There are over 4,000 businesses operating in Muncie, Indiana. Many of the city’s businesses are involved in education, hospitality, and healthcare. If you’re a Muncie business owner, you’ll want to protect your business assets with a comprehensive business insurance plan. An independent insurance agent in Muncie can help you identify the unique risks your company faces and can recommend the commercial insurance products you need to cover them.
Liability Insurance for Small Businesses in Muncie, IN
One of the most important components of any business insurance plan is liability insurance. When you purchase a commercial general liability (CGL) policy, you gain protection from lawsuits and claims of negligence. These types of lawsuits happen when your business is responsible for damage or injuries to third parties. Even if the claims against you are unfounded, you still have to defend yourself. And any legal defense will be costly.
With a CGL policy, you’ll be reimbursed for court costs, attorney fees, and even any settlements or judgments that you are required to pay to an injured party. CGL policies cover a lot, but not everything. Certain types of liability claims are specifically excluded from general liability coverage. Fortunately, there are several additional types of business liability policies available. And in some cases, the additional coverage you need can be added on to your CGL policy with an endorsement. An independent insurance agent in Muncie can help you decide if you need employment practices liability insurance, professional liability insurance, or any other type of supplementary liability coverage.
Cyber Liability Insurance for Muncie Businesses
Your use of computer systems and electronic data leaves you susceptible to a variety of potentially expensive scenarios. When sensitive data is stolen by outside hackers, you’re responsible for making things right with your business partners and customers. What’s more, you could be sued for the financial harm that was caused.
- 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 protects your business assets by paying for many of the costs related to a cyber breach and any resulting legal action against you. The cyber liability insurance market is still evolving, so policies and coverage vary among insurance companies. Talk to your insurance agent about the cyber liability insurance options that best protect your business.
Property Insurance for Small Businesses in Muncie, IN
Commercial property insurance is another basic building block of a comprehensive commercial insurance program. It covers your company’s physical assets, including buildings 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
Talk to your insurance agent about the appropriate coverage limits for your unique business, so you can make repairs or rebuild without taking a major financial hit. You should also talk to your insurance agent whether you need flood insurance for your Indiana business. Flood insurance is only available through the National Flood Insurance Program (NFIP), but your local independent agent can help you purchase the coverage you need for your unique circumstances.
Business Interruption Insurance for Muncie Businesses
Severe weather, fires, and even break-ins can cause extensive damage to your commercial buildings, your suppliers’ buildings, local utilities and more. Often these types of incidents can leave you unable to operate for an extended period while you make repairs, rebuild, or wait for the lights to come back on. Even a small, contained fire can create widespread damage and force you to close in order to rebuild.
If you couldn't afford ongoing expenses during the time you needed to make repairs, would you be forced to close for good? Business interruption insurance, or business income insurance, reimburses you for lost revenues when your business is unable to operate after a disaster. It pays for certain ongoing expenses and allows your company to stay afloat until you are able to reopen. A local independent insurance agent can help you assess your risks and help you get the coverage you need.
Workers’ Compensation Insurance for Muncie, 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 Muncie
While offering employee benefits is optional for small employers, the impact that they can have on a workforce is immense. Employee benefits like group health insurance and group life insurance serve a critical purpose for many employees. The positive impact of offering employee benefits tends to far outweigh the costs. Employee benefits, in general, are linked to a decrease in employee absenteeism and improved morale. What’s more, a good employee benefits plan that includes health insurance, life insurance, vacation and sick time, and more, helps companies attract and retain top employees.
- 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. A local independent insurance agent can help you find suitable coverage at a competitive price.
Why Work with an Independent Agent?
There is no such thing as a one-size-fits-all business insurance policy. The wide variety of insurance products and options available to business owners allow you to cover your assets against the unique risks you face. Independent insurance agents can help you find the right policy for your needs and budget. Independent agents can work with multiple insurance companies, so you can compare competitive quotes and make an informed choice.
Contact a local agent to get started.
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