The rural countryside around London, KY is not known as a great center of commerce, but there are opportunities for business owners of all kinds. Whether you want to open a restaurant for the tourist trade or a new manufacturing operation that takes advantage of Kentucky’s great business climate, there is a lot to offer in London. There is a lot of proof that Kentucky means business, but like anywhere, good insurance is critical for any entrepreneur:
- Kentucky is home to 340,746 small businesses
- These businesses employ 686,517 people.
- The need for reliable insurance was underscored by the total insurance claims of $3.7 million paid out in recent years.
The best place to start for your London commercial insurance needs is by forming a relationship with your Independent Insurance Agent. Your agent will get to know your business and put experience to work finding all the kinds of insurance you need so that you don’t have to worry about unforeseen events and can concentrate on what you do best. Because our agents live here in London, they know which companies are the best for you and they will find multiple quotes from all of them to give you the best insurance for your business at the most affordable price.
The heart of your business insurance is coverage for general liability. That is your protection against costs for any injuries on your property from customers, visitors, and delivery people. It’s a critical part of your insurance because the liability you assume just by having your doors open every day is nearly unlimited. An injury on your premises can be extremely expensive because of potential medical costs, which are nearly unlimited. The cost of an injury is no small matter. A recent Travelers Business Risk survey found that:
- 60% of all businesses said medical cost inflation was their biggest concern.
- over 30% said that they were unprepared to handle this risk.
Every business has to have the right coverage to protect it from this liability. If you make a product of some kind or provide a personal service, you also need to have product liability insurance. This covers any injury resulting from your service or product for any reason just like general liability. The Insurance Information Institute found that in recent years, 71 percent of product liability awards and 53 percent of medical malpractice awards were for more than $1 million. Protection against these liabilities is the most important insurance your business needs for events beyond your control.
Business Interruption Insurance for London Businesses
Business interruption insurance covers any loss that comes from not being able to open your doors in the morning for any reason beyond your control. It’s based on your income when you were up and operating before the interruption. It compensates you for lost income in situations such as these:
- Water pipe breaks
- Natural disaster
- Any other reason your business is interrupted that is not your fault
In short, business interruption insurance is what keeps you going when the unforeseen happens and you can’t operate. This is often the difference between a business that can survive a catastrophe and one that cannot.
Property Insurance for London Businesses
After covering your losses from not being open after something happens, the next thing is to get your business back up and operating. There were 119 recent natural disasters across the U.S., but only 61 percent of the damage from these disasters was covered by insurance. That left the property owners responsible for over $9.7 billion in losses above their coverage. Property Insurance is about much more than storm coverage, however. This coverage puts your premises back together after any unforeseen event whether you own or rent it. Events that are covered are the same as for business interruption insurance. It’s very important for any business to have coverage in order to bounce back after a devastating loss.
Workers' Compensation for London Businesses
Every business with employees has to carry workers' compensation coverage under Kentucky state law. Generally known as “workman’s comp,” this coverage pays an employee for injuries on the job and inability to work for some time, regardless of whether that injury is from a one-time event or from repetitive injury.
- Recently, across the U.S., workman’s comp paid out $1.27 for every $100 in wages.
- That’s an average of $612 per employee.
The type of employees and the work they do determine your rate, based on claims from similar businesses. There are often things you can do to keep your cost low, however, such as ergonomic equipment and employee training. Getting to know these simple things that can make a difference is part of the reason an Independent Agent can make a big difference for your business.
Employee Coverage for London Businesses
Recently, business in Kentucky paid $698 million for employee health care. The average single person health plan cost employers $5,077, and a family policy cost $15,463. This is very close to the national average. The most common employee-based insurance businesses offer includes these:
- Health plan insurance: This is required by law for companies with 50 or more employees, but many smaller businesses are opting to provide this coverage as a service for their loyal workers.
- Life insurance: In case something happens to your employee, you may want to cover the employee and protect the employee's family.
- Disability insurance: Similar to life insurance, this pays out when an employee cannot work anymore for any reason.
Your employees depend on you as much as you depend on them. It may be a good practice for you to take care of them and offer them the insurance they need to protect their families – and keep the loyal employees your business needs.
Cyber Crime Insurance for London Businesses
When considering your business insurance needs, there are probably a few things that you may not even think of. Cyber crime and identity theft, for example, can leave you with nearly unlimited liability if a criminal uses your credit before you even know about it. How serious is this? There were 2,358 reported identity thefts recently in Kentucky, which is actually a very low rate compared to other states. Not all were caught in time to prevent serious losses. If your identity is stolen, the liability is limited only by your available credit – your good name. This is only one example of the kinds of business insurance you may not think about on your own.
Your Independent Agent is your best resource to find the coverage you need to protect the business you have worked so hard to build. Because agents are located right here in London, they are uniquely positioned to get to know you and the best options for your business.
Talk to your agent today to be sure that you have the business insurance that will keep you going no matter what comes your way.