Over the years, Bowling Green has become a hub for American business with companies like General Motors and Fruit of the Loom building manufacturing empires in the picturesque landscape of the Bluegrass State. During previous years, there were 340,746 small businesses in Kentucky providing valuable employment opportunities to 686,517 people. Despite a culture that is favorable for building a business, average payouts for business losses reached $3,723,405. With any business venture, there are risks, but you can safeguard your small business with comprehensive Bowling Green business insurance.
Finding the best business insurance can be a challenge, but our Independent Insurance Agents have the knowledge and experience to walk you through the process from the first step to the last. Our agents can quote from multiple policies, allowing you to look at all of your options and select a policy that is right for your business size and goals.
Liability Insurance for Small Business
Business liability insurance provides a crucial buffer of protection in case of accidents or lawsuits. If a customer or employee suffers physical, financial or psychological injury related to your business, you could be held liable. Select from three types of commercial liability insurance to protect your assets from potentially devastating liability lawsuits.
General Liability: This option provides a blanket of coverage to protect your business against typical liability issues. If a customer trips over a display and falls, you could then be responsible for a stack of medical bills. 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. General liability coverage safeguards your Covington small business from financial ruin after an accident.
Product Liability: If a flawed product causes someone else harm, you are ultimately responsible for the damages. Unfortunately, product liability lawsuits often end in hefty judgments where businesses are responsible to pay out thousands of dollars in a settlement. According to a national study, 71 percent of product liability awards and 53 percent of medical malpractice awards by the courts amount to $1 million or more. Product liability coverage protects your small business assets if you are ever faced with a lawsuit.
Professional Liability: While you would never intentionally cause harm to another person through your services, small judgment errors do happen. If a customer alleges that your advice caused harm, you could be deemed negligent in court. Professional liability policies ensure that you are covered if this happens to you.
Business Interruption Insurance for Small Business
Having business interruption insurance can ultimately save your business if disaster strikes. If a tornado sweeps across Bowling Green and destroys your workspace, you will have to cease operations until you can make repairs. In the meantime, you could lose out on business to your competitors. Business interruption insurance pays the difference in lost profits so you can bounce back after a disaster and move forward toward your professional goals.
Business interruption insurance is especially important in Kentucky. In recent years, the gross state product in Kentucky was 1.6 percent, measuring 0.6 percent lower than the GDP of 2.2 percent. Protect your company against life's unexpected interruptions with this additional layer of coverage.
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Property Insurance for Small Business
Bowling Green has a long history of devastating tornadoes. The largest struck in 1970 and caused 85 injuries and three deaths. Each year, an average of one serious tornado touches down in Bowling Green, so businesses have to think ahead and take precautions against property damage. Recently, there were 119 natural disasters, but only 61 percent of business losses were covered by insurance. Companies were left with $9.7 billion in out-of-pocket property repairs. Bowling Green business insurance protects you against this kind of financial difficulty, so make sure you choose a policy that includes property repair.
Employee Coverages for Small Business
- 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
Providing your staff with the best employee coverage for health care, life insurance and workers' compensation will go a long way toward building a healthy business. While health care can get expensive, you can find affordable employee coverage for small business if you're willing to do your homework. Our friendly agents can walk you through the options and help you find a budget-friendly plan that is right for your Bowling Green small business.
Cyber Crime Insurance for Small Business
- 2,358 Identity theft complaints in Kentucky in recent years
- Ranked 43rd highest for identity theft complaints in the U.S.
How much of your daily business is dependent on technology? Most small businesses rely on computers for everything from record-keeping to processing payments and tracking sales data. Unfortunately, cyber crime is a growing problem, and identity theft or employee dishonesty can be devastating for any business. Unfortunately, only 22 percent of small businesses have a response plan in place for data breaches. Investing in cyber crime coverage is just one more way you can protect your company. If you want to give your business the best chance to succeed, take time to learn more about the benefits of Bowling Green business insurance.
Contact an Independent Insurance Agent today to get a customized quote and find out more about your coverage options.