Marion Business Insurance

The Complete Marion, KY Business Insurance Guide

Find the right business insurance policy for you.

Located in the rolling hills of Crittenden County, Marion, KY is a friendly town with quaint shops featuring many homemade Amish items. This city is home to the largest Amish community across the entire state. Tourism is a huge part of this community, and local businesses thrive from all the constant attention. If you are looking for a great place to launch a small business, Marion is the perfect place. 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. 

As a business owner in this area, take steps to protect your investment with Marion business insurance. Our Independent Insurance Agents specialize in helping businesses in Marion select comprehensive commercial insurance that safeguards against any threats you may face. General liability insurance is an essential protection every small business needs. 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. Liability lawsuits happen often and can financially devastate a business. 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 is the way to go if your company manufactures a product. It only takes one customer claiming an injury or illness due to your product to land you in the middle of an expensive lawsuit. Product liability insurance safeguards your business assets.
  • 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 Marion 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

Imagine that your business is in the path of a massive tornado and the damage is overwhelming. It may take weeks or months to make all the necessary repairs to get your business going again. In the meantime, you have no revenue and no way to pay your bills. Business interruption insurance pays 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 Marion 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

Tornadoes pose a high risk to residents of Marion, with dozens of storms causing serious damage to homes and businesses over the past few decades. Make sure you’re prepared by investing in commercial property insurance. If your business is in the path of the next storm, you can file a claim with your business insurance company and get the funds you need to make repairs.

Workers' Compensation for Marion Businesses

If an employee gets injured on the job, you could be facing a major lawsuit. Workers' compensation provides protection for both your business and your employees. If an employee is injured on the job, workman’s comp pays lost wages and medical bills. 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 Marion Businesses

  • 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

With health care costs on the rise, it’s becoming increasingly difficult to find affordable health and life insurance benefits for your staff. Our agents can help you find affordable employee coverages by providing quotes from multiple policies. The best way to cut health care costs is by taking the time to compare rates for your staff.

Cyber Crime Insurance for Marion 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 across the United States. If your Marion business doesn’t have a plan in place, it’s time to make one now. The best protection is to add a cyber crime policy to your comprehensive commercial insurance plan. This coverage will safeguard your business assets and provide peace of mind that you’re covered even if you do find yourself in the midst of a serious data breach.

If you are ready to begin the search for affordable commercial insurance, make a call to our friendly Independent Insurance Agents. 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 Marion’s most common threats. 

To learn more about your options for Marion commercial insurance coverage, contact an agent and get a free rate quote today.

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