Erlanger, KY presents great opportunities for entrepreneurs and small-business owners. Its location in a tri-state area allows for a large client base and immense networking connections. During previous years, 340,746 small businesses in Kentucky employed 686,517 individuals. But that same year, Kentucky businesses reported $3,723,405 in losses. As a small-business owner, you need the most comprehensive business insurance on the market — but with a friendly price tag attached.
Our Independent Insurance Agents find the right balance between all-inclusive protection and right price, so you can stay worry-free. Liability coverage is the most basic form of protection for small businesses. If a client slips and falls or a product malfunctions and causes and injury, will you be covered? There are three levels to cover all your bases:
- General Liability: According to a recent Travelers Business Risk Summary, 60 percent of small businesses ranked medical cost inflation as their highest concern and over 30 percent said they felt the least prepared to handle this concern. Feel secure knowing a customer's slip won't result in a serious financial burden, by talking to an agent about general liability.
- Product Liability: A national study found that 71 percent of product liability awards and 53 percent of medical malpractice awards by the courts amounted to $1 million or more. What would happen if your small business had to pay more than $1 million? Chances are it would be devastating, which is why an Independent Insurance Agent is here to help give you protection if your company sells, manufactures or produces a product.
- Professional Liability: Also known as errors & omissions, this coverage protects you if your company gives advice or provides professional counseling. If someone sues you, professional liability insurance covers defense costs and claims expenses.
Business Interruption Insurance for Small Business
If a natural disaster caused such havoc that your business had to literally shut its doors, how would you continue to make revenue? That's where business interruption insurance comes into play. With this coverage, you are compensated for the money you would normally be making if you were open for business. Kentucky's recent gross state product (GSP) was 1.6 percent — 0.6 percent lower than the recent gross domestic product (GDP), meaning your small business can't afford a shutdown. An Independent Insurance Agent will show you just how vital this coverage is for your company if something unexpected happens.
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Property Insurance for Small Business
One hundred nineteen natural disasters struck the U.S. in recent years, and while 61 percent of losses from natural disasters were covered, a shocking $9.7 billion of damage was not covered. If your physical property needs to be rebuilt or renovated, are you financially protected with the proper insurance? Talk to a local agent to discuss the specifics such as limits and coverage options so you can feel safe when a storm hits.
Employee Coverages for Small Business
Small businesses in Kentucky spent an annual $5,077 for a single person health plan and $15,463 for a family health plan in recent years, 10 percent and 4 percent lower than the national average, respectively. Providing proper coverage for your valuable employees is important and should require more than just choosing the easiest option. The Bluegrass State saw $697,974 spent on premiums — the 25th highest premium spent in the U.S. An Independent Insurance Agent can find an affordable option to benefit both your company's bottom line and your employees' health.
Cyber Crime Insurance for Small Business
A staggering 2,358 identity theft complaints were filed in recent years. While Kentucky ranks 43rd highest for identity theft complaints in the U.S., cyber crime should be a legitimate concern that your small business should take action against. Don't be part of the 78 percent of small businesses that don't have a cyber/data breach response plan. Let an Independent Insurance Agent get you the appropriate cyber crime insurance plan for your Erlanger small business.
Our Independent Insurance Agents in Erlanger know the risks that small businesses face — especially since they're part of one themselves. Let an agent explain coverages, talk about your challenges and compare a number of quotes for you. Knowing that your small business is covered and protected will help you focus on what really matters — business operations and revenue generation.