USA Today’s “Best of the Road Competition” recognized Bardstown, KY as the “Most Beautiful Small Town in America.” Since then, tourists have steadily come through town to take in the beautiful bluegrass scenery and tour the local museums. Businesses in this area have thrived from all of the attention, with a whole new world of opportunities now waiting at their fingertips. During previous years, there were 340,746 small businesses in Kentucky, providing employment to 686,517 people. Of course, owning a business is always risky. Recently, loss payouts to Kentucky businesses reached $3,723,405.
As a business owner in this area, take steps to protect your investment with Bardstown business insurance. Our Independent Insurance Agents specialize in helping businesses in Bardstown select comprehensive commercial insurance that safeguards against threats like liability, property damage and even cyber crime. Every Bardstown business needs the protection of general liability insurance. 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 least prepared to handle this issue. Make sure your business is prepared with the right kind of general liability insurance.
- Product Liability: According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. It only takes a single defective product to land you in the middle of an expensive liability lawsuit, but product liability insurance safeguards your business assets.
- Errors & Omissions/Professional Liability: For businesses that provide services rather than sell products, professional liability insurance is the best option. This type of coverage protects you against accusations of errors and omissions. If you do end up in a lawsuit, your professional liability insurance covers the costs of legal defense and any court-ordered payouts.
Business Interruption Insurance for Bardstown Businesses
- Recent Gross domestic product: 2.2%
- Recent Kentucky gross state product: 1.6%
- The recent GSP was 0.6% lower than the recent GDP
Imagine for a moment that a massive flood has swept through Bardstown and now you find your business is sitting under 3 feet of water. Even after the water recedes, it will take weeks or even months to repair the damage, and in the meantime, you have no choice but to shut down. Business interruption insurance steps in to pay you for the profits you lost during this unexpected interruption. It’s a lifesaving policy that keeps your business afloat if disaster strikes in your neighborhood.
Property Insurance for Bardstown Businesses
- 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
Bardstown in a high-risk area for tornadoes, with dozens of storms causing serious damage to homes and businesses over the past few decades. Make sure you’re prepared by investing in commercial property insurance. If your business gets trashed in a storm, you just file a claim with your business insurance company and get the funds you need to make repairs and get back to work as soon as possible.
Workers' Compensation for Bardstown Businesses
If an employee gets injured on the job, you could be facing a major lawsuit. Workers' compensation safeguards your business by paying for medical care and lost wages after a work-related injury. Across most of the United States, employers are now legally required to have workers' compensation coverage before hiring even a single employee.
Employee Coverages for Bardstown Businesses
- Total recent spending on premiums in Kentucky: $697,974
- Ranked 25th for highest premiums in the U.S.
- Annual cost of health care for small businesses in recent years: $5,077/person or $15,463/family
With health care costs on the rise, it’s becoming increasingly difficult to find affordable health and life insurance benefits for your staff. Our Independent Insurance Agents can help you find affordable employee coverages by providing quotes from multiple policies. By taking time to compare rates, you can drastically cut the costs of health insurance and life insurance plans for your staff.
Cyber Crime Insurance for Bardstown Businesses
- 2,358 Identity theft complaints in Kentucky in recent years
- Ranked #43 highest for identity theft complaints in the U.S.
Research shows that only 22 percent of small businesses have a response plan in place to deal with cyber attacks and data breaches. If your Bardstown business doesn’t have a plan in place, it’s time to make one now. Hackers are a growing problem for small businesses in Kentucky, so make sure you’re prepared with cyber crime insurance. This coverage safeguards your business assets and provides peace of mind that you’re covered even if you do find yourself in the midst of a serious data breach.
Finding affordable business insurance in Bardstown starts with a call to our friendly Independent Insurance Agents. Our experienced agents can walk you through your options, answer your questions and point you toward the coverages that will best protect your small business against Bardstown’s most common threats.
To learn more about your options for Bardstown commercial insurance coverage, contact an agent, and get a free rate quote today.