There are hundreds of small businesses operating in the city of Bicknell. From the shops and restaurants that line Main Street to sole proprietorships run out of people’s homes, each plays an important role in the local economy. Business insurance helps these companies avoid bankruptcy in times of disaster.
Independent agents make it easy to find the best policies to cover your business. These agents work for you, not for a particular insurance company, so they can shop around to find the products your business needs at the most affordable prices. Contact an insurance agent near you to learn more.
Why Do Businesses in Bicknell Need Liability Insurance?
Every business owner should be prepared for the possibility of a liability lawsuit. Business liability insurance products are designed to cover expenses such as court costs, legal defense fees, settlements, judgments, and other financial damages.
There are several different commercial liability insurance products available. A local independent agent can do a complete risk assessment of your business to identify its various liability exposures and can recommend the right policies to cover against each of them.
Some of the liability products your agent may recommend include the following.
- Premises liability insurance: This covers third-party injuries and property damage that occurs due to accidents on your business premises.
- Product liability insurance: This covers third-party injuries, illnesses, and damage that is caused by a flaw in products your company produces, sells, or promotes.
- Cyber liability insurance: This covers your business’s financial obligates to affected individuals if cybercriminals hack into your computer system and steal sensitive information like personal or financial data.
- Liquor liability insurance: This covers against potential liabilities if someone who works for your business sells or serves alcohol to a visibly intoxicated patron who goes on to cause injuries or property damage to others.
- Employment practices liability insurance: This covers against accusations of illegal employment practices like harassment, discrimination, retaliation, or wrongful termination.
- Professional liability insurance: This covers individuals in professional positions if an error in judgment or other professional mistake causes their clients to experience financial losses or other damage.
Talk to a local independent insurance agent to learn more about these and any other commercial liability insurance products that may be right for your Bicknell business.
How Does Property Insurance Protect Bicknell Businesses?
Commercial property insurance can cover the cost to repair or replace your business-owned property if it is lost or damaged due to a covered event.
Businesses in Bicknell are most at risk for damage caused by accidental fires, property crimes, electrical storms, windstorms, tornadoes, hail, heavy snows, and freezing temperatures. Fortunately, these hazards are all covered by commercial property insurance.
Depending on what your business does, your insurance agent may recommend supplementing your commercial property insurance with additional policies such as the following.
- Commercial flood insurance: This covers against damage caused by floods. It can be crucial because flood damage is specifically excluded from commercial property insurance coverage.
- Inland marine insurance: This covers your business’s portable property whenever it is in transit or is being stored away from your business premises.
- Boiler & machinery insurance: This covers repair costs and business losses related to mechanical malfunctions of your essential business equipment and machinery.
- Bailee's insurance: This covers your customers’ valuable property whenever it is in your business’s custody, care, or control. It is advisable for businesses that offer services such as alterations, maintenance, or repair work on expensive items.
When you work with an independent agent, you can rest assured that all your company’s valuable assets are appropriately covered.
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Is Business Interruption Insurance a Good Idea in Bicknell?
Bicknell has a high risk of tornado activity. One of the worst to strike in the area was an F4 twister that touched down just 12 miles from the Bicknell city center in 1989. This tornado caused more than $5 million in damages to area homes and businesses.
Common disasters in Indiana
- Number of federally declared disasters in IN since 1953: 51
- Most common cause of disasters: Severe storms, floods, snow, and tornadoes
- Average number of tornadoes in IN per year: 22
- Amount paid out in business insurance claims in IN in 2019: $6,780,466,000
If a major disaster like a tornado or an accidental fire impacts your business, property damage isn’t the only expensive risk you need to worry about.
If the damage to your business is excessive, your company may need to remain closed for several weeks while repairs are made. Many small businesses do not have the financial strength to withstand a long-term forced closure.
Business interruption insurance offers a solution to this problem. This insurance is designed to provide the funds necessary for your company to continue paying regular expenses like rent payments, monthly bills, loan installments, and employee salaries during the times that your business is not generating any revenue due to damage caused by a covered event.
A local independent insurance agent can help you determine whether business interruption insurance is a good fit for your Bicknell business.
Do Businesses in Bicknell Need Workers’ Compensation Insurance?
If an employee is injured on the job or develops an occupational illness due to exposure to toxins at the workplace, workers’ compensation insurance can cover the associated costs.
This insurance can pay for any necessary medical treatments, follow-up care, and prescription medications and can cover disability pay while injured workers are recuperating. It can also provide family members with death benefits in the unfortunate event that a workplace injury proves fatal.
With few exceptions, the state of Indiana requires all employers to carry workers’ compensation insurance. Rates are based on your company’s overall payroll, the number of employees you have, and the types of jobs they do. The more dangerous the job is, the more your coverage will cost.
A local independent agent can help you compare policies and quotes from a few competing providers that specialize in covering businesses like yours.
What about Employee Benefits for Businesses in Bicknell?
Good employees are the lifeblood of any business. You may therefore be considering making your company more attractive to highly qualified workers by offering a competitive benefits package that includes perks like an employer-matched 401(k) plan, paid vacation days, sick time, life insurance, and health insurance.
When you are shopping for insurance products for your employees, you will find that there are several different kinds of healthcare coverages available to choose from. These include HMOs, PPOs, and managed care plans as well as policies with different deductibles, copays, coverage limits, and prescription plans.
You may therefore find it beneficial to have the assistance of a local insurance professional. An independent agent can help you find suitable, yet competitively priced, health and life insurance policies to include in your employee benefits package.
Why Work with an Independent Insurance Agent in Bicknell, IN?
Local independent insurance agents can help you build a comprehensive business insurance policy package. These agents can offer guidance and advice as you navigate through your many options and can obtain customized quotes from a variety of top-rated insurance companies on your behalf. That way, you can be sure you are purchasing suitable coverage at a competitive price.
Set up a one-on-one consultation with an insurance agent near you to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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