Jeffersonville is a small city in Kentucky. Despite having just over 1,000 residents, this city is home to many businesses, ranging from the stores and service centers that line Main Street to the small companies that people run out of their homes. Each of these businesses plays an important role in the community. Business insurance helps them stay profitable.
Independent insurance agents in Jeffersonville can help you identify your company’s various exposures and can recommend the right business insurance products to cover against them. Contact an insurance agent near you to learn more.
Why Do Businesses in Jeffersonville Need Liability Insurance?
We live in a litigious society. If your business ends up on the wrong end of a liability lawsuit, having the right liability insurance in place is crucial in order to avoid large financial losses. Business liability insurance is designed to absorb expenses like court costs, legal defense fees, and damages if your business is sued for a covered event.
All business insurance policies include commercial general liability insurance (CGL). It is designed to cover a number of common liability risks faced by businesses. It provides basic liability coverage such as:
- Premises liability insurance: This covers against third-party injuries or property damage that may occur on your business property.
- Product liability insurance: This covers against third-party injuries or property damage that may occur due to a defect in a product your company produces, sells, or promotes.
- Advertising liability insurance: This covers lawsuits related to advertising, such as for copyright infringement, false advertising, and deceptive pricing.
Most businesses have liability risks that go beyond what your standard CGL insurance can cover. An independent insurance agent can help you identify your business’s other liability exposures, and can recommend the right policies to cover against them. Examples of some of the many commercial liability insurance policies you may want to consider include:
- Cyber liability insurance: This is designed to cover restitution and damages if hackers break into your business’s computer system or attach skimmers to your credit card readers and access sensitive customer data like financial and personal information.
- Employment practices liability insurance: This is designed to cover your business if a current, former, or prospective employee makes an accusation of discrimination, harassment, wrongful termination, breach of contract, or other illegal employment practices.
- Commercial vehicle liability insurance: This is designed to cover your company’s increased liability risks if you own and operate a vehicle or fleet of vehicles. This coverage can be particularly beneficial if your business uses large trucks, since these can do much more damage in an accident than a car.
Talk to your insurance agent to learn more about these and many other commercial liability products that may be a good fit for your Jeffersonville business.
What Are the Property Damage Risks in Jeffersonville, KY?
Every business insurance policy also includes commercial property insurance. This is designed cover loss or damage to your company’s assets, including merchandise, furniture, computers, tools, outdoor signs, and more.
Businesses in Jeffersonville are most likely to experience loss or damage due to hazards such as accidental fires, property crimes, windstorms, hail, and freezing temperatures. Also, while the risk of tornadoes is relatively low in this city, it still exists. In 1974, an F3 twister touched down just three miles from the Jeffersonville city center.
Fortunately, your commercial property insurance is designed to cover against all of these hazards.
One hazard that is not covered, however, is flood damage. Businesses located near waterways like the Licking River and Branch Creek are most at risk, but when heavy rains fall, flash flooding can happen anywhere. That's why you may want to supplement your business coverage with a commercial flood insurance policy through the National Flood Insurance Program (NFIP). A local independent agent can help.
How Does Business Interruption Insurance Help Companies in Jeffersonville, KY?
Occasionally, businesses in Jeffersonville are impacted by catastrophic events like severe, damaging storms and accidental fires.
- Number of federally declared disasters in KY since 1953: 77
- Most common reasons for declared disasters: severe storms, floods, and fire
- Average number of tornadoes in KY per year: 24.2
Damage to your business-owned property isn’t the only expensive risk you face during a catastrophic event like a structure fire. Major damage to your business could potentially force it to remain closed for weeks or months while repairs are made. Without an ongoing stream of revenue, many businesses cannot handle this financially and end up going bankrupt.
Business interruption insurance protects against this risk by providing a continuation of income during the times that your company is forced to temporarily close down because of damage caused by a covered event. This insurance provides the funds your company needs to pay monthly bills, loan installments, and salaries until you can get back to normal operations.
Talk to a local independent insurance agent to learn more about business interruption insurance for your Jeffersonville business.
Are Employers in Jeffersonville Required to Carry Workers’ Compensation Insurance?
Workers’ compensation insurance is designed to cover your employees’ medical treatment0, lost wages, and other related expenses if they are suffer a work-related injury or an occupational illness. This insurance can also offer survivor benefits to family members in the unfortunate event that a workplace injury is fatal.
All employers in Kentucky are required by law to carry workers’ compensation insurance. This is true even if they have only a single, part-time employee. There are a few exceptions. It is not necessary to buy coverage for:
- Sole proprietors, LLC members, or partners
- Independent contractors
- Farm laborers
- Domestic workers in a household with fewer than two full-time workers
- Workers protected by federal laws (maritime workers, railroad workers)
The cost for workers’ compensation coverage is based your company’s overall payroll and the likelihood that your employees will sustain serious injuries based on the types of jobs they do. An independent insurance agent can help you compare rates from insurance companies that specialize in covering businesses in your industry.
Are You Looking for Insurance to Include in Employee Benefits Packages?
Some businesses offer their employees great benefits packages that include health insurance, life insurance, paid vacation and sick time, and other perks. If you are looking to build a benefits package for your workers, you may need some help finding affordable insurance products to include in it.
- Annual amount spent on healthcare coverage by KY businesses: $697,974,000
- Avg. annual cost of health care in KY: $5,077/person or $15,463/family
While there is no denying that health insurance is expensive, providing it to your employees can actually save your business money. Studies by human resources experts have shown that workers who have health insurance tend to use fewer sick days, and that when companies offer good benefits packages, they are better able to attract and retain good employees.
When it comes to health and life insurance products, there are many different policy types and options available to you. You may therefore find it beneficial to have the guidance of an experienced independent insurance professional when you are making a selection.
Why Work with an Independent Insurance Agent in Jeffersonville, KY?
There is no such thing as a one-size-fits-all business insurance policy. Insurance companies offer a wide variety of products and options so that business owners can fully customize their insurance coverage portfolio. Independent insurance agents in Jeffersonville can help you choose the right policies and options to meet your company’s specific coverage needs.
Because they don't work for a particular insurance company, independent agents can shop around for the best business insurance policies at the most competitive prices. Find an insurance agent near you to get started.
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