There are hundreds of businesses currently operating in the small city of Mount Sterling, Kentucky. These range from the many brick-and-mortar stores that line Indian Mound Drive to the small businesses that are run out of people’s homes. No matter what type of company you may own, you can benefit from protecting it with the right business insurance products.
Building a comprehensive business insurance policy package can be confusing, but you don't need to go it alone. Independent insurance agents in Mount Sterling can help by identifying your company’s specific risks and recommending the appropriate policies to cover against them. Contact an insurance agent near you to learn more.
Why Do Businesses in Mount Sterling Need Liability Insurance?
Liability insurance is one of the most important parts of every business insurance policy package. It is designed to cover your business’s court costs, legal fees, and financial damages if it is sued for a covered event. You will need to be sure to have the right kinds of liability insurance to cover against the specific risks faced by your particular business.
Some of the many commercial liability products that are available to you include:
- Premises liability insurance: This covers third-party injuries, illnesses, and property damage that occur due to an accident on your business property.
- Product liability insurance: This covers third-party injuries, illnesses and property damage that are caused by defects in products your business produces, sells, or promotes.
- Employment practices liability insurance: This covers lawsuits related to accusations of illegal employment practices such as discrimination, harassment, breach of contract, and wrongful termination.
- Cyber liability insurance: This covers against financial losses and liabilities if hackers access your computer systems and steal sensitive customer data such as financial information, credit card numbers, Social Security numbers, or personal data.
- Commercial vehicle liability insurance: This is required by law if your business owns and operates vehicles. It can cover your company’s increased liability risks in the event that one of your drivers causes an accident that results in third-party injuries or damage. If employees use their own vehicles to do company business, you may also want to look into non-owner car insurance.
- Environmental liability insurance: This covers clean-up costs and damage if your business is responsible for an accident that leads to the pollution of the ground, water, or air.
You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent. Your agent can recommend all the business liability products that are appropriate for your Mount Sterling business.
What Insurance Products Cover Your Business Property?
Businesses in Mount Sterling, KY are most likely to experience property loss or damage due to hazards such as structure fires, property crimes, freezing temperatures, severe storms, high winds, and hail. Tornadoes also pose a small threat to area businesses, though the risk here is only 4% higher than the national average.
Damage caused by these risks is covered by commercial property insurance, which is included in all business insurance policies. It is designed to cover your commercially owned property, including furniture, outdoor signs, computers, supplies, merchandise, and inventory.
Sometimes, adding specialized property insurance products is necessary. Your insurance agent may recommend adding:
- Inland marine insurance: This covers portable business property while it is in transit or is stored away from your place of business, such as at a worksite.
- Boiler & machinery insurance: This covers the repair or replacement of a broken-down furnace or other machinery and can also cover any business losses associated with machine malfunctions.
- Bailee's insurance: This covers valuable property owned by others whenever it is in your business’s care, custody, or control, such as when you are performing repair or maintenance services on it.
Additionally, because commercial property insurance does not cover flood damage, a supplementary flood insurance policy through the National Flood Insurance Program (NFIP) may be necessary. This is especially true if your business is located near a waterway like Hinkston Creek or Somerset Creek. Of course, when heavy rains fall, flood damage can happen just about anywhere.
A local independent insurance agent can help you be sure that all of your business assets are appropriately covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace, as necessary.
Why Is Business Interruption Insurance a Good Idea in Mount Sterling, KY?
A major disaster can do more than just damage your business’s property. If the damage is particularly severe, it could also force your business to remain closed for an extended period while repairs are made.
- 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
A closure that lasts for several weeks can be financially devastating, especially for a small company. Business interruption insurance provides a solution to this problem by providing your company with a continuation of income until your business can resume normal operations.
When you have this insurance, your business can afford to pay regular monthly expenses such as utility payments, loan installments, and employee salaries even though your business is temporarily unable to generate revenue. Talk to your local insurance agent to learn more.
Do Businesses in Mount Sterling Need Workers’ Compensation Insurance?
As a business owner in Mount Sterling, you are required to provide a safe and healthy workplace for your employees. Unfortunately, even when precautions are taken, workers sometimes get hurt. Your business is responsible for covering your employees' financial losses in the event of a workplace injury or occupational illness.
That is why, with few exceptions, all employers in the state of Kentucky are required by law to cover their full-time and part-time employees with workers’ compensation insurance.
Workers’ compensation insurance is designed to cover the cost of medical treatment, lost wages, and other expenses related to these workplace injuries. In the event of a fatal work-related injury, this insurance can also provide long-term benefits to surviving family members and dependents.
A local independent agent can help you review your costs and can match you with an insurance company that specializes in covering businesses in your industry.
What about Insurance Products for Employee Benefits Packages?
Although healthcare coverage can be expensive, offering subsidized coverage to your employees can have cost-saving benefits. Studies conducted by human resources professionals have demonstrated that when businesses offer a competitive employee benefits package, they find it easier to attract and retain the best employees.
- 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 are many different life insurance and health insurance products available for you to choose from. This can make it difficult to determine which policies are the best to include in your employee benefits package. A local independent insurance agent can go over the pros and cons of each of your various options so you can make an informed decision.
Why Work with an Independent Insurance Agent in Mount Sterling, KY?
Every business has it is own specific risks and exposures. That's why insurance companies enable business owners to fully customize their commercial insurance coverage. An independent agent can make shopping for coverage easy by offering guidance and shopping around to help you find the best and most affordable policies to cover your business.
Find an independent insurance agent with an office in or near Mount Sterling to learn more. You will soon discover how easy it can be to build a comprehensive business insurance policy package.
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