During previous years, there were 340,746 small businesses, employing 686,517 people, based in the state of Kentucky. More than 1,600 of these businesses were based in Madisonville, KY. Its ideal location near major roadways makes this city a hub for businesses in the manufacturing sector, but small businesses in all industries can thrive here. Whether your business has several employees or none, it is important that you protect the investment you have made in your business with an appropriate Madisonville commercial insurance policy.
Consider this: In recent years, businesses in Kentucky collected $3,723,405 in business insurance claims. Building a comprehensive Madisonville business insurance portfolio can be complicated, so you may benefit from working with an independent insurance agent in our network. These knowledgeable agents are available to provide appropriate coverage recommendations and can gather a selection of quotes for policies that are customized to meet your business’s specific coverage needs. Find an agent near you to learn more.
- According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt unprepared to handle this concern.
- According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more, so this coverage may be crucial.
- That same national study found that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
Liability insurance is the best way to shield your Madisonville-based business from large financial losses related to lawsuits. It covers court costs, legal defense fees and financial damages that are associated with certain lawsuits. But you need to be sure to have the appropriate types of liability insurance in order to be covered. Your business insurance policy package includes commercial general liability insurance. The main components of this coverage are as follows:
- Premises liability insurance: This covers third-party illnesses, injuries or property damage that may occur as the result of an accident on your business premises.
- Product liability insurance: This covers third-party illnesses, injuries or property damage caused by a product your business actively produces, sells or promotes.
Your insurance agent may recommend other types of liability insurance that may be applicable to your business. For example, you may benefit from carrying pollution liability coverage or completed operations liability coverage. The important thing is that you have the right types of liability coverage in place so you can get the coverage you need when you need it. Also, if your business hires certain kinds of professionals, you may want to get more information about errors and omissions insurance:
- Errors and Omissions insurance: This professional liability insurance covers those in professional fields against charges of negligence, errors or failure to competently complete a job. There are specific policies designed to cover all kinds of professionals from tax consultants to doctors.
Business Interruption Insurance for Madisonville Small Businesses
- Recent Gross domestic product (GDP) for the U.S.: 2.2%
- Recent Gross state product (GSP) for Kentucky: 1.6%
- The recent GSP was 0.6% lower than the recent GDP
Businesses in Madisonville contribute to Kentucky’s gross state product. However, they cannot generate revenue if a disaster, such as a tornado or an explosion, has forced a halt to commercial operations for an extended period while repairs are made. If this happens to your business, the lack of income can be financially devastating and can even lead your business into commercial bankruptcy.
Fortunately, when your Madisonville commercial insurance portfolio includes business interruption insurance, your company is protected. This insurance delivers a continuation of income during the time that your business is nonoperational due to damage caused by a covered event. This makes it possible to continue to pay employee salaries and keep up with monthly expenses until such time as you can resume normal operations. Business interruption insurance coverage is usually limited to 12 months of coverage.
Property Insurance for Small Business in Madisonville
- Number of recent natural disasters in the U.S.: 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damage was not
Your Madisonville commercial insurance includes basic commercial property coverage as part of a standard package. This covers your business-owned property, such as office furniture, merchandise, inventory, computers, signs, and tools. However, property coverage needs vary for businesses from one industry to another. That is why more specialized property coverage types are available. For example, if your workers frequently travel with tools and machinery, you may need inland marine insurance, which covers your business property when it is in transit to and from job sites. There are several other types of specialized property coverage available. Your agent can make recommendations for coverage that is appropriate for your particular business.
Workers' Compensation for Madisonville Businesses
If your workers are injured on the job or are sickened as a result of the work they do for your business, your company is liable for covering the associated costs, including such things as medical treatment and paid time off. Workman’s comp insurance provides this sort of coverage; it can even pay death benefits to surviving family members in the unhappy event that a work injury proves fatal. In Kentucky, all businesses that have at least one employee are required to carry this insurance. Your agent can help you find a suitable policy for your Madisonville business.
Employee Coverages for Small Businesses in Madisonville
- 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 Madisonville business has at least 50 full time employees, the “employer mandate” portion of the Affordable Care Act (ACA) states that you must provide them with subsidized health insurance. Even if you are not required by law to offer this coverage to your employees, including health and life insurance in your employee benefits package can help you attract and retain a strong workforce. It may also qualify your business for a federal tax credit. Talk to your agent to learn about your coverage options.
Cyber Crime Insurance for Small Business
- Number of identity theft complaints in Kentucky in recent years: 2,358
- Ranked #43 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 type of liability coverage. Because cases of electronic data theft are on the rise, this insurance is becoming increasingly necessary, and many U.S. businesses are starting to purchase policies. It covers your business against lawsuits and damages that are likely to occur if criminals hack into your computer system and steal sensitive customer information, such as personal and financial data. Talk to your agent to learn how adding cyber crime insurance to your Madisonville business insurance portfolio can be beneficial for your company.
Find the Right Madisonville Commercial Insurance for Your Business
Every business has specific coverage needs, so purchasing an appropriate commercial insurance policy package can sometimes be complicated. The experienced agents in our network can help you identify the various exposures faced by your business and can recommend the right coverage options to mitigate those risks. These independent agents are free to work with several different insurance companies to help you find the best and most affordable Madisonville business insurance coverage. There are many local agents with offices in Kentucky, and some are located conveniently close to your Madisonville business.
Find an agent near you to get more information, and discover how easy it can be to compare customized Madisonville commercial insurance quotes.