There are nearly 480,000 businesses operating in Indiana, with over 4,400 in Hammond. The city of Hammond has a diverse economy with top industries including healthcare, hospitality services, and steel production. Hammond business owners need a comprehensive business insurance program to protect their assets when something goes wrong. Since every business has unique risks, it’s important to understand all of your exposures and find tailored insurance policies to cover them. A local independent insurance agent can help you assess your risks, compare policies and quotes, and make an informed decision.
Liability Insurance for Small Businesses in Hammond, IN
Businesses of all shapes and sizes are commonly accused of negligence. Unfortunately, claims that your business has caused harm to an individual or another business might be one of the most financially devastating events you encounter. One lawsuit or unexpected event can force you to declare bankruptcy and close your doors for good.
Liability insurance is one of the most important ways in which you can protect your business assets from lawsuits. Commercial general liability insurance, or CGL, is the most basic form of business liability insurance. It can protect your business from costs related to bodily injury and property damage claims. It pays for medical expenses, legal costs, and settlements or judgments. Your CGL policy even covers costs related to personal injury claims such as libel and slander.
To protect your business from certain specific types of liability claims that are excluded from CGL coverage, you might need to purchase additional liability policies. Talk to your independent insurance agent about why you might need employment practices liability insurance, environmental liability insurance, or professional liability insurance to complete your business liability insurance protection.
Cyber Liability Insurance for Hammond Businesses
If a data breach or some other cyber incident negatively affect your customers or business partners, your business could be responsible for paying damages to all of the affected parties. If you are sued, you’ll have to pay legal fees, court-ordered judgments or settlements, and any other court-mandated costs. Your general liability insurance may not appropriately cover the costs associated with an electronic data breach.
- Number of identity theft complaints in Indiana per year: 4,498
- Ranked 33rd highest for identity theft complaints in the US
- Only 22% of US businesses have a cyber/data breach response plan
Cyber liability insurance covers a variety of expenses related to a data breach. While cyber liability policies continue to evolve because of the ever-changing nature of the threats, most cyber liability insurance policies protect your business assets by covering your legal defense costs, as well as any settlements and judgments that you are ordered to pay. Cyber liability insurance also helps businesses repair their reputations and damage to their brands in these situations by providing coverage for PR and other related expenses. Be sure to ask an independent agent about how cyber liability insurance can help you protect your business.
Property Insurance for Small Businesses in Hammond, IN
Your commercial property can be damaged in a variety of ways, from fires and floods to severe storms, break-ins, and vandalism.
- Number of federally declared disasters in Indiana since 1953: 49
- Most common reasons for declared disasters in Indiana: Severe Storms and Floods
Whether you own your building or lease your office space, you need some type of protection for your business property. Commercial property insurance covers damage to a building and its contents (computers, office equipment, and furniture, supplies, fixtures, etc.) if it is damaged by a weather event, fire, theft, vandalism, and other covered perils. An independent insurance agent can help you determine if you need more than just a basic commercial property policy.
If your Indiana commercial property is in an area that is prone to flooding, you are likely to need flood insurance designed for businesses. Flood insurance is available from the National Flood Insurance Program (NFIP), and your local insurance agent can help you purchase coverage.
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Business Interruption Insurance for Hammond Businesses
What would happen if your business could not operate for an extended period because of a fire, severe storm, or some other disaster? Your commercial property insurance covers the cost of physical damage to structures, equipment, inventories, and material goods in the event of a loss. But you need business interruption insurance to reimburse you for lost revenues when your business is unable to operate after a disaster.
Business interruption coverage, or business income coverage, protects your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown, or some other covered event. If you are forced to close your doors for some time in order to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more. An independent insurance agent can help you assess your risks and help you get the coverage you need.
Workers’ Compensation Insurance for Hammond, 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 are included in coverage but may elect to be excluded. All independent contractors who work in the building and/or 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. A local independent insurance agent can help you learn about the workers’ compensation requirements for your business, and can help you purchase a policy that fits your needs.
Employee Benefits for Small Businesses in Indiana
Employee benefits—such as group health insurance, group life insurance, short- and long-term disability insurance, and more—serve a critical purpose for your employees and can often mean the difference between a satisfied workforce and one that is unhealthy and disengaged. Many employees see their benefits as an important part of their overall compensation plan. Offering a comprehensive set of employee benefits, including group insurance plans, vacation and sick time, wellness programs, and other perks, can help you attract and retain top talent, as well as encourage wellness and healthy living.
- 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 employee benefits options available, and not every business needs the same types of plans or programs. A local independent insurance agent can help you find suitable coverage at a competitive price.
Why Work with an Independent Agent?
There are many business insurance products and options available to protect your Hammond business. You probably have a lot of questions, and a local independent insurance agent can help. An independent agent can work with insurance companies that specialize in the type of work you do. And your agent can help you assess your risks and get quotes from multiple, highly rated insurance companies.
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