On the face of it, it may look like the tranquil life on the edge of Bluegrass country doesn’t include a lot of business opportunities. But there are always good reasons to open a business and live your dreams – and thanks to its great business climate, Campbellsville, KY is a good place to start that business. Kentucky was home to 340,746 small businesses, with 686,517 employees, during previous years. The need for reliable Campbellsville commercial insurance was underscored by the total claims of $3,723,405 paid out that year.
To have a successful business means having the right business insurance. A strong relationship with your Independent Insurance Agent is a critical part of any Campbellsville business insurance. Our agents can take the time to really get to know your business and identify the coverage you need – and obtain multiple quotes from many carriers to get you covered at a price your business can afford.
The core of good Campbellsville commercial insurance is coverage for general liability. This protects you against any damaging situation on your property whether to customers, visitors or delivery personnel. It’s a critical part of your insurance because the liability you assume just by having your doors open every day is nearly unlimited. An injury on your premises can be extremely expensive, and if you are sued to cover the costs you need to have someone defend you in court. That’s what general liability insurance covers for you.
It’s a major concern for businesses large and small. A recent Travelers Business Risk summary found that 60 percent of all businesses said that medical cost inflation was the biggest concern, with over 30 percent responding that they were unprepared to handle this risk. You never know just what any injury you are held responsible for might cost.
In addition to general liability coverage, if you make a product of some kind or provide a personal service, you need to have product liability insurance. This covers any injury resulting from your product for any reason, and the same principles apply. The Insurance Information Institute found that in recent years,71 percent of product liability awards and 53 percent of medical malpractice awards were for more than $1 million. These are costs you cannot afford to handle on your own, so you need the right insurance for your business.
Business Interruption Insurance for Campbellsville Businesses
You can never be sure what might happen to cause you to suspend business operations. A storm could leave you with damage or simply without power for a few days. Business interruption insurance covers this loss for any reason beyond your control. The loss is based on your income when you were up and operating before the interruption occurred. Many times, this coverage is the difference between a business surviving a storm and having to close its doors. Having the right protection that your customers and employees can rely on is essential to a business
Property Insurance for Campbellsville Businesses
Protecting your property is another critical concern for the right business insurance. Recently, there were 119 natural disasters across the U.S., but only 61 percent of the resulting damage was covered by insurance. That left the property owners responsible for over $9.7 billion in losses that they had to cover on their own. The right insurance for you is about much more than coverage at an affordable price, however. In order to get back up and operating after a storm or other event, you need a carrier that is quick and responsive. That’s why a strong relationship with a Campbellsville-based agent is critical to finding the best policy for your business.
Workers' Compensation for Campbellsville Businesses
Kentucky state law requires every business with employees to carry workers' compensation coverage, also known as “workman’s comp.” This is a policy that pays out to an employee when the employee is injured on the job and cannot work for some time, regardless of whether that injury occurred from a one-time event or occurred over a period of time. Across the U.S., workman’s comp paid out $1.27 for every $100 in wages in recent years, an average of $612 per employee. Your business is assessed for this coverage based on the employees you have and the type of work they do. If you have a record of your employees' claims, the cost is based on that history. New businesses are charged based on schedules from similar businesses in the central Kentucky area.
Employee Coverages for Campbellsville Businesses
There are other insurance coverage types you may want to provide your employees as a service to them for their continued loyalty and hard work:
- Health Plan Insurance: This is required by law for companies with 50 or more employees, but many smaller businesses opt to provide this coverage as a service to their loyal workers.
- Life Insurance: In case something happens to your employee, you may want your business to cover the employee as well as the employee's family.
- Disability Insurance: Similar to life insurance, this pays out when an employee cannot work anymore for any reason.
Kentucky is a very average state for employee expenses, ranked 25th nationally for health insurance premium costs in recent years. The total spent was $697,974,000. The average spent for coverage by businesses in Kentucky in recent years was $5,077 for a single employee and $15,463 for a family.
Cyber Crime Insurance for Campbellsville Businesses
For all the types of insurance that your business needs, there are always a few things that you may not even think of. For example, cyber crime and identity theft can leave you with nearly unlimited liability, as a criminal can steal a tremendous amount against your credit before you even know about it. How bad is the problem? Cyber crime and related identity theft are not very common in Kentucky, which ranks 43rd among the states – but there were still 2,358 reported cyber crimes in recent years. For all these needs and many more, your Independent Agent can help you find the coverage you need to protect the business you work so hard to build. Because they are located right here in Campbellsville, our Agents know what you will need.
Talk to one today to be sure that you have the business insurance that will keep you going no matter what comes your way.