Alabama was home to 386,661 small businesses in previous years. With 764,207 employees, these businesses suffered $4,070,408 in losses—making Alabama the 27th highest state in the country for losses. Jackson, AL, one of the state's smaller southwestern towns, is a big contributor to overall economic success, thanks to a number of thriving businesses. It's a great place for entrepreneurs and small companies to either start something big or continue gaining loyal customers.
But that doesn't mean your small business is devoid of risk. From negligence claims to cyber crimes, your company can face a number of unexpected situations that warrant proper insurance protection. That's where an Independent insurance agent comes into play. Our local agents know the unique risks you face and can help find a Jackson business insurance policy that works for you.
The most basic form of insurance for your small business is liability coverage. It covers a range of situations from simple slips to larger lawsuits and gives you the protection you need to keep things running smoothly from a business standpoint.
- General Liability: According to a recent Travelers 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 customer slips and falls on your property, general liability coverage compensates you for associated costs you may face so you can focus on the bottom line.
- Product Liability: A product malfunction isn't something you want to think about, but if it happens and causes injury, you could be held liable. In fact, 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. Talk to an agent about your liability options if you sell, distribute or manufacture a product.
- Professional Liability: If you or your employees regularly give advice, you need professional liability, also known as errors and omissions, insurance. Architects, consultants, accountants, and advisors can face negligence claims and lawsuits for a number of reasons. But professional liability protection compensates you for legal and defense costs so you can stay financially stable.
Business Interruption Insurance for Jackson Businesses
Alabama's gross state product was 0.8%—a whopping 1.4% less than the recent gross domestic product. Every small business in both Jackson and Alabama contributes to state and national economic success, which means you don't want to experience any closure or temporary shutdown. But if a severe storm or unsafe situation forces your small business to shut its doors, you can receive compensation for the revenue you would normally be making. It's called business interruption insurance, and it's an extra layer of protection that you shouldn't avoid.
Property Insurance for Jackson Businesses
There were 119 natural disasters that struck the U.S. in recent years. Of the losses, only 61% were covered; $9.7 billion in damage was not covered. Your small business can't afford to suffer the financial burden from property damage after a storm rolls through. Talk to an agent about your options and how a comprehensive Jackson commercial insurance policy can compensate you for necessary repairs or rebuilding so your company can get back up and running in a timely manner after a disaster.
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Workers' Compensation for Jackson Businesses
Nationally, the average cost of workers' compensation coverage is $1.27 for every $100 in wages, or $612 per employee. It's a necessary cost that you can't afford to skimp on. If an employee is injured on the job or suffers an illness related to work, workers' comp coverage steps in to cover any associated medical or legal costs. Our independent insurance agents can walk you through your options when it comes to protecting your employees.
Employee Coverages for Jackson Businesses
- Total recently spent on premiums in Alabama: $639,311
- 21st for the highest premium spent in the country
Since your workers are dedicated to your company, you should give them the health and life insurance they need to protect themselves and their families. 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 that of the national average, respectively. But navigating the health care marketplace doesn't have to be complicated. Let an agent discuss the details and find the employee coverages that work for you.
Cyber Crime Insurance for Jackson Businesses
- 3,770 identity theft complaints in Alabama in recent years
- 22nd highest number of identity theft complaints in the country
Only 22% of small businesses have a cyber or data breach response plan. But in today's increasingly technological world, an attack could happen without a moment's notice — regardless of what kind of personally identifiable information your small business holds. Cybercrime insurance is an easy add-on policy that gives you an extra layer of protection.
Find a Comprehensive Jackson Commercial Insurance Policy
Independent insurance agents want to help you find a comprehensive Jackson business insurance plan that meets your needs and fits your budget. You've worked hard to get where you are and need to continue focusing on the bottom line, so let us do what we do best: get you 360 degrees of insurance protection for your small business.