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Last year small businesses in Kentucky made $289.7 billion. Without a comprehensive business insurance plan, companies in Kentucky may face large financial losses that eat into their revenues.
Knowledgeable independent insurance agents can help you identify and mitigate your business's specific risks with a suitable commercial insurance policy package.
40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:
Kentucky commercial insurance is designed to protect your company from large financial losses associated with property damage, forced long-term closures, liability lawsuits and other exposures faced by businesses in your particular industry.
Here’s what a standard business insurance policy should do:
Pay For Damage To Your Building
Pay For Damage To Your Business Property
Pay For Damage To Someone Else’s Property
Pay For Someone Else’s Medical Bills
Pay For Accidents in Company Vehicles
Pay For Employee Injuries & Compensation
While a commercial insurance policy is not necessarily required of business owners, certain aspects of it may be.
For example, in this state, businesses that have at least one employee must carry workers' compensation insurance. Additionally, businesses that use company-owned vehicles must carry commercial auto insurance, and companies with at least 50 full-time employees must provide them with affordable health care coverage.
To learn more about the insurance types that you may need to carry for your business, speak with a local Trusted Choice® agent.
It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.
Business insurance rates are calculated by factoring in a number of variables such as the potential for damage to your business property, your liability coverage needs and the amount and types of coverage you wish to include in your policy package. Policies can vary significantly by business industry, so it is to your advantage to speak with an experienced insurance agent to get help building a suitable policy for your business.
It’s usually wise to work with an independent agent in Kentucky since they have access to multiple insurance companies. Sometimes its difficult to find an insurance company who will cover your business.
Number of businesses in the US: 27,626,360
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
|City||No. businesses||Burglaries / 1,000 people||Auto thefts / 1,000 cars|