Fisherville, KY is a charming city, serving as a bedroom community for Louisville. This small city is mainly residential, but because of its close proximity to Louisville, it makes available many attractions to residents. Businesses in this area have a long history of thriving because of all the constant traffic from commuters. In 2014, there were 340,746 small businesses in Kentucky, providing employment to 686,517 people. Of course, owning a business is always risky. In 2014, loss payouts to Kentucky businesses totaled $3,723,405.
Owning a small business comes with many risks, so be sure to take the steps to protect your investment with Fisherville business insurance. Trusted Choice® Independent Insurance Agents specialize in helping businesses in Fisherville select comprehensive commercial insurance that safeguards against threats like liability, property damage and even cyber crime.
If you operate a small business, the first step you should take is to add liability insurance to your policy. Liability lawsuits happen every single day and can financially devastate a business. According to the 2015 Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and more than 30% said they felt the 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% of product liability awards by the courts amounted to $1 million or more. If a product causes injury or illness to a customer, you could be facing an expensive liability lawsuit. Product liability insurance ensures that your business in protected and could be instrumental in keeping your business afloat during an expensive lawsuit.
- Errors & Omissions/Professional Liability: Contractors, consultants and other professionals should choose professional liability insurance. If you give some bad advice or make the wrong judgment call, this professional insurance protects you. 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 Fisherville Businesses
- Gross domestic product in 2014: 2.2%
- Kentucky gross state product in 2014: 1.6%
- The 2014 GSP increase was 0.6% less than the 2014 GDP increase
Property damage is a serious threat to any business. Severe weather can come without warning and cause massive damage to the point where your business is unable to operate. Business interruption insurance steps in to pay you for the profits you lose during this unexpected interruption. It’s a lifesaving policy that could keep your business afloat if disaster strikes in your neighborhood.
Property Insurance for Fisherville Businesses
- Number of natural disasters in 2014: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in 2014: $9.7 billion
Severe weather is always a possibility in any city. Fisherville is considered at moderate risk for tornadoes. Residents also face the threat of flash flooding, severe summer thunderstorms and the occasional winter storm. Make sure you’re prepared by investing in commercial property insurance. If your business is damaged in a storm, you can 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 Fisherville Businesses
In most states across the nation, workman’s compensation is legally required before beginning the hiring process. If one of your employees has a work-related illness of injury, you are responsible for paying lost wages and medical bills out of your own pocket. Workman’s comp provides protection by covering the injured employees' lost wages and medical bills.
Employee Coverages for Fisherville Businesses
- Total 2013 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 2013: $5,077/person or $15,463/family
Employers face the same challenge across the nation when trying to find affordable health care to offer employees. Trusted Choice 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 Fisherville Businesses
- 2,358 identity theft complaints in Kentucky in 2014
- Ranked #43 highest for identity theft complaints in the U.S.
Research shows that only 22% of small businesses have a response plan in place to deal with cyber attacks and data breaches. Cyber crime is a growing problem in a world full of changing technology. As a business owner, make sure you protect your investment in case of a serious data breach by having cyber crime insurance. If you are the victim of a malicious hacker, you have peace of mind knowing you are covered.
If you are ready to start the search for budget-friendly business insurance that provides ample protection, call our friendly Trusted Choice 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 Fisherville’s most common threats. To learn more about your options for Fisherville commercial insurance coverage, contact a Trusted Choice agent for a free quote today.