There are nearly 480,000 businesses operating in Indiana, with over 5,000 in the city of Lafayette. The business community in Lafayette is diverse, with education, healthcare, and hospitality playing a big role in the city’s economy.
Business insurance helps Lafayette business owners protect their assets and their employees. A comprehensive business insurance program can help you repair and rebuild damaged property after a fire or a storm, and it can help you stay in business and pay for your defense if you are faced with a lawsuit.
An independent insurance agent can help you understand the unique risks you face and find the right policies and coverage to shield you from financial harm when the worst happens.
Liability Insurance for Small Businesses in Lafayette, IN
If you are sued for causing injury or harm to a third party, you could be sued for extensive damages above and beyond simply paying for the injured party’s medical expenses. How would you pay for your legal defense? Could you afford to pay if a million-dollar judgment were levied against you?
A commercial general liability (CGL) policy offers broad protection from lawsuits, covering your legal costs, medical expenses and other damages for the injured party, and any settlements or judgments that you must pay.
Most CGL policies have very specific exclusions for certain types of lawsuits. Depending on the unique risks you face, you may need additional liability policies or endorsements that supplement your CGL policy and eliminate any gaps in your liability protection.
An independent insurance agent can help you assess your need for additional liability coverage, and can help you learn more about your liability risks and how to protect your business from lawsuits.
Cyber Liability Insurance for Lafayette Businesses
If a breach of your computer systems leads to identity theft or other privacy concerns for your customers, you’ll probably have to notify your customers of the breach, provide them with credit monitoring services, and undertake extensive public relations efforts to repair your image. What’s more, you may be sued for additional damages.
- Number of identity theft complaints in Indiana per year: 4,498
- Ranked 33rd highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
Cyber liability insurance is becoming increasingly important for all kinds of businesses, large and small. While policy specifics are evolving and vary among insurance companies, it typically pays for your legal defense, financial damages to injured parties, and even PR and other related expenses.
Be sure to ask an independent insurance agent about how cyber liability insurance can help you protect your Lafayette business.
Property Insurance for Small Businesses in Lafayette, IN
Commercial property insurance is essential to protect any business from loss or damage of physical assets. It covers your building and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs due to fires, severe weather, theft, vandalism, and so on.
- Number of federally declared disasters in Indiana since 1953: 49
- Most common reasons for declared disasters in Indiana: Severe Storms and Floods
It doesn’t take a major disaster to damage your commercial property. Damage from hailstorms, windstorms, and even small, contained fires can cost thousands of dollars to repair and can interrupt your ability to operate. Commercial property insurance is the coverage you need when these types of incidents happen.
An independent insurance agent can help you assess and evaluate your property insurance needs. Purchasing appropriate coverage limits is important. If your limits are too low, you could be prevented from making a full recovery after a disaster.
Business Interruption Insurance for Lafayette Businesses
If you experience some type of covered property damage, you could be unable to operate for an extended period while you make repairs or rebuild. How can you stay in business during this time, pay your employees, and recover your lost income?
Business interruption insurance, or business income insurance, pays for certain ongoing expenses and allows your company to stay afloat if you must close to make repairs or rebuild due to physical damage. It helps you pay certain ongoing expenses, such as employee salaries, and it reimburses you for lost income while you make repairs and stay in business.
Workers’ Compensation Insurance for Lafayette, IN Businesses
Workers’ compensation insurance is required for most employers in Indiana. It provides benefits that cover medical costs and lost wages for workers who are injured on the job. It also protects employers from being held liable for injuries that occur during the normal course of operations.
All employers with one or more employees must purchase Indiana workers’ compensation insurance. Sole proprietors, partners, and LLC members are all excluded from coverage, but can elect to be covered by their workers’ compensation policy.
Corporate officers, on the other hand, are included in coverage but may elect to be excluded.
All independent contractors who work in the building and construction trade are required to register with the Indiana Workers’ Compensation Board. Injuries that occur while working as an independent contractor are not covered by Indiana workers’ compensation insurance. Injuries sustained while working as an employee may be covered.
You can purchase Indiana workers’ compensation insurance from any private insurance carrier or agency that is licensed to sell it in the state. Businesses can also self-insure with approval from the state.
Employee Benefits for Small Businesses in Lafayette
Most employers choose to offer an employee benefits plan because programs like group health insurance, group life insurance, vacation time, and sick time help attract and retain good employees. While employee benefits are often complex and expensive, they are a necessary part of keeping employees healthy and satisfied.
- Average amount spent per year on healthcare coverage by Indiana businesses: $674,206
- Ranked 28th for highest medical insurance costs in the US
- Average annual cost of health care in Indiana: $6,113/person or $15,724/family
There are many different health and life insurance policy types and options available for you to choose from, as well as numerous laws and regulations that you must comply with. It’s important to get expert advice and to shop around for quality, affordable coverage.
Why Work with an Independent Agent?
Lafayette business owners have a lot of options when it comes to business insurance. That’s why it’s best to work with an independent insurance agent who can help you assess your risks, evaluate your coverage needs, and obtain competitive quotes from insurance companies that specialize in your line of work.
Contact a local agent to get started.