Although Lexington is known as the “Horse Capital of the World,” many other businesses operate in Kentucky’s second-largest city. To maintain the horse farms that give Lexington its name, the city has implemented registration that limits urban growth. New companies must comply with regulations and laws as well as find Lexington, KY business insurance. It can tough to understand which policies are most effective for your business though. Even a long-time business owner undergoing a major shift in practice may be lost when it comes to re-examining insurance needs.
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Top Lexington Employers
- University of Kentucky
- Fayette County Public Schools
- Lexington-Fayette Urban County
- Affiliated Computer Services
- Baptist Health
Top Business Risks
- Property damage
- Liability issues
- Data loss
- Employee injury
Examining Business Liability
If someone is hurt on your property or you or your employees cause property damage to someone else's possessions, your business is liable for bodily injury and property damage payments. If you’re sued, liability insurance will help pay for defense fees and judgments against you. While this sounds like a straightforward policy, choosing the right coverage amount is essential to proper protection.
You must first take your business and its purpose into consideration. In other words, what could go wrong? A local plumber may need more coverage than a freelance graphic designer but an industrial plant runs the highest risk. If you’re a small business that has a low-risk profile, consider purchasing a BOP, or business owner’s policy. This combines property insurance and liability insurance into one affordable product.
The Right Kinds of Coverage
The coverage options that will provide you with the most protection are unique to your business. If you have a large corporation, employee benefits are a large concern to maintain a quality workforce, along with workers compensation. On the other hand, if you own a business blog, protecting your digital information is of the utmost importance. Cybercrime insurance can provide a back up if your information is stolen. Other coverage options you may consider include:
- Malpractice insurance
- Commercial vehicle insurance
- Inland marine coverage
- Business interruption coverage
- Equipment breakdown coverage
- Landlord insurance
- Commercial tenants insurance
Affordable Lexington Business Insurance Quotes
A profitable business is always concerned with the bottom line. Running a business requires setting a budget but insurance shouldn’t blow yours out of the water. There are many ways to find affordable Lexington business insurance. A high deductible will save you money because you’re agreeing to take more of a financial risk. Only buying the right amounts of coverage will also save you money.
When you work with an independent insurance agent, you only get what you need. Our agents can also bundle your insurance plans, which makes payments and the claims process much easier. The best way to save money is to work with an independent agent in our network. Your member agent can compare policies, options and quotes to find comprehensive coverage that fits within you budget. It only takes a few moments to find an agent right in your area.