During previous years, there were 340,746 small businesses, employing 686,517 people, based in the state of Kentucky. More than 1,500 of these businesses were headquartered in Russell County. From diners to home improvement contracting firms, small businesses in Jamestown, KY help the local economy thrive. As a small-business owner yourself, you should take pride in the contribution you are making to your community; and you should be sure to protect your investment with a solid Jamestown business insurance policy.
Consider this: recently, businesses in Kentucky collected $3,723,405 in business insurance claims. You will want to be certain that your Jamestown commercial insurance provides all the coverage your business needs. An independent insurance agent in our network can help you realize your potential exposures so you can mitigate these risks with the proper insurance. These agents can work with several quality insurance companies to help you obtain and compare Jamestown commercial insurance quotes for policies customized specifically for your business. Find an agent near you to learn more.
- 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.
Most small businesses are not equipped to handle the costs associated with a liability lawsuit. That is why liability insurance is so important. Your Jamestown business insurance policy includes commercial general liability (CGL) coverage that protects your business from many of the liability risks it faces. It covers court costs, legal fees and financial damages related to covered liability suits. Your agent may recommend that you also include other types of liability coverage, such as pollution liability or commercial vehicle liability if they are appropriate for your business. Some coverages that your agent may speak with you about include these:
- Premises liability insurance: This is one of the main components of your CGL. It covers your business if an accident on your commercial premises leads to third-party injuries, illnesses or property damage.
- Product liability insurance: Also part of your CGL, this protects your Jamestown-based business if a product you produce, promote or sell is somehow faulty and causes damage, illness or injuries to others.
- Professional liability insurance/Errors and omissions insurance: Professionals in all fields can benefit from purchasing industry-specific professional liability insurance. The most commonly known type is medical malpractice insurance, but there are professional liability policies in place to protect all kinds of professionals from real estate brokers to wedding planners.
Business Interruption Insurance for Jamestown 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 was 0.6% lower than the GDP
If a disaster, such as a tornado or an explosion, causes substantial damage, you may be forced to halt your business operations for an extended time while repairs are made. This can significantly affect your business revenues, and in some cases, may even lead to commercial bankruptcy. Make sure that your Jamestown commercial insurance policy includes business interruption insurance so that your company can continue to collect income during the forced closure. That way, you can continue to pay key employee salaries, as well as monthly expenses, until you can resume your normal business operations. This coverage is typically limited to 12 months.
Property Insurance for Small Business in Jamestown
- Number of recent natural disasters in the U.S.: 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damage was not
Disasters, whether weather-related or man-made, can lead to substantial financial losses for your Jamestown business – not only because of lost income but because of property damage. Fortunately, the right property insurance covers loss or damage to your business-owned assets, such as computers, tools, machinery, tools, merchandise, outdoor signs and office furniture. Businesses in different industries often have different coverage needs. That is why it is advantageous to work with an experienced agent when you are building your Jamestown business insurance coverage.
Workers' Compensation for Jamestown Businesses
If your Jamestown-based business has employees, even if just one, Kentucky law requires you to include workers' compensation insurance in your business coverage. This insurance provides coverage for medical costs and lost wages related to injuries or illnesses sustained by employees in the course of doing their job. It also provides death benefits to survivors in the event that injuries prove fatal. Some workman’s comp policies are designed specifically for businesses in certain industries, so your agent can help you find an appropriate and reasonably priced policy.
Employee Coverages for Small Businesses in Jamestown
- 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
The Affordable Care Act’s “employer mandate” requires all U.S. companies with at least 50 full-time employees to provide them with subsidized health insurance coverage. Even if it is not mandatory for your business, offering your employees benefits such as health and life insurance may be a good idea, as it can help you attract and retain good workers and may even qualify your business for federal tax credits. If you are interested in looking into these insurance plans, our agents can help you find and review affordable options.
Cyber Crime Insurance for Small Business
- Number of identity theft complaints in Kentucky in recent years: 2,358
- Ranked #43 highest for identity theft complaints in the U.S.
- Only 22% of businesses have a cyber/data breach response plan
A new type of liability coverage, cyber crime insurance has become increasingly needed by businesses of all sizes as instances of electronic data theft is on the rise. If you use computers or other electronic means to collect and store sensitive personal and financial data about your customers, this insurance may be a very good addition to your Jamestown business insurance package. It protects your company from large financial losses related to lawsuits if data thieves manage to hack into your system and 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 Jamestown Commercial Insurance for Your Business
Every business has specific risks and exposures relative to its industry, size and the services it provides. When you enlist the help of an independent insurance agent in our network, you will have access to a wealth of information about your many different coverage options. You will also have an easy way to compare Jamestown business insurance quotes for policies that are customized to meet your company’s coverage needs. This will enable you to find the best coverage for your business. Discover how working with an independent insurance agent can benefit you. There are several agents with offices throughout Kentucky, and many are located in or near the city of Jamestown.
Find an agent near you to learn more.