Fort Smith businesses, no matter their size, play an important role in the Arkansas economy. As a business owner in the area, you need a business insurance policy that you can count on if you need assistance after a storm, fire, or in the midst of a liability lawsuit.
When you choose a Fort Smith independent insurance agent, you'll get the benefit of their expertise. You'll also have the advantage of working with someone who is familiar with Arkansas state laws and can help you stay in compliance with local ordinances.
Don't settle for a generic internet quote for your business insurance. Consult a Fort Smith independent insurance agent today to get started building customized insurance coverage.
Why Do Businesses in Fort Smith, Arkansas, Need Liability Insurance?
Your business liability policy covers costs associated with a liability lawsuit. Without it, you'll have to face the costs of defending your business in court on your own. This type of lawsuit is notoriously time-consuming, stressful, and expensive.
With the right types of insurance, you could get your court costs, legal fees, and financial damages covered. This essential policy is the backbone of any good business insurance policy. In addition to your business liability insurance, you may need specialized types of coverage.
Depending on your business type, your agent may recommend one or more of the following types of 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.
Your Fort Smith independent insurance agent works for you, not for the insurance companies. They can recommend specific insurers who have a solid history of paying claims and assisting customers when they need it the most.
What Insurance Products Cover Your Fort Smith Business Property?
In Sebastian County, the number of natural disasters falls near the national average. You have the greatest risk of sustaining damage to your Fort Smith business due to storms, floods, tornadoes, and winter storms.
In Fort Smith, you are statistically less likely to sustain damage due to tornadoes than the national average. Even though your risk of being in a weather-related incident that damages your property is just average, your business property insurance policy provides essential coverage that protects the financial investment you've made in your company.
You may need specialized property policies, depending on the nature of your work.
- 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.
If your Fort Smith business sustains damage due to flooding, you won't be covered for the costs of rebuilding or replacing your property with your regular business insurance policy. Talk with your agent about how you may benefit from the additional coverage offered by a commercial flood insurance policy.
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Why Is Business Interruption Insurance a Good Idea in Fort Smith, AR?
Business interruption insurance helps your Fort Smith company stay financially afloat after a covered disaster. The policy helps you pay your normal monthly bills, even if you have to close while you make essential repairs.
With business interruption insurance, you may even be able to keep key employees on the payroll so you don't have to face a staffing shortage when you can finally reopen.
If you want this type of optional business insurance coverage, your agent can help you choose a reliable and trustworthy insurer. When you work with a Fort Smith independent insurance agent, you can get advice about how much coverage you need and how your insurance policies may work to protect your financial stability after a disaster.
Do Businesses in Fort Smith Need Workers' Compensation Insurance?
As an Arkansas business owner, you must offer your employees a safe place to work. Even so, accidents happen. Workers' compensation insurance is required by law for all Arkansas businesses that employ three or more workers. This coverage provides your employees with financial support to pay for medical bills and wage replacement after a work-related accident.
In Fort Smith, you have to follow the rules set forth by the state of Arkansas as you design the workers' compensation portion of your policy. There are some exceptions to the three-or-more employees rule, and your agent can help you decide how best to remain in compliance with the state's laws while minimizing the cost of providing workers' compensation insurance to your employees.
As an employer, you are legally required to provide 100% of the premium cost for this insurance. You can't charge your employees for this coverage.
What about Insurance Products for Employee Benefits Packages?
Recruiting, interviewing, hiring, and training new employees is an expensive part of business management. You need high-quality and talent to help to run your business, but it can be tough to attract the attention of the most qualified applicants in the Fort Smith area.
When you choose to offer valuable employee benefits, you establish your reputation as a high-quality employer. Studies show that offering great benefits helps you get the attention of top talent and retain your best employees.
Offering benefits to your employees may seem financially out of reach for your company. When you work with an independent agent, you'll have the advantage of their expertise when it comes to choosing policies that are valuable to your employees and affordable for your company.
Why Work with an Independent Insurance Agent in Fort Smith, AR?
Your Fort Smith business faces new challenges every day. Your business insurance policy should work to support you through even the toughest times. When you trust a local agent to help you choose an insurer and design a policy, you'll get the benefit of their expertise. Your agent can help you understand your options and choose a policy that works for your business and your budget.
For one-on-one attention, contact a Fort Smith independent insurance agent.