Lebanon, KY Business Insurance

The Complete Lebanon Business Insurance Guide

(Find the right business insurance policy for you.)

During previous years, there were 340,746 small businesses, employing 686,517 people, headquartered in Kentucky. Several of these businesses were based right here in Lebanon, KY. This city is an ideal location for entrepreneurs and small-business owners alike. Whether you are a business owner with numerous employees or an independent contractor with no employees, it is important that you protect the investment you have made in your business with a Lebanon commercial insurance policy. Consider this: Businesses in Kentucky collected $3,723,405 in business insurance claims in recent years.

Building a suitable Lebanon business insurance portfolio can be complicated, so you may benefit from working with someone who is familiar with the ins and outs of commercial insurance. Independent insurance agents in our network are available to help you identify the exposures that are unique to your particular industry and provide appropriate coverage recommendations. They are free to work with a number of reputable insurance companies so they can provide you with a selection of Lebanon business insurance quotes that are suitable to meet your business’s specific needs.

General liability coverage is a vital part of every commercial insurance policy. It provides compensation for legal defense fees, court costs and financial damages that result from covered lawsuits. An agent can help you understand this coverage and identify any other types of liability insurance, such as commercial vehicle liability or pollution liability coverage, that may be a good idea to include in your Lebanon commercial insurance policy. Be sure to talk to your agent about these options:

  • Premises liability insurance: This is part of your general liability coverage. It covers third-party injuries and property damage that occur on your business premises due to negligence. According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and over 30 percent said they felt the least prepared to handle this concern. Liability insurance covers the unexpected medical costs associated with an accident for which your business is deemed liable.
  • Product liability insurance: This is also part of your general liability coverage. It covers your business against lawsuits due to injuries, illnesses or property damage caused by products you produce, sell or promote. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more, so this insurance coverage can prove quite valuable to your Lebanon business.
  • Professional liability insurance: Also known as errors and omissions insurance, this insurance covers the professionals who work for you if they are sued for mistakes, negligence or errors in judgment. Medical malpractice insurance is a well-known example of professional liability insurance. Considering that 53 percent of medical malpractice awards by the courts amounted to $1 million or more, it is easy to see why this coverage can be important.

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Business Interruption Insurance for Lebanon Businesses

  • Recent Gross domestic product (GDP) for the U.S.: 2.2%
  • Recent Gross state product (GSP) for Kentucky: 1.6%
  • The recent GSP 0.6% was less than the recent GDP

Businesses contribute to the gross domestic product. However, if a covered disaster such as a tornado or a structure fire forces you to shut your commercial operations for an extended period while repairs are made, your business will not be generating any revenue and can suffer financially, possibly even ending up in bankruptcy.

You can shield your company’s finances from this sort of loss by making sure that your Lebanon commercial insurance portfolio includes business interruption insurance. This insurance delivers a continuation of income during the time that your business is not operational because of a covered event. With these funds, you can afford to pay salaries to key employees and keep up with monthly expenses until you can resume normal business operations. Business interruption insurance coverage is typically limited to one year of coverage.

Property Insurance for Small Business in Lebanon

  • Number of recent natural disasters in the U.S.: 119
  • Only 61% of losses from natural disasters were covered; $9.7 billion from damages were not

Lebanon businesses are most at risk for damage caused by tornadoes, heavy winds, and fire. Natural disasters, man-made disasters, and property crimes can all lead to significant damage to your commercially-owned property, which is why including sufficient amounts of property insurance is so important.

Your commercial property insurance covers most of your business assets, including inventory, computers, machinery, tools, signs, display cases, furnishings, and décor. Because of the diverse coverage needs of businesses in different industries, it is beneficial to work with an agent who can recommend appropriate property coverage and policy offerings such as inland marine insurance, and boiler and machinery insurance.

Workers' Compensation for Lebanon Businesses

When workers are injured on the job or suffer illnesses related to the work they do for your company, your business is liable for covering associated costs. Workman’s comp insurance covers medical treatment, lost wages and even death benefits for surviving family members if an injury proves fatal. Having this coverage protects your business from facing a potential liability lawsuit related to workplace injuries as well. Every state has its own laws pertaining to workers' compensation insurance. In Kentucky, all businesses with at least one employee are required to carry workman’s comp coverage. Your agent can help you find great coverage at a competitive rate.

Employee Coverages for Small Businesses in Lebanon

  • Total recent spending on premiums in Kentucky: $697,974
  • Ranked 25th for the highest premiums in the U.S.
  • Annual cost of health care for small businesses in recent years: $5,077/person or $15,463/family

If your Lebanon business has at least 50 full time employees, you are required by the “employer mandate” portion of the Affordable Care Act (ACA) to provide employees with subsidized health insurance coverage. Even if you have a smaller company and are not required to offer it, benefits such as life and health insurance can help you attract and retain talented employees, so it may be worthwhile. Talk to your Trusted Choice agent about finding suitable coverage options.

Cyber Crime Insurance for Lebanon Small Businesses

  • Number of identity theft complaints in Kentucky in 2014: 2,358
  • Ranked 43rd highest for identity theft complaints in the U.S.
  • Only 22% of businesses have a cyber/data breach response plan

Cyber crime insurance is a somewhat new insurance offering, so many of our nation’s businesses are still without this coverage. However, because electronic data theft is on the rise, cyber crime coverage is becoming increasingly important and sought after. This insurance provides coverage against lawsuits and damages that may result because of criminals hacking into your computer system and stealing sensitive customer material such as personal and financial data. Talk to your agent to learn more about how adding cyber crime insurance to your Lebanon business insurance portfolio can be to your company’s benefit.

Find the Right Lebanon Commercial Insurance for Your Business

Every business has specific coverage needs, and different types of commercial insurance providers cater to businesses in different industries, so building the right coverage can sometimes be tricky. Agents in our network can help you identify the exposures faced by your business and can recommend the right coverage types to mitigate those risks. These independent agents are free to work with several different insurance companies to help you find the most affordable coverage as you build your Lebanon business insurance portfolio. There are many local agents with offices in Kentucky, including in and around the town of Lebanon. 

Find an agent near you to get more information, discuss your coverage needs and compare Lebanon commercial insurance quotes.

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