There are hundreds of businesses located in the city of Maysville, Kentucky. These companies range from tobacco warehouses to small lawn-care companies run out of people’s homes. Whatever type of business you may own, you can help it stay profitable in the face of disaster by investing in a comprehensive business insurance policy package.
If you are a business owner in Maysville, a local independent insurance agent can help you build a commercial insurance plan that will provide suitable coverage against all of your company’s potential risks. Contact an insurance agent near you to learn more and to start comparing customized quotes for business insurance.
Why Do Businesses in Maysville Need Liability Insurance?
A liability lawsuit against a business can often result in a judgement exceeding $1 million. That's why liability insurance is a crucial part of every commercial insurance policy. This insurance can cover the various expenses related to these kinds of lawsuits, including court costs, legal defense fees, and financial damages.
All business insurance policies include commercial general liability insurance (CGL). Its main coverage components are: premises liability insurance, which covers third-party injuries, injuries, and damage that occur on your business property; and product liability insurance, which covers third-party injuries, illnesses, and damage caused by products your company produces, sells, or promotes.
Most businesses will need to carry additional liability policies in order to be fully covered against all of their liability exposures. An independent insurance agent in Maysville can make recommendations about which of the many other commercial liability insurance products are right for your particular business. Examples of other liability policies you may want to consider include:
- Cyber liability insurance: This covers your business if hackers break into your computer system and steal customer data like credit card numbers, Social Security numbers, or personal data.
- Environmental liability insurance: This covers your business if an accident involving toxic materials used or produced by your company pollutes the land, water, or air.
- Employment practices liability insurance: This covers your business against accusations of illegal practices such as discrimination, harassment, and wrongful termination.
- Commercial vehicle liability insurance: This is required if your business owns and operates vehicles. It can cover your increased liability risks if one of your drivers causes an accident.
Talk to your local independent insurance agent to learn more about these and other commercial liability insurance products that are available to you.
How Does Property Insurance Protect Maysville Businesses?
Commercial property coverage is another major part of every business insurance policy. It's designed to cover loss or damage to your company-owned assets. Hazards that are most likely to cause damage to your Maysville business property include fires, property crimes, severe storms, hail, floods and tornadoes. Commercial property insurance covers against all these hazards except for floods.
In addition to the commercial property coverage included in your business insurance policy, you may want to consider adding the following policies in order to keep your business assets fully covered:
- Flood insurance: A commercial flood insurance policy through the National Flood Insurance Program (NFIP) can provide your business with up to $500,000 in structural coverage and $500,000 in contents coverage against floods. An independent insurance agent can help you acquire an affordable policy.
- Inland marine insurance: This is designed to cover your valuable portable business property whenever it's in transit or away from your business location, such as while being used or stored at a job site.
- Bailee's insurance: This is designed to cover your customers’ property whenever it is in your business’s custody, care, or control, such as if you are performing maintenance or repair work as a service.
- Boiler & machinery insurance: This covers your losses related to business equipment and machinery malfunctions. It can help cover repair costs as well as business losses related to the malfunctions.
Talk to your local insurance agent to learn more about your many options when it comes to covering your business-owned property.
Is Business Interruption Insurance a Good Idea in Maysville, KY?
The good news is that tornado activity in the Maysville area is lower than the state average. However, this risk does exist. In 2003, an F3 twister touched down just 3.4 miles from the Maysville city center and caused around $6 million in damage.
A major disaster, like a tornado or structure fire, can force you to shut down your business for weeks, or even months, while repairs are made. Business interruption insurance provides your company with a continuation of income during such times.
- Number of federally declared disasters in KY since 1953: 77
- Most common reasons for declared disasters: severe storms, floods, and fire
- Average number of tornadoes in KY per year: 24.2
This optional insurance enables you to have the income you need to cover your monthly expenses, loan installments, employee salaries, and other regular business expenses until you're able to resume normal operations. Most policies will provide this coverage for up to twelve months.
Business interruption insurance isn’t a good fit for all businesses. A local independent insurance agent can help you evaluate whether it is right for you.
Do Businesses in Maysville Need Workers’ Compensation Insurance?
Workers’ compensation insurance is designed to cover the cost of medical treatment, follow-up care, prescriptions, lost wages, and other expenses related to work-related injuries and occupational illnesses. Rates for this coverage are based on how dangerous the work your employees do is. A construction worker would cost far more to insure than a financial analyst.
The state of Kentucky requires all employers to carry workers’ compensation insurance. There are a few exceptions, however. It is not necessary to cover:
- Sole proprietors , corporate partners, or LLC members
- Farm laborers
- Domestic servants in a home with fewer than two full-time workers
- Independent contractors
- Employees protected by federal laws, such as maritime workers and railroad workers
A local independent insurance agent help you obtain a competitively priced policy through a commercial provider that specializes in covering businesses like yours.
What about Employee Benefits for Businesses in Maysville?
- Annual amount spent on healthcare coverage by KY businesses: $697,974,000
- Average annual cost of health care in KY: $5,077/person or $15,463/family
There is no denying that subsidizing health insurance coverage for your employees is expensive. However, many small businesses that do so can qualify for tax deductions, and there are other cost-saving benefits as well.
Studies done by human resources professionals have demonstrated that when businesses offer attractive benefits packages, they are more likely to recruit and retain ideal employees. It has also been shown that workers who have access to health care use fewer sick days than those who do not.
If you are interested in purchasing health or life insurance for your employees, an independent insurance agent can help you find good policies at a competitive price. There are several different healthcare coverage types for you to choose from, so you may find it beneficial to receive guidance from one of these local insurance professionals when you're looking for the best plan.
Why Work with an Independent Insurance Agent in Maysville, KY?
Every business has its own specific coverage needs. That's why when it comes to business insurance, there is no such thing as a one-size-fits-all policy. The wide range of insurance products and policy options available to business owners in Kentucky enables you to fully customize your commercial coverage.
A local independent insurance agent can help you navigate through the many choices you'll have to make while you're shopping for coverage. That way, you can select the coverage that's best-suited to your particular business. Contact an insurance agent in or near Maysville to start comparing customized quotes for business insurance.
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