During previous years, 493,382 Indiana small businesses provided jobs to 1,173,626 employees. While Indianapolis is a great place for businesses to grow in, its surrounding suburbs offer some of the most thriving markets for entrepreneurs. Carmel, IN is no exception, with its bustling arts district and supportive community. But these hard-working businesses suffered $5,524,122 in losses — meaning there are numerous risks that small-business owners need to keep in mind when looking to protect their businesses.
Finding the best Carmel business insurance can be difficult, but not with an Independent Insurance Agent by your side. Our agents are local and know the Indiana small business scene well. When you contact a Carmel agent, you'll receive great customer service and a number of insurance quotes to choose from. We love giving you options so you can have a say in how your business is financially protected. Small and growing businesses could have their bottom line significantly impacted by a variety of small incidents. A customer's injury, product malfunction or unsolicited advice could result in your being sued — which is why you need some of these basic coverages to have full protection.
- General Liability: According to a recent Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and more than 30% said they felt the least prepared to handle this issue. So what would happen if a customer were hurt on the way out the door? With general liability coverage, any associated medical and legal costs are covered.
- Product Liability: A national study found that 71% of product liability awards and 53% of medical malpractice awards by the courts amounted to $1 million or more. If a product malfunctions or causes an injury or if a customer files a lawsuit and you don't have product liability protection, you could be in trouble. Talk to an agent about this coverage if you sell, distribute or manufacture a product.
- Professional Liability: Also known as errors and omissions insurance, this liability coverage is designed for professionals who regularly give advice to their clientele. Architects, consultants and accountants should go through their professional liability options with an agent to be protected against negligence claims.
Business Interruption Insurance for Carmel Businesses
- Previous U.S. gross domestic product: 2.2%
- Previous Indiana gross state product: 2.1%
Indiana businesses are thriving — and the success is evident when you look at state and national economic rates. But if a natural disaster or unsafe situation forces your Carmel business to shut its doors, you could see serious financial devastation with days or weeks of lost profits. Luckily, business interruption insurance steps in during a temporary closure so you can continue to pay both bills and employees. Talk to an agent about the specifics and how you can add the coverage onto your Carmel business insurance policy.
Property Insurance for Businesses in Carmel
- Number of natural disasters in recent years: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
Indiana doesn't see too much harsh weather, but you should certainly know the general weather risks you face as a business owner. Tornadoes and strong rain can occur often, and winter storms can be horrendous with intense ice and snowstorms. Any property damage that occurs should be covered by your Carmel commercial insurance so you can make repairs or start rebuilding as soon as possible. Let an agent walk you through the details so you can have peace of mind when a storm rolls through.
Workers' Compensation Coverage for Carmel Businesses
The average national cost of workers' compensation per employee is $612, or $1.27 for every $100 in wages. It's a small price to pay if an employee is injured while on the job. Workers' compensation coverage doesn't have to be complicated and can provide an essential layer of protection for your small company. Our agents will get you set up with great coverage that covers your unique risks at a price you can afford.
Employee Coverages for Carmel Businesses
- Total recent spending on premiums in Indiana: $674,206
- 24th highest premium in the U.S.
- Annual cost of health care for small businesses in recent years: $6,379/individual or $17,424/family
Your employees work hard for you, so shouldn't you provide for them the health and life insurance coverage that they deserve? Our agents can help you navigate the confusing terrain so you feel comfortable choosing coverages that will fully protect your employees and their families. Make sure you take both parties' needs into account when you're looking at your options with an agent.
Cyber Crime Insurance for Carmel Businesses
- 4,498 identity theft complaints in Indiana
- 33rd highest state for identity theft complaints
If you're part of the 68% that don't have a cyber breach plan in place, you should talk to an agent. Because technology is an integral part to how your Carmel business operates, you likely have a lot of personally identifiable information that hackers can gain easily access to. An agent will describe the levels and types of cyber crime insurance protection you can opt for.
Find a Great Carmel Commercial Insurance Policy
Your Carmel company faces a number of risks, and finding a policy that addresses all of them can be overwhelming. Our Independent Insurance Agents are here to get you on board with the right policy that meets your unique needs and fits into your budget. Let your agent help so you can focus on what's most important: your bottom line.