Frankfort Business Insurance

The Complete Frankfort Business Insurance Guide

Find the right business insurance policy for you.

During previous years, there were 340,746 small businesses, employing 686,517 people, based in the state of Kentucky. More than 2,500 of these businesses were headquartered in Frankfort. From retail to construction to professional services, businesses in Frankfort, KY help the local economy thrive. As a small-business owner, you should take pride in the contribution you are making to your community and protect your investment with a solid Frankfort business insurance policy. Consider this: In recent years, businesses in Kentucky collected $3,723,405 in business insurance claims.

Getting comprehensive commercial insurance coverage for your Frankfort-based business can be complicated. Fortunately, when you discuss your company’s coverage needs with an independent insurance agent in our network, the process is made much easier. These agents can work with several quality insurance companies to help you obtain and compare Frankfort commercial insurance quotes for policies that are designed to cover the specific risks that are associated with your business.

  • 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 unprepared to handle this concern.
  • According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more, so this coverage may be crucial.
  • That same national study found that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.

A lawsuit filed against your company can, in some cases, be enough to cause bankruptcy. Even if the courts rule in your favor, the cost of your legal defense alone could amount to tens of thousands of dollars. Fortunately, you can protect your business by including the right kinds of liability insurance with your Frankfort commercial insurance policy. Nearly all policies automatically include general liability insurance, which covers legal defense, court costs, and financial damages for commonly covered events. An independent insurance agent can help you identify the types of liability coverage that are right for your Frankfort business. These may include the following:

  • Premises liability insurance: This is one of the main components of general liability insurance. It covers your business if an accident on your commercial premises leads to third-party injuries or property damage. General liability insurance covers medical treatment costs and other damage that accompanies these sorts of accidents.
  • Product liability insurance: Your Frankfort-based business can be sued if a product you produce, promote or sell is somehow faulty, causing damage, illness or injury to others. Fortunately, product liability insurance, which is also part of general liability insurance, provides coverage.
  • Professional liability insurance/Errors and omissions insurance: Professionals in all fields can benefit from purchasing industry-specific professional insurance. The most commonly known type is medical malpractice insurance, but there are also professional liability policies in place to protect all kinds of professionals, from real estate agents to hairdressers.

Business Interruption Insurance for Frankfort Small Businesses

  • Recent Gross domestic product (GDP) for the U.S.: 2.2%
  • Recent Gross state product (GSP) for Kentucky: 1.6%
  • The recent GSP 0.6% was less than the recent GDP

A disaster like a tornado or a fire that causes major damage and forces you to halt business operations for an extended time while repairs are made can significantly affect your business revenues. Make sure that your Frankfort commercial insurance policy includes business interruption insurance so that your company can continue to collect income during the closure. That way, you can continue to pay key employee salaries as well as monthly expenses until you are once again able to resume normal business operations. This coverage is typically limited to 12 months.

Property Insurance for Small Business in Frankfort

  • Number of recent natural disasters in the U.S.: 119
  • Only 61% of losses from natural disasters were covered; $9.7 billion from damages were not

Disasters, ranging from hurricanes to fires to floods, can lead to substantial financial losses for your Frankfort business not only because of lost income but also because of property damage. Fortunately, property insurance covers loss or damage to your business-owned assets, such as computers, machinery, tools, merchandise, display units, signage, furniture, and décor. 

Businesses in different industries will have different coverage needs. That is why it is advantageous to work with an experienced agent when you are building your Frankfort business insurance coverage. Also, be aware that your business insurance will not cover damage caused by flooding, so you should be sure to talk to your agent about supplementing your Frankfort commercial insurance with a flood insurance policy through the National Flood Insurance Program (NFIP).

Workers' Compensation for Frankfort Businesses

As is the case with most states, Kentucky has workers' compensation requirements for employers. In Kentucky, all businesses that have employees, even if just one, must carry workman’s comp insurance. This insurance provides coverage for medical costs related to injuries or illnesses sustained by employees while doing their job. It also provides death benefits to survivors in the event that injuries prove fatal. Often, work-related injuries necessitate employees to take time off while they heal. Workman’s comp provides coverage for lost wages as well.

Employee Coverages for Small Businesses in Frankfort

  • 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

The Affordable Care Act’s “employer mandate” requires all companies that have at least 50 full-time employees to provide them with subsidized health insurance coverage. Even if it is not mandatory, providing your employees with benefits such as health and life insurance may be a good idea, as it can help you attract and retain good workers. If you are interested in looking into these insurance plans, our agents can help you find affordable options.

Cyber Crime Insurance for Small Business

  • Number of identity theft complaints in Kentucky in recent years: 2,358
  • Ranked 43rd highest for identity theft complaints in the U.S.
  • Only 22% of businesses have a cyber/data breach response plan

A relatively new type of liability coverage, cyber crime insurance has become increasingly necessary as instances of electronic data theft are on the rise. If you use computers or other electronic means to collect or store sensitive personal and financial data about your customers, this insurance may be a very good idea for your Frankfort business. This coverage protects your company from large financial losses related to lawsuits if hackers manage to access information that puts your customers at risk for identity theft and fraud. You can get more information about cyber crime coverage by speaking with your agent.

Find the Right Frankfort Commercial Insurance for Your Business

Every business has risks and exposures that relative to its industry, size and services. When you work with an independent insurance agent in our network, you will have access to information about your various coverage options and be provided with an easy way to compare Frankfort business insurance quotes for policies that are customized to meet your company’s coverage needs. This will enable you to find appropriate coverage at an affordable price. Shopping for business insurance on your own can lead to coverage gaps and overpriced policies, so turn to an independent insurance agent for help. There are several local agents with offices in Kentucky, and many are located in and near Frankfort. 

Find an agent near your Frankfort business to learn more.

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