Over the years, Owensboro has become a hub for industrial and retail activity in Kentucky. This picturesque city is the perfect place to start a business, with its unlimited potential to chase your dreams and build a company that not only survives but also thrives in the current economy. During previous years, Kentucky was home to 340,746 small businesses that provided jobs for 686,517 people. While small businesses usually do well in the Bluegrass State, there are always risks involved with any business. Recently, $3,723,405 was paid out to businesses for losses. The best way to insure that your business will make it, even through challenging times, is with a comprehensive Owensboro business insurance plan.
Finding insurance coverage for a small business is no easy task. Each business has unique challenges, so you will need a policy that is customized to fit your particular needs. Our friendly Independent Insurance Agents are familiar with the small business environment in Owensboro, and they will guide you through the process of building the best policy for your company. Our agents can quote from multiple policies so you are sure get the most affordable pricing. When you invest in Owensboro commercial insurance, you will have peace of mind that your business can withstand any potential challenges that the future might hold.
Liability Insurance for Small Business
Every Owensboro business needs liability insurance. Whether you're operating as a sole proprietor or you have a busy retail store with dozens of employees, liability insurance protects you if you are ever sued for injury, negligence or damages. There are three layers of liability insurance to add to your Owensboro commercial insurance policy.
General Liability: Acting as blanket coverage, general liability insurance protects you against unexpected accidents. If someone falls in your parking lot or gets injured on your premises, this coverage will be especially important for paying resulting medical bills. 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 least prepared to handle this issue. If your business is responsible for a customer's medical bills, could you shoulder the responsibility? General liability coverage would protect you in this situation.
Product Liability: If your company is selling products, it is important to add product liability coverage to your Owensboro business insurance. Even with careful quality control, defective products slip through occasionally. If a customer sustains injuries related to your products, you will be held responsible. According to a national study, 71 percent of product liability awards and 53 percent of medical malpractice awards by the courts amount to $1 million or more. If you were sued for a defective product and had to pay out $1 million, could your business absorb that kind of loss? Product liability insurance would safeguard your Owensboro business in this situation.
Professional Liability: Many business owners assume they won't need liability insurance if they aren't selling actual physical goods, however, liability can extend to services as well. Negligence is one of the chief concerns among physicians and consultants. It only takes one small judgment error to land you in a courtroom with a negligence lawsuit. Professional liability coverage safeguards your business assets if this happens to your company.
Business Interruption Insurance for Small Business
Even the best-laid business plans can be useless if you face a personal emergency. If you suddenly need to close the business due to a medical emergency or natural disaster, the losses can be insurmountable. That's why many small businesses invest in business interruption insurance coverage. With this option, you set a projected profit each year based on the previous year's sales and if an eligible interrupting event causes your business to suffer a loss, the insurance will pay out the difference in profits lost.
In recent years, the gross state product in Kentucky was 1.6 percent, a significant 0.6 percent lower than the GDP of 2.2 percent. If your Owensboro business suffers even a 0.6 percent loss, it can pose some serious challenges to paying employees and investing in future endeavors. The best way to safeguard your business against unexpected life interruptions is with an extra layer of business interruption insurance coverage.
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Property Insurance for Small Business
Property damage is another major expense that Owensboro businesses have to consider. Recently, there were 119 documented natural disasters, and each one left a trail of destruction behind for business owners to deal with. Only 61 percent of business losses were covered by insurance, leaving small companies with $9.7 billion to pay in out of pocket expenses. It's no surprise that many didn't survive that kind of financial burden. If a tornado touched ground near your business in Owensboro, would you be prepared to cover the damage to your property? That's why you need property insurance in place ahead of time.
Employee Coverages for Small Business
- Total recent spending on premiums in Kentucky: $697,974
- Ranked 25th for highest premiums in the U.S.
- Annual cost of health care for small businesses in recent years: $5,077/person or $15,463/family
Part of owning a small business in Owensboro is selecting the right policies for employee health care, life insurance, and workers' compensation. The cost of health care is steadily climbing in the United States, and businesses in Kentucky are feeling the pinch. Taking the time to carefully compare your options can save you thousands of dollars each year, especially when it comes to employee coverage for your Owensboro small business.
Cyber Crime Insurance for Small Business
- 2,358 Identity theft complaints in Kentucky in recent years
- Ranked 43rd highest for identity theft complaints in the U.S.
Today's businesses rely on technology on a daily basis, and while computers make daily operations easier, they also provide additional risk for data breaches. Despite this ongoing threat, only 22 percent of small businesses are prepared with a response plan for data breaches. Take a proactive approach to protect your company's sensitive information by adding cyber crime coverage to your Owensboro commercial business insurance plan.
Ultimately, owning a business is an exciting adventure, but it also carries a lot of heavy responsibility. Choosing the most comprehensive Owensboro business insurance is the best way to minimize your risk for financial loss and safeguard your business from unforeseen expenses.
Contact an Independent Insurance Agent today to get a quote and compare policies so you can find the best Owensboro commercial insurance for your business.