Jefferson County, KY is constantly evolving, with more and more small businesses moving into the area and creating new opportunities for locals to explore. From restaurants to accounting firms, small businesses are popping up across the city as entrepreneurs realize this area is ripe with potential. During previous years, there were 340,746 small businesses across Kentucky providing jobs to 686,517 people throughout the year. This growing commercial environment has caught the attention of many entrepreneurs, but every new business carries serious risks.
Recently, Kentucky’s small businesses were paid $3,723,405 for losses. Since running a small business involves such a big risk, it’s wise to get protection up front with business insurance. Our Independent Insurance Agents quote with multiple companies to find the best rate. They help you customize a commercial insurance policy that meets your needs and fits within your budget.
Liability Insurance for Small Business
Liability is something that every business owner in Jefferson County has to think about. Someone could trip and fall in your parking lot, or a defective product could hurt a consumer or damage their property. Liability insurance protects you if something goes wrong, and pays for damages while protecting your business assets during a lawsuit. Business insurance covers three different kinds of liability.
General Liability: This form of coverage protects you if someone gets hurt on your business property. If a customer gets injured and needs thousands of dollars in medical care, liability coverage will pay those bills so that your company can stay afloat. According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their biggest concern and over 30 percent said they felt least prepared to handle this concern. That’s why business insurance is an important addition to your company.
Product Liability: According to a national study, 71 percent of product liability awards and 53 percent of medical malpractice awards by the courts amounted to $1 million or more. Even when you go to extremes to ensure quality with your products, something can go wrong. If your products damage another person’s property or directly cause an injury, you will need product liability coverage to protect your Jefferson County business.
Professional Liability: This last form of liability insurance acts as an additional blanket to offer general protection against simple mistakes and human errors that could be perceived as negligence.
Business Interruption Insurance for Small Business
When you are running a small business, even the smallest interruption can make a huge difference in your overall profits. That’s why commercial insurance policies often include coverage for gross profits. Essentially, this kind of policy will pay out the total amount of missed profits that were lost due to an insurable disruption. In Kentucky, the recent gross state product was 1.6 percent, ranking 0.6 percent lower than the GDP for the same year. When profits take a hit in this range, it can really take a toll on the business. That’s why many Jefferson County business owners opt to purchase business interruption insurance.
Property Insurance for Small Business
Natural disasters can cause serious problems for businesses. Recently, 119 natural disasters swept across the United States, leaving billions of dollars in damage in their wake. Among business properties, only 61 percent of losses were covered, leaving behind $9.7 billion in uninsured damage for small businesses to deal with. Property damage is a major problem for many small businesses in America. Commercial insurance can cover your property in case of catastrophic damage so that you don’t have to absorb the monetary losses.
Employee Coverage for Small Business
Part of running a small business is offering insurance benefits to employees. Recently, Kentucky business owners paid out $697,974 in insurance premiums, ranking 25th for the highest premiums spent. The cost for an individual health plan was $5,077, 10 percent lower than the national average. A Kentucky family health plan cost $15,463, ranking 4 percent lower than the national average. With health care costs on the rise, businesses are spending more and more money on employee coverage options. Business insurance also provides for workers' compensation insurance, a must-have addition for every employee.
Cyber Crime Insurance for Small Business
Currently, only 22 percent of the nation’s small businesses have a response plan in place for cyber/data breaches. But identity theft and cyber crimes are particularly concerning for Jefferson County business owners. Recently, Kentucky small businesses filed 2,358 complaints for identity theft, ranking 43rd in the United States. As the threat for cyber attacks climbs, small businesses can invest in cyber crime insurance to protect their assets.
Business insurance is more important than ever before. With rising health care costs, growing cyber threats and the constant worry about liability, every business can benefit from investing in a comprehensive commercial insurance policy. Our Independent Agents will help you create a customized Jefferson business insurance policy by quoting with multiple companies.
Contact an agent today to get a free quote on your business insurance.