Alabama is home to about 396,400 small businesses. With 764,207 employees, these businesses encountered $4,070,408 in losses — the 27th highest state in losses in the country. As the state capital, Montgomery, AL has a vibrant community of entrepreneurs and small businesses. The city's push toward innovation and inclusivity has allowed these businesses to thrive and form a loyal customer base around the state.
But your small business faces its fair share of risks. An Independent Insurance Agent can ensure you're fully protected from the unexpected, with a comprehensive and personalized Montgomery business insurance plan. If a storm causes roof damage, a thief steals computers or your product causes an injury, you will have peace of mind knowing you have a business insurance policy and supportive team behind you every step of the way.
Liability insurance is the best place to start when considering business insurance. These baseline coverages will protect you from the smallest of incidents and make sure you stay financially stable after a lawsuit or negligence claim.
- 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 trips on the way out the door or your employee damages a client's computer, general liability coverage steps in to cover associated legal and medical costs.
- Product Liability: If your company sells, produces, or manufactures a product that ends up malfunctioning and causing an injury, you could face a lawsuit. 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 something so sudden devastate your small business — purchase product liability insurance to stay protected.
- Professional Liability: Also known as errors and omissions insurance, this coverage is designed for consultants, architects, accountants and professionals who regularly give advice to clients. You'll be compensated for any legal fees that come with a negligence claim so you can stay financially stable.
Business Interruption Insurance for Montgomery Businesses
Alabama's gross state product was 0.8% — a whopping 1.4% less than the recent gross domestic product. Montgomery businesses greatly contribute to the success of both state and national economies, which is why an unwelcome interruption shouldn't force profits to drop. If a strong storm or unsafe situation forces your company to shut its doors, business interruption insurance steps in and compensates you for lost profits during a closure. While repairs or rebuilding is taking place, you'll still be able to pay employees and bills.
Property Insurance for Montgomery Businesses
- Number of declared disasters in Alabama: 93
- Most common reasons for disasters in the state: Severe Storms
In recent years, there have been 119 disasters declared in the U.S. From those disasters, only 61% of losses was covered; $9.7 billion was not. An independent insurance agent can explain how property insurance covers the cost of any necessary repairs so you can get back up and running in a timely and efficient manner.
Workers' Compensation for Montgomery Businesses
Nationally, the average cost of workers' compensation coverage is $1.27 for every $100 in wages, or $612 per employee. It's a small fee to pay if a worker gets injured while on the job or suffers an illness related to work. The details can get complicated, so it's ideal to partner with a reliable agent to figure out which workers' compensation policy works best for you and your employees' needs.
Employee Coverages for Montgomery Businesses
- Total recent spending on premiums in Alabama: $639,311
- 21st for highest premium spent in the country
Employees are looking for employers that offer comprehensive and affordable health and life insurance plans, so why not get something that works for both you and 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 and 16% less than the national averages. Navigating the options can be overwhelming, so talk to an independent insurance agent about the premium and benefit options to protect your employees and their families.
Cyber Crime Insurance for Montgomery Businesses
- 3,770 identity theft complaints in Alabama in recent years
- 22nd highest number of identity theft complaints in the country
If you aren't part of the 22% of small businesses with a cyber or data breach response plan, you need to talk to an agent. With an increasing number of technological capabilities and innovations, your small business is at risk. Regardless of the type or amount of personally identifiable information you have, you need protection. Cybercrime insurance is a smart and must-have solution for your Montgomery business.
Find a Comprehensive Montgomery Commercial Insurance Policy
Our independent insurance agents aren't tied down to one carrier and can gather a number of quotes from various insurance carriers. We will work hard to find you various options in your price range until you choose a Montgomery business insurance plan that fits all of your insurance needs. You've worked hard to build your small business, so let our local independent agents help you protect one of your most valuable assets.