Whether you’re thinking of opening a restaurant or taking advantage of the proximity to America’s manufacturing heartland with a new factory, Fort Thomas, KY is a great place to do business. You can count on Kentucky to support you, too, with an excellent business climate. But any business comes with risks that it needs to be protected against. How much are Kentucky businesses thriving?
- In recent years, Kentucky was home to 340,746 small businesses.
- They employed 686,517 people.
- They also had total claims of $3,723,405 paid out.
The best place to start is to have a close relationship with your local Independent Insurance Agent. Your agent will get to know your business and help you to navigate the complex options so you can find the coverage that you need. By obtaining multiple quotes from many different agencies, you can compare the rates and pick the one that is most affordable for your business, too. The first consideration for your Fort Thomas commercial insurance is general liability. This covers you for any injuries to customers or visitors while on your premises or for any deliveries to your premises. The liability that you take on simply by opening your doors is nearly unlimited due to the potential cost of an injury as medical bills keep rising.
You never know just how expensive an injury might be. The Travelers Business Risk summary recently found that 60 percent of all businesses felt medical cost inflation was their biggest concern, with over 30 percent responding they felt unprepared to handle this risk. General liability insurance has to cover you for all eventualities related to injuries. Similarly, product liability coverage or professional liability covers you for any injuries that come from your products or services. 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. If you provide a product or service, you have to be protected from these claims.
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Business Interruption Insurance for Fort Thomas Businesses
You never know when you might not be able to conduct business as usual. An extended power outage can keep you shut down for days, especially if it comes during a severe winter storm. Fires and water pipe breaks are other unforeseen situations that might keep you from operating for an extended period until the damage is fixed.
While you are down, business interruption insurance pays you based on the revenue you would have brought in during that time. It’s calculated based on your revenues while you are up and operating and usually covers all the costs that are ongoing even when you aren’t. This coverage is usually the difference between being able to survive a disaster and not, so it is a critical part of every Fort Thomas business insurance coverage.
Property Insurance for Fort Thomas Businesses
After covering the losses from being unable to operate, the next most important thing is to get your property fixed up so you can start up again. A good policy pays out without a lot of hassle after an event so that you can get back on your feet quickly. Storms are not common in Fort Thomas, but when they do strike, they can cause a lot of damage.
- There was a total of 119 recent natural disasters across the U.S.
- Of the damage that resulted, only 61% was covered by insurance.
- Property owners had to cover $9.7 billion in losses out of pocket.
That’s why the cheapest insurance for your property isn’t always the best choice for you. You need to ask whether you can afford to take on risk by yourself before you take on a policy that does not cover your premises completely in the case of a disaster that shuts you down.
Workers' Compensation for Fort Thomas Businesses
Generally known as “workman’s comp,” workers' compensation insurance covers employees when they are injured on the job, whether due to a single incident or due to repetitive motion over a long period. It pays out for the period they cannot work. Kentucky state law requires this for every employee. Nationally, the cost for workman’s comp came to $1.27 for every $100 in wages in recent years, an average of $612 per employee.
The cost of this insurance is based on the kind of employees you have, taken from tables developed from claims taken out by employees in similar businesses. When you have a new business, there is a rate given to you that is not negotiable, but over time, a lower rate of claims by your employees earns your business a lower rate. Depending on your insurance company, there are many things that you can do to keep your rate low, including having ergonomic equipment available and providing special employee training on how to avoid injury on the job.
Employee Coverage for Fort Thomas Businesses
The largest single insurance cost for most businesses is employee health insurance. A total of $698 million was paid for employee health care coverage in Kentucky in recent years. The average single person health plan cost employers $5,077, and a family policy typically cost $15,463 There are many kinds of insurance you may want to offer your employees, including the following:
- Health plan insurance: This is required by law for companies with 50 or more employees, but many smaller businesses are opting to provide this coverage as a service for their loyal workers.
- Life insurance: In case something happens to an employee, you may your business to cover the employee as well as protecting the family.
- Disability insurance: Similar to life insurance, this pays out when an employee cannot work anymore for any reason.
Offering insurance plans to your employees may not cost you much but can improve employee morale and loyalty. Rates and benefits for employee plans vary widely from one provider to another, so it’s important to shop around for the coverage that meets both your employees' needs and your business’s budget.
Cyber Crime Insurance for Fort Thomas Businesses
Recently, there were 2,358 reported identity thefts throughout Kentucky, one of the lowest in the nation. But it’s still common enough that you have to protect yourself against it. You may not think about coverage for eventualities like this, but if you aren’t covered, the effect can be devastating. The potential liability is limited only by your credit.
For all of your Fort Thomas business insurance needs, the most important thing you can do is to contact your Independent Insurance Agent. Once familiar with the many needs of your business, your agent will be best suited to help you navigate the complex array of coverage you need in order to be protected. Then the agent can obtain the quotes with the best prices so you can compare your options.