Pikeville, KY was recognized as one of the "100 Best Small Towns in America" by Norm Cramton. Residents of Pikeville enjoy a tight knit community with a unique culture that is unique to the Appalachian region. This historic city once served as the backdrop for the famous feud between the Hatfields and McCoys. Over the years, Pikeville has continued to grow and change, but it remains a welcoming place for small businesses. 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.
If you are a business owner in this area, you will want to make sure you are protected with Pikeville business insurance. Our Independent Insurance Agents can assist you in finding comprehensive commercial insurance that shields your small business against threats like property damage, liability lawsuits, and even cyber crime.
The first type of insurance that every small business should consider is general liability coverage. 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. Make sure your business is prepared with the right kind of general liability insurance. There are also other types of liability insurance that should be included in your Pikeville business insurance policy, for example, the following:
- Product Liability: According to a national study, 71% of product liability awards by the courts amounted to $1 million or more. If your company manufactures a physical product, then product liability insurance is essential to your coverage. If a customer claims to have been injured due to a product you sold, you could become subject to a potentially expensive lawsuit. Product liability insurance protects your business if this situation occurs.
- Errors & Omissions/Professional Liability: If your small business provides a service rather than a product, you are still at risk for a liability lawsuit. Professional liability insurance shields you against errors and omissions. If you do end up in the middle of a lawsuit, this insurance covers your court fees and legal expenses.
Business Interruption Insurance for Pikeville 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
Pikeville’s weather is generally mild, but disasters do happen. Imagine for a moment that a massive flood has swept through Pikeville and now you find your business is sitting under 3 feet of water. The damage is severe and you will have to shut the doors to make all the necessary repairs. Business interruption insurance pays lost profits during the time your business is unable to operate. Make sure your Pikeville commercial insurance policy includes business interruption insurance. You can’t afford not to have this type of coverage to protect your business.
Property Insurance for Pikeville 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
Flooding is a major problem for Pikeville residents, especially in areas around the Big Sandy River. This puts small businesses at risk for massive property damage. Make sure you’re prepared by investing in commercial property insurance. If your business takes a hit from the next big flood, you can simply file a claim and get the necessary funds to repair your business property. This way, you can get your business up and running as quickly as possible.
Workers' Compensation for Pikeville Businesses
Before you hire the first employee for your business, make sure you have a workers' compensation policy in effect. If an employee gets injured on the job, you could be facing a major lawsuit. Workers' compensation protects your business by paying for medical care and lost wages after a work-related injury. 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 Pikeville 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
Across America, health care costs are on the rise. This makes it challenging for small businesses to find affordable health care to offer employees. Our agents can help you find affordable employee coverages by providing quotes from multiple policies. With help from our experienced agents, you can compare rates and find major savings in both health insurance and life insurance for your employees.
Cyber Crime Insurance for Pikeville 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. Technology is always moving forward and changing. Today’s business owners must have a plan in place to protect company assets against the threat of cyber crime. Cyber crime insurance safeguards your business assets and provides peace of mind that you’re covered even if you do find yourself in the midst of a serious data breach.
Take the first step to find affordable business insurance in Pikeville by making a call to an Independent Insurance Agent. 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 Pikeville’s most common threats.
To learn more about your options for Pikeville commercial insurance coverage, contact an agent and get a free rate quote today.