Covington Business Insurance

Your Complete Covington Business Insurance Guide

Find the right business insurance policy for you.

The beautiful historic city of Covington is a prime place to start a new business. This city is a hot spot for families that want to put down roots and raise children in a safe, low-crime area. During previous years, 686,517 Kentucky residents were employees of small businesses. During that same time, the state recorded 340,746 small businesses in operation. While many of these businesses have been very successful, they still have plenty of risks to consider. Recently, insurance payouts for business losses reached $3,723,405. That's a hefty sum even when you divide it among all the state's startup companies. It's a serious reminder that every small business in Covington needs the protection of a comprehensive business insurance policy.

Oftentimes, small-business owners struggle to find a commercial insurance policy that meets their needs. There are so many options to choose from that it can quickly get overwhelming. Our Independent Insurance Agents provide one-on-one assistance to Covington businesses that are looking for the right coverage. Our friendly agents can quote from multiple policies to ensure you find a budget-friendly option to protect your business from losses.

Liability Insurance for Small Business in Covington, KY

Liability is one of the most serious concerns a small business will face. It only takes a moment for an accident to occur. Maybe a customer slips on the icy sidewalk on your property and breaks a leg. Perhaps a defective product damages a customer's home. When these problems occur, you need liability coverage to protect you. There are three kinds of liability insurance to choose from when you purchase Covington business insurance.

General Liability: The most basic coverage is called general liability; it safeguards your business against simple accidents and injury liabilities. 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 you don't get caught off guard with a liability lawsuit. Always have a Covington commercial insurance plan in place for added protection.

Product Liability: For businesses that sell physical products, it is imperative to have adequate product liability insurance. If quality control misses even one defective product, you could end up in serious trouble. Even if your products are designed with impeccable safety measures in place, accidents could still happen and someone could get injured. If that happens, your business could be liable for the related medical bills. 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. With so much at risk, ever small business should have Covington business insurance.

Professional Liability: For those businesses that offer services rather than physical goods, professional liability coverage is the best option. This coverage protects against claims of negligence or small judgment errors that can result in expensive lawsuits. Just as a physician wouldn't dare practice medicine without medical malpractice insurance, no small business should operate without professional liability coverage.

Business Interruption Insurance for Small Business

Sometimes uncontrollable life circumstances can cost your business serious profits. If you are diagnosed with a serious illness or have to undergo surgery, how will you recover the lost profits for the time your business isn't operational? Business interruption insurance allows you to project your gross profits in advance so that if an eligible interruption occurs, you will receive a payout for the profit loss. Recently, the gross state product in Kentucky was 1.6 percent, measuring 0.6 percent lower than the GDP of 2.2 percent. For Covington small businesses, having comprehensive coverage against gross profit deficits can be the difference between success and failure. 

Property Insurance for Small Business

Businesses in Covington face regular risks for property damage related to tornadoes. Each year, an average of two tornadoes touch down in the city, leaving behind a disaster zone of damaged homes and businesses. In 1974, an F5 tornado swept through Covington, leaving 3 dead and 190 seriously injured. With a known risk for tornadoes, the best course of action is to invest in comprehensive property insurance for your small business. Recently, 119 natural disasters were documented, but only 61 percent of business losses were covered by insurance. Companies were left with $9.7 billion in out-of-pocket repair expenses. Don't let this financial burden happen to your business. Be prepared with Covington commercial property insurance. 

Employee Coverages for Small Business in Kentucky

  • 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

Offering employees health insurance, life insurance, and workers' compensation benefits can go a long way in helping your business retain loyal staff. Unfortunately, health care costs are steadily rising in the United States. You can save money on employee coverage by shopping around and working with an Independent Insurance Agent to consider quotes on multiple policies. 

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.

With technology playing such an integral part in modern small businesses, having cyber crime insurance is more important than ever before. Cyber crime is a serious problem, but only 22 percent of small businesses have an action plan in case of data breaches. You can protect your business assets against identity theft with cyber crime insurance for Covington small businesses. If you are ready to find the best Covington business insurance, seek out help from an Independent Insurance Agent. Our friendly agents will guide you step-by-step through the process of choosing a customized commercial insurance plan that is right for your small business. 

Contact an agent today to learn more about your current options for Covington small business insurance. 

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