must pay to the injured party.
CGL policies typically include premises liability insurance, which covers incidents on your business property, and product liability coverage, which pays for third-party damage, illnesses, or injuries caused by defective products that you produce, sell, or promote. Not every kind of liability risk is covered by a CGL policy. There are additional types of commercial liability policies available for various scenarios. Talk to your independent insurance agent about why you might need the following types of liability protection:
- Commercial auto liability insurance is necessary if your business owns and operates any vehicles. It covers your vehicle fleet and drivers if an employee causes an accident while driving an employer-owned vehicle.
- Environmental liability, or pollution liability coverage, protects companies from the costs associated with damage caused by improperly disposing of hazardous waste or causing environmental harm.
- Employment practices liability insurance covers your business against accusations of harassment, discrimination, wrongful termination, or other illegal business practices.
- Professional liability insurance covers lawsuits arising from rendering negligent professional services or failing to perform professional duties. It is often recommended for people in professional positions, such as lawyers, accountants, architects, and IT professionals, but it is becoming more common for a variety of business types.
An independent agent can help you determine which commercial liability products are right for your Florence business.
Cyber Liability Insurance for Florence Businesses
Would your standard business liability insurance protect you if your electronic data were stolen, your website were shut down by a power failure or by being hacked, or if someone filed slander or libel allegations against your business based on a social media post?
- 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
Almost every business has at least some cyber risk exposure that needs to be addressed; any business that possesses valuable or sensitive data faces cyber risks and needs to take steps to mitigate them. Cyber liability insurance protects your business assets by paying for many of the costs related to a cyber breach and any resulting legal action against you. The cyber liability insurance market is still evolving, so finding the right policy can be challenging. What’s more, policies and coverage vary among insurance companies. Be sure to ask an independent agent about how cyber liability insurance can help you protect your business.
Property Insurance for Small Businesses in Florence, AL
Structure fires, severe storms, or hurricanes can cause extensive damage to your Florence commercial property.
- Number of federally declared disasters in Alabama since 1953: 93
- Most common reasons for declared disasters in Alabama: Severe Storms
Commercial property insurance covers your company’s physical assets, including buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs. Your business property policy covers fires, severe weather, theft, vandalism, and more.
An independent insurance agent can help you determine if you need more than just a basic commercial property policy. Some businesses have specialized machinery or equipment that needs additional coverage. And if you have tools, equipment, or other materials stored at job sites or in transit, you may also need additional coverage to protect those assets. Be sure to talk to your agent about the appropriate coverage limits for your unique business, so you can make repairs or rebuild without taking a major financial hit.
Business Interruption Insurance for Florence Businesses
Unexpected events, from minor to catastrophic, can easily damage your building, your suppliers’ buildings, local utilities, and more. A tornado or a fire can leave you unable to operate for an extended period while you repair or rebuild your commercial property. Business interruption coverage, or business income coverage, protects your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown, or some other covered event.
If you are forced to close your doors for a time in order to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more. Business interruption insurance is usually a part of your commercial property policy or 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 Florence, AL Businesses
Workers’ compensation insurance is designed to cover medical treatment, lost wages, and other miscellaneous expenses for employees who are injured on the job. It allows you to protect your employees from the costs of these injuries, and it protects you from lawsuits related to workplace accidents. 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 some exceptions:
- 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 and find coverage from a commercial provider.
Employee Benefits for Small Businesses in Florence
An employee benefits plan that includes health insurance, life insurance, vacation and sick time helps companies attract and retain top employees. While employee benefits are often complex and expensive, they are a necessary part of keeping your workforce 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. A local independent agent can help you find suitable coverage at a competitive price.
Why Work with an Independent Agent?
There are many business insurance products and options available to protect your Florence business. You probably have a lot of questions, and a local independent insurance agent can help. An independent agent can work with insurance companies who specialize in the type of work that you do. And your agent can help you assess your risks and get quotes from multiple, highly rated insurance companies.
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