Little Rock Business Insurance

Your Complete Guide to Little Rock, AR, Business Insurance

Your business deserves more than a generic insurance policy.

Little Rock Arkansas business insurance

Little Rock businesses support the local and regional economy by providing crucial services and goods to the community and surrounding areas. As a Little Rock business owner, you need business insurance from a trustworthy company with a history of treating customers fairly. 

Working with a Little Rock independent insurance agent has many advantages. You don't need to settle for a generic internet quote for something as important as your business insurance policy. You have access to many agents in your home town with the experience and knowledge to help you get the most value for your dollar. 

Reach out to a Little Rock independent insurance agent today and start customizing a business insurance plan that meets your company's needs. 

Why Do Businesses in Little Rock, Arkansas, Need Liability Insurance?

Your business needs a robust liability insurance policy to protect you from the financial harm that can come from an expensive lawsuit. Business liability insurance provides financial help if you are sued for a covered event. 

Your policy handles the cost of your legal defense, financial damages assigned by the court, and court costs. The policy pays no matter the outcome of the lawsuit. 

In addition to having a solid liability policy from a trustworthy insurance company, you may need specialized liability coverage. Here are some specific policies your agent may recommend: 

  • 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 Little Rock agent can help you prioritize your liability insurance needs so you get the most useful coverage types tailored to your company's needs. 

What Insurance Products Cover Your Little Rock Business Property?

In Pulaski County, there is nearly twice the number of disasters as the national average. You have the greatest risk of sustaining damage to your business due to storms, floods, and tornadoes. 

Your business property insurance provides coverage for much of your storm-related and weather-related damage. In addition to your business property insurance policy, you may want more specific coverage. 

  • 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.

In Little Rock, the risk that you'll be in a tornado is 153% higher than the national average. In 1997, a category F4 tornado with wind speeds up to 260 miles per hour six miles from the city center killed ten people and injured 40 more. The same day, a second tornado touched down just 7.5 miles from the city center. It killed five people and injured 180. 

Although your statistical risk of being involved in a tornado is higher than average, you should also be concerned with damage from storm-related flooding. It's crucial to understand that although your business property insurance covers damage caused by tornadoes, it doesn't cover flood damage. Talk with your agent about purchasing a commercial flood insurance policy to handle flood-related damage. 

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

Natural disasters are rare, but if you've lived through the process of rebuilding or repairing a business, you understand that it can take considerably longer than expected. If you need to shut down your business for a period of time, it may be difficult to keep up with your regular bills. 

Business interruption insurance allows you to pay your regular monthly obligations. This policy gives business owners the financial support they need to pay their employees and stay on track as they work to get things back to normal after a covered event. 

If you choose to add business interruption insurance to your policy, be sure to go over the details of how the policy works. Your agent can help you make sure to purchase enough coverage so if you have to use this policy, you'll get enough help to make it through the entire rebuilding process. 

Do Businesses in Little Rock Need Workers' Compensation Insurance?

Businesses in Little Rock must provide workers' compensation insurance coverage if they have three or more employees. This coverage provides financial support for your employees if they are injured on the job and require medical attention. It may also provide some wage replacement so they can recover from their injuries fully before returning to work. 

Arkansas has strict rules about which employers must provide workers' compensation insurance. If you aren't in compliance, you may lose the ability to provide this coverage in the future. 

There are a few exceptions to the rules, so check with your Little Rock agent to make sure you purchase the right type and amount of workers' compensation insurance. This policy must be purchased by an employer, and can't be paid for by the employee. 

What about Insurance Products for Employee Benefits Packages?

As a business owner, you understand how tough it can be to attract and retain top employees in the Little Rock area. One of the most effective ways to gain the reputation as a high-quality employer is to provide your workers with a robust benefits package that includes healthcare coverage and life insurance coverage. 

Studies show that employers who provide essential insurance coverage for their employers enjoy less turnover. They reap the cost-saving benefits of retaining valuable employees for the long haul. 

Your Little Rock agent can help you find an affordable option that allows your business to provide life and health insurance to your employees. Hiring and training new people is one of the most expensive parts of owning a business. Talk with your agent to find out how you can provide the right types and amounts of insurance coverage at a premium that's affordable for your business. 

Why Work with an Independent Insurance Agent in Little Rock, AR?

Little Rock businesses face challenges unique to the area. When you work with a local agent, you'll get the help you need to make key decisions that are in your company's best interests. Your agent will be there for you every step of the way, even after you purchase your policy. 

Contact a Little Rock independent insurance agent today. 

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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https://www.census.gov/quickfacts

https://www.fema.gov/disasters

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

http://www.city-data.com/city/Little-Rock-Arkansas.html