Harrodsburg, KY was featured in Smithsonian magazine among the “20 Best Small Towns to Visit.” This city also prides itself in being the oldest city in the Bluegrass State. A steady stream of tourists each year visit the area to enjoy hiking, kayaking, fishing and water skiing. In addition to outdoor activities, this city is rich in Kentucky history. With all the people flowing in and out of the city, Harrodsburg is a great place to start a new business. During previous years, there were 340,746 small businesses in Kentucky, providing employment to 686,517 people. Of course, owning a business is always risky. Recently, loss payouts to Kentucky businesses totaled $3,723,405.
Business owners in Harrodsburg can minimize their financial risks by having Harrodsburg business insurance. Our Independent Insurance Agents can help you select comprehensive Harrodsburg commercial insurance that safeguards against threats like liability, property damage, and even cyber crime. Liability insurance is the first layer of protection that you need as a business owner. According to a recent 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. Liability lawsuits can quickly turn into a financial nightmare, so make sure your business is covered with the best 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 your business offers any type of product or good, you could be at risk for a liability lawsuit. A customer's claim of an injury due to one of your products could lead to expensive court payouts and cost. With product liability as part of your comprehensive business insurance, you don’t have to worry. This insurance pays any court costs and ordered payouts.
- Errors & Omissions/Professional Liability: If your business provides services rather than a product, professional liability insurance is a better option. 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 Harrodsburg Businesses
- Recent Gross domestic product: 2.2%
- Recent Kentucky gross state product: 1.6%
- The recent GSP increase was 0.6% less than the recent GDP increase
Imagine for a moment that a tornado raced through the city and left your business so severely damaged that it is unable to operate. You are forced to shut down while you make the necessary repairs, but unfortunately, this means you lose precious revenue. Business interruption insurance covers lost profits while you rebuild. This type of insurance could be the only thing that keeps your business going during a time of disaster.
Property Insurance for Harrodsburg Businesses
- Number of natural disasters in recent years: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
Harrodsburg is considered at moderate risk for tornadoes. In 1974, a large F4 hit the unsuspecting town, leaving in its path massive property damage to homes and businesses. It is important to be prepared by investing in commercial property insurance. If your business is damaged by the next big storm, you can file a claim and get the funds you need to make repairs and get back to work.
Workers' Compensation for Harrodsburg Businesses
Business owners should have a workers' compensation policy in effect before starting the hiring process. Workers' comp is a layer of protection that pays medical bills and lost wages for an injured employee. Workers' compensation lawsuits can quickly get expensive, so make sure you talk to an agent to learn how to add workers' compensation to your comprehensive business insurance plan.
Employee Coverages for Harrodsburg Businesses
- Total recent 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 recent years: $5,077/person or $15,463/family
With health care costs on the rise across the nation, it’s becoming increasingly difficult to find affordable health and life insurance benefits for your staff. Our 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 Harrodsburg Businesses
- 2,358 identity theft complaints in Kentucky in recent years
- 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. Technology is constantly changing, and it leaves business owners very susceptible to cyber crime. As a business owner, you should have a cyber response plan in place. Hackers are a growing problem for small businesses in Kentucky, so make sure you’re prepared with cyber crime insurance. This coverage safeguards your business assets and provides peace of mind that you’re covered even if you do find yourself in the midst of a serious data breach.
If you are ready to find affordable business insurance, start by calling one of our friendly Independent Insurance Agents. Our knowledgeable agents will save you time and money by doing the hard work for you. They can point you toward the best options by showing you multiple quotes on multiple policies all in one convenient place.
To learn more about your options for Harrodsburg commercial insurance coverage, contact an agent, and get a free rate quote today.