Augusta Business Insurance

The Complete Augusta Business Insurance Guide

Find the right business insurance policy for you.

During previous years, there were 340,746 small businesses, employing 686,517 people, based in the state of Kentucky. Nearly 1,000 of these businesses were headquartered in Bracken County. From corner stores to landscaping businesses, small businesses help their local economies thrive. If you are a business owner in the small city of Augusta, KY, you should take pride in the contribution you are making to your community; and you should be sure to protect your investment with a solid Augusta business insurance policy.

Consider this: In recent years, businesses in Kentucky collected $3,723,405 in business insurance claims. You will want to be certain that your business insurance provides all the coverage your business needs. An independent insurance agent in our network can help you identify your potential exposures, and so you can cancel out these risks with the proper insurance. These agents can work with several reliable insurance companies to help you obtain and compare Augusta commercial insurance quotes for policies that have been customized specifically for your business. Find an agent near you to learn more.

  • According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt unprepared to handle this concern.
  • According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more, so this coverage may be crucial.
  • That same national study found that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.

Most small businesses are simply not equipped to absorb the costs associated with a liability lawsuit. That is why liability insurance coverage is so important. Your Augusta business insurance policy includes commercial general liability (CGL) coverage that can protect your business from many of the liability risks it faces. It covers court costs, legal fees and financial damages related to covered liability suits. Your agent may recommend that you also include other types of liability coverage, such as completed operations liability or commercial vehicle liability if these policies are appropriate to your business. Some coverage types that your agent may speak with you about include these:

  • Premises liability insurance: This is one of the main components of your general liability insurance. It covers your business if an accident on your commercial premises leads to third-party injuries, illnesses or property damage.
  • Product liability insurance: Also part of your general liability insurance, this protects your Augusta-based business if a product you produce, promote or sell is somehow faulty and causes damage, illness or injuries to others.
  • Professional liability insurance/Errors and omissions insurance: Professionals in all fields can benefit from purchasing industry-specific professional liability insurance. The most commonly known type is medical malpractice insurance, but there are professional liability policies in place to protect all kinds of professionals, from real estate agents to accounting consultants.

Business Interruption Insurance for Augusta Small Businesses

  • Recent Gross domestic product (GDP) for U.S.: 2.2%
  • Recent Gross state product (GSP) for Kentucky: 1.6%
  • The recent GSP 0.6% lower than the GDP

While your Augusta-based business may contribute to Kentucky’s gross state product while it is operational, if a disaster, such as a tornado or an explosion, causes substantial damage, you may be forced to halt your business operations. This necessary closure might last for weeks or months while repairs are made. An event such as this can significantly affect your business revenues and in some cases may even lead to commercial bankruptcy.

Make sure that your Augusta commercial insurance policy includes business interruption insurance so that your company can continue to collect income during the involuntary closure. That way, you can continue to pay your key employees and will not fall behind on your monthly business expenses. This insurance stays in effect until you can resume your normal business operations but is usually limited to 12 months.

Property Insurance for Small Business in Augusta

  • Number of natural disasters in the U.S. in recent years: 119
  • Only 61% of losses from natural disasters were covered; $9.7 billion from damage was not

Disasters, whether weather-related or man-made, can lead to substantial financial losses for your Augusta business. Not only do you face the prospect of lost income, but your business also faces potential losses related to property damage. Fortunately, the right property insurance can cover loss or damage to your business-owned assets, such as computers, machinery, tools, merchandise, inventory, outdoor signage, and office furnishings. 

Businesses in different industries often have different coverage needs. For example, some may benefit from additional property insurance types, such as bailee insurance or inland marine insurance. That is why it is advantageous to work with an experienced agent when you are building your Augusta business insurance coverage.

Workers' Compensation for Augusta Businesses

If your Augusta-based business has employees, even if just one, Kentucky law requires that you include workers' compensation insurance as part of your business coverage. This insurance provides compensation for medical costs and lost wages related to injuries or illnesses sustained by employees in the course of doing their job. It also provides death benefits to survivors in the unfortunate event that injuries prove fatal. Some workman’s comp policies are specifically for businesses operating in certain industries. Your agent can help you find a competitively priced policy that is appropriate for your business model.

Employee Coverages for Small Businesses in Augusta

  • Total recent spending on premiums in Kentucky: $697,974
  • Ranked 25th for the highest premiums in the U.S.
  • Annual cost of health care for small businesses in recent years: $5,077/person or $15,463/family

The Affordable Care Act’s “employer mandate” requires that all U.S. companies with at least 50 full-time employees must provide them with subsidized health insurance coverage. Even if it is not mandatory for your small business, offering your employees benefits such as health and life insurance may be wise because it helps you attract and retain good workers – and may even qualify your business for federal tax credits. If you are interested in looking into adding health or life insurance plans to your Augusta business insurance package, your agents can help you find and review some affordable options.

Cyber Crime Insurance for Small Business

  • Number of identity theft complaints in Kentucky in recent years: 2,358
  • Ranked #43 highest for identity theft complaints in the U.S.
  • Only 22% of businesses have a cyber/data breach response plan

Cyber-crime insurance has recently become necessary for businesses of all sizes. This is because instances of electronic data theft are on the rise. If you use computers or other electronic devices to collect and store sensitive information (such as personal and financial data) about your customers, this insurance may be a very good addition to your Augusta business insurance package. 

It protects your company from large financial losses related to lawsuits if data thieves manage to hack into your system and access information that puts your customers at risk for identity theft and fraud. It also protects your business if criminals use a skimmer device to steal your customers’ credit card information at the register. You can get more information about cyber crime coverage by speaking with your Trusted Choice agent.

Find the Right Augusta Commercial Insurance for Your Business

Every business has particular risks and exposures relative to its industry and size and the services it provides. When you enlist the help of a local insurance agent in our network, you will gain access to a wealth of information about your many different coverage options. You will also have an easy way to compare Augusta business insurance quotes for policies that are customized to meet your company’s coverage needs. This will enable you to choose the coverage that offers the best value for your business. Discover how working with an insurance agent can benefit your bottom line. There are several independent insurance agents with offices throughout Kentucky, and some are located near you. 

Find a local agent to learn more about your Augusta commercial insurance options.

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