La Grange, KY is a beautiful town with a historic district that offers shopping, eateries and amazing local art galleries. This town houses a nonprofit agency called “Discover Downtown La Grange” that focuses on promoting local businesses and works to preserve local history. La Grange is the perfect town in which to launch 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.
If you are a business owner, make sure you take the proper steps to protect your investment with La Grange business insurance. Our Independent Insurance Agents specialize in helping businesses select comprehensive commercial insurance that safeguards against any threats they may face. General liability insurance is the first coverage to consider when running a small business. 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. Make sure your business is prepared with the right kind of general liability insurance.
- Product Liability: According to a national study, 71% of product liability awards by the courts amounted to $1 million or more. Product liability insurance safeguards your business if a customer claims an injury due to one of your products. Liability lawsuits can be expensive, so make sure you are protected by adding product liability to your policy.
- Errors & Omissions/Professional Liability: For businesses that provide services rather than selling products, professional liability insurance is the best 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 La Grange 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
Severe weather is always a risk for La Grange business owners. Imagine if a tornado caused massive property damage to your business, causing you to close your doors. During the time it takes to repair the damage, you have no revenue coming in and could potentially be financially ruined. Business interruption insurance steps in to pay you for the profits you lose during this unexpected interruption. It’s a lifesaving policy that could keep your business afloat if disaster strikes in your neighborhood.
Property Insurance for La Grange Businesses
- Number of recent natural disasters: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
La Grange is a high-risk area for tornadoes, with an average of two ripping through the city each year. Make sure you’re prepared by investing in commercial property insurance. If your business is damaged in a storm, you file a claim with your business insurance company and get the funds you need to make repairs and to get back to work as soon as possible.
Workers' Compensation for La Grange Businesses
Workers' compensation lawsuits are very common. If an employee is injured on the job, without this type of policy, you will be paying out of pocket for medical bills and lost wages. Workers' compensation protects your business and also protects your employees in the event of an accident. Across most of the United States, employers are now legally required to have workers' compensation coverage before hiring even a single employee.
Employee Coverages for La Grange 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
Health care costs are on the rise across the entire nation. This makes finding affordable insurance to offer employees very challenging. Our agents can help you find affordable employee coverages by providing quotes from multiple policies. You can drastically cut the costs of health insurance and life insurance plans for your staff by taking the time to simply compare quotes.
Cyber Crime Insurance for La Grange 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. Cyber crime is a growing problem nationwide. As technology changes, the risk of cyber crime grows for business owners. Cyber crime insurance will protect your assets in the event of a serious data breach. If you are wondering where to start, let an Independent Insurance Agent help. Our experienced agents can walk you through your options, answer your questions and point you toward the coverages that will best protect your small business against La Grange’s most common threats.
To learn more about your options for La Grange commercial insurance coverage, contact an agent and get a free rate quote today.