Fayetteville Business Insurance

Your Complete Guide to Fayetteville, AR, Business Insurance

You need more than a generic business insurance policy.

Fayetteville Arkansas business insurance

As a Fayetteville business, you provide valuable support, services, and products to residents of the community. When there's a storm or other unexpected event that causes damage to your property, it's crucial to get back up and running as quickly as possible. Business insurance helps you reduce or even eliminate the negative financial effects of a natural disaster or catastrophe. 

You need a dependable insurance company and an agent that you can turn to as you build your ideal business insurance policy. Your insurance company should stand by you while you make necessary repairs and rebuild your business. 

A Fayetteville independent insurance agent can help you get the coverage you need at a price that works with your budget. They can help you identify areas where you need specific policies and make sure you get through the claims process quickly. Reach out to a Fayetteville independent insurance agent today to get started. 

Why Do Businesses in Fayetteville, Arkansas, Need Liability Insurance?

Business liability insurance is an essential part of every company's financial tool kit. This important coverage protects you from the negative financial ramifications of expensive liability lawsuits. Business owners can't prevent every event that could lead to a liability suit. This type of claim is often expensive and causes untold amounts of stress. 

Your business liability policy handles costs associated with legal defense, court costs, and financial damages for a covered lawsuit, no matter the outcome of the case. 

In addition to having a robust liability policy, your agent may recommend certain types of insurance policies to support your basic liability insurance. 

  • Premises liability insurance: This covers third-party injuries, illnesses, and property damage that occurs due to an accident on your business property. 
  • Product liability insurance:  This covers third-party injuries, illnesses, and property damage that is caused by defects in products your business produces, sells, or promotes.
  • Employment practices liability insurance: This covers lawsuits related to accusations of illegal employment practices such as discrimination, harassment, breach of contract, and wrongful termination.
  • Cyber liability insurance: This covers financial losses and liabilities if hackers access your computer systems and steal sensitive customer data such as financial information, credit card numbers, Social Security numbers, or personal data.
  • Pollution liability insurance: This covers cleanup costs and damage if your business is responsible for an accident that leads to the pollution of the ground, water, or air.
  • Commercial vehicle liability insurance: This is required by law if your business owns and operates vehicles. It can cover your company’s increased liability risks if one of your drivers causes an accident that results in third-party injuries or damage.

Talk with your Fayetteville agent about how you can protect your business with liability coverage, and make sure you set your policy limits high enough to cover any potential costs. 

What Insurance Products Cover Your Fayetteville Business Property?

In Fayetteville, you are 86% more likely to experience a tornado than the national average. In 1999, a category F3 with wind speeds of between 158 and 206 miles per hour came within seven miles of Fayetteville's city center. It caused about $100,000 in damages. 

The number of natural disasters in Washington County is the same as the US average. Since 1954, there have been 10 federally declared national disasters in Arkansas, including eight storms, seven floods, four tornadoes, four winter storms, a hurricane, a landslide, and a windstorm. 

Even though your risk of being involved in a weather-related disaster is just average in Fayetteville, you may need different specialized insurance policies, depending on your business activities. 

  • Inland marine insurance:  This covers portable business property while it is in transit or is stored away from your place of business, such as at a worksite.
  • Boiler & machinery insurance: This covers the repair or replacement of a broken-down furnace or other machinery, and can also cover any business losses associated with machine malfunctions.
  • Bailee's insurance: This covers valuable property owned by others whenever it is in your business’s care, custody, or control, such as when you are performing repair or maintenance services on it.

Business owners in Fayetteville should be aware that damage due to flooding, even after a covered event, isn't included in your property insurance. If you want coverage for flooding, you'll need a commercial flood insurance policy. 

Why Is Business Interruption Insurance a Good Idea in Fayetteville, AR?

Although disasters are rare, rebuilding and repairing your business after a fire or catastrophic weather even could take time. While you are rebuilding, you may need to stop doing business for a while. During this time, many business owners find it difficult to pay their regular bills and hang onto their employees. 

Business interruption insurance supports your business financially after a covered event. With this coverage, you'll have the breathing room you need to pay your monthly bills. You may also be able to keep your employees on the payroll until you can reopen. 

If you choose to add this important coverage, your agent can help you understand how to secure a high enough payout to make sure that your needs are met should you have a tough recovery after a disaster. They'll help you understand how business interruption insurance works, and how it can help your business get back to normal as quickly as possible. 

Do Businesses in Fayetteville Need Workers' Compensation Insurance?

Arkansas has strict regulations about workers' compensation insurance. As a Fayetteville business, you must offer your employees this important coverage if you have three or more employees.

If you are unsure about whether you need this coverage, check with your agent. They can help you understand the finer points of Arkansas workers' compensation laws and make sure you are in compliance. 

Arkansas, unlike many other states, does not offer a state-sponsored workers' compensation insurance program. If you need this coverage, you'll have to purchase it from an insurance company. Your agent can help you find a trustworthy insurer that specializes in offering this type of policy in your niche so you can get the coverage you need for the lowest possible price. 

Most employers in Arkansas with three or more employees are required by law to have workers' compensation insurance coverage for their employees.

What about Insurance Products for Employee Benefits Packages?

If you want to retain your most valuable employees and attract top talent as your business grows, you'll need a robust employee benefits plan. Offering subsidized life insurance and health insurance to your employees can be expensive, but the long-term cost savings are well documented. 

Studies show that employees with a great benefits package are more likely to stay with their employer long-term. This helps you save on the high costs of hiring and training new people. 

With help from your Fayetteville independent insurance agent, you'll soon see that subsidizing your employees' benefits is within reach for your company. 

Why Work with an Independent Insurance Agent in Fayetteville, AR?

Your business needs the unwavering support of a well-designed business insurance plan. When you trust a local insurance agent to help you make sure you get the coverage you need, you'll have someone by your side who cares about your business and can help you as you make important decisions about your policy. 

If you ever need to make a claim, your agent can help you through the process. It's easy to get a generic online quote from a one-stop insurance shop on the internet. For personalized service and one-on-one attention, contact a Fayetteville independent insurance agent

Share this page on Twitter Share this page on Facebook Share this page on LinkedIn

TrustedChoice.com Article | Reviewed by Jeffrey Green

©2021, Consumer Agent Portal, LLC. All rights reserved.

https://www.census.gov/quickfacts

https://www.fema.gov/disasters

http://www.naic.org/prod_serv/AUT-PB-14.pdf

https://www.nfib.com/content/legal-compliance/legal/workers-compensation-laws-state-by-state-comparison-57181

https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/alter-benefits-attract-retain.aspx

https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits

http://www.city-data.com/city/Fayetteville-Arkansas.html