Alabama is home to about 396,400 small businesses. With 764,207 employees, these businesses encountered $4,070,408 in losses — making Alabama the 27th highest state in the country for losses. While Foley, AL is a great community for entrepreneurs and small-business owners, the area and its successful companies are not without risk. If a tornado destroys your building or a client files a lawsuit against you, you need to be properly insured so you can continue focusing on the bottom line.
Relieve insurance headaches by teaming up with an Independent Insurance Agent. You'll gain a partner-in-crime, who can walk you through the steps and help you find the right Foley business insurance policies for your unique company. Our agents are not tied down to a single carrier and can compare quotes from a number of companies so you have options. Contact your local agent today to get started.
What's the most basic form of protection for business owners? Liability insurance. Whether a general policy or something tailored to your unique product, these coverages compensate you for associated legal or medical costs that may come your way.
- General Liability: According to a recent Traveler's Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and over 30% said they felt the least prepared to handle this concern. If a client trips on the way out the door or an employee damages a customer's computer, this insurance steps in.
- Product Liability: Does your Foley business sell, produce or manufacture a product? If so, you need product liability coverage. A national study found that 71% of product liability awards and 53% of medical malpractice awards by the courts amounted to $1 million or more. Don't let a malfunction or injury cause your company financial instability.
- Professional Liability: If you are an architect, consultant, accountant or professional who gives out advice to clients, you need errors and omissions insurance. This specific liability product protects you against negligence claims and takes care of legal fees.
Business Interruption Insurance for Foley Businesses
Alabama's gross state product increased by 0.8% — a whopping 1.4% less than the recent gross domestic product increase. Your small business impacts statewide and national rates — regardless of their revenue. If a natural disaster or unsafe situation forces your company to shut its doors, how will you respond? The only sure-fire way to remain stable and keep a profit is with business interruption insurance. While you're making repairs, you'll receive the revenue you would have normally be made for every day you're closed.
Property Insurance for Foley Businesses
Recently, 119 natural disasters struck the U.S. Only 61% of the losses were covered, leaving businesses to pay for $9.7 billion worth of damage out of pocket. A damaged roof, busted windows or flooded floor space needs to be fixed immediately. A reliable agent can discuss your property insurance options so you can get repairs made in a timely and efficient manner.
Workers' Compensation for Foley Businesses
How would you respond if an employee were injured while on the job or suffered a lifelong illness as a result of work? Nationally, the average cost of workers' compensation coverage is $1.27 for every $100 in wages, or $612 per employee. It's a small cost for the extra level of protection you receive. Let an agent explain the different levels of workers' compensation coverage, and add it on to your Foley commercial property.
Employee Coverages for Foley Businesses
- Total recently spent on premiums in Alabama: $639,311
- 21st for highest premiums paid in the country
Your employees work hard for you, so shouldn't you do the same for them? Recently, the average annual cost of health care for small businesses was $5,754 for a single person plan and $13,477 for a family plan — 2% more than and 16% less than national averages, respectively. But offering comprehensive health and life insurance policies for employees and their families can be overwhelming. A reliable agent will walk you through the process and find you something that works for your unique employee base.
Cyber Crime Insurance for Foley Businesses
- 3,770 identity theft complaints in Alabama in recent years
- 22nd highest number of identity theft complaints in the country
Did you know that only 22% of small businesses have a cyber or data breach response plan? Considering Alabama sees its fair share of cyber crime, your Foley small business can't afford to skimp on insurance and be unprepared. Regardless of what kind of or how much information your company stores, you're still at risk. Luckily, adding a cybercrime insurance policy is easy with an agent.
Find a Comprehensive Foley Commercial Insurance Policy
Independent insurance agents are your one-stop-shop when it comes to protecting your Foley company. Our independent agents are extremely familiar with the risks you face as a business owner and will work hard to find you a comprehensive, affordable Foley business insurance policy.