During previous years, there were 340,746 small businesses, employing 686,517 people, based in the state of Kentucky. Almost 900 of these businesses were based right here in the small city of Russellville, KY. From lawn maintenance to tax consulting, these small businesses make a big contribution to the community. Whether you employ employees or you are an independent contractor with no employees, it is important that you protect the investment you have made in your business with an appropriate Russellville commercial insurance policy. Consider this: In recent years, businesses in Kentucky collected $3,723,405 in business insurance claims.
Building a comprehensive Russellville business insurance portfolio can be complicated, so you may benefit from working with an independent insurance agent in our network. These knowledgeable agents can provide appropriate coverage recommendations as well as gather a selection of Russellville business insurance quotes for policies that are customized to meet your business’s specific coverage needs. Find an agent near you to learn more.
- 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 unprepared to handle this concern.
- According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more, so this coverage may be crucial.
- That same national study found that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
Liability insurance shields your Russellville-based business from large financial losses related to lawsuits. It covers court costs, legal defense fees and financial damages associated with certain lawsuits. But you need to be sure to have the appropriate types of liability insurance in order to be covered. All business policies include commercial general liability insurance. The main components of this coverage are as follows:
- Premises liability insurance: This covers third-party illnesses, injuries or property damage that may occur as the result of an accident on your business premises.
- Product liability insurance: This covers third-party illnesses, injuries or property damage caused by a product your business produces, sells or promotes.
Your insurance agent may recommend other types of liability insurance if they are appropriate for your business. For example, you may benefit from carrying pollution liability coverage or commercial vehicle liability coverage. If your business hires certain kinds of professionals, you may want to consider errors and omissions insurance also:
- Errors and Omissions insurance: This is professional liability insurance that covers those in professional fields against charges of negligence, mistakes or failure to complete a job competently. There are specific policies to cover all kinds of professionals, from financial advisers to doctors to wedding planners.
Business Interruption Insurance for Russellville Small Businesses
- Recent Gross domestic product (GDP) for the U.S.: 2.2%
- Recent Gross state product (GSP) for Kentucky: 1.6%
- The recent GSP was 0.6% lower than the recent GDP
Businesses in Russellville contribute to Kentucky’s gross state product. However, they cannot do this if a disaster, such as a tornado or a fire, has forced them to stop commercial operations for an extended period while repairs are made. If this happens to your business, the lack of revenue generation can be devastating and could even lead your business into commercial bankruptcy.
Fortunately, you can protect your business by making sure that your Russellville commercial insurance portfolio includes business interruption insurance. This coverage delivers a continuation of income during the time that your business is not operational due to a covered event. These funds make it possible to pay employee salaries and keep up with monthly expenses until you can resume normal operations. Business interruption insurance coverage is usually limited to 12 months of coverage, but a few policies allow for longer coverage.
Property Insurance for Small Business in Russellville
- Number of recent natural disasters in the U.S.: 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damage was not
Your Russellville commercial insurance includes property coverage as part of a standard package. This covers your business-owned property, such as merchandise, inventory, computers and office furniture. If your workers frequently travel with tools and machinery, you may need more specialized coverage like inland marine insurance, which can cover this property when it is off-site. There are other types of specialized property coverage available. Your agent can make recommendations that are appropriate for your particular business.
Workers' Compensation for Russellville Businesses
If your workers are injured on the job or are sickened as a result of the work they do for your company, your business is liable for covering associated costs such as medical treatment and lost wages. Workman’s comp insurance is designed to provide this coverage, and can even pay death benefits to surviving family. In Kentucky, all businesses with at least one employee are required to carry this insurance. Your agent can help you find a suitable policy for your Russellville business.
Employee Coverages for Small Businesses in Russellville
- 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
If your Russellville business has at least 50 full-time employees, the “employer mandate” portion of the Affordable Care Act (ACA) requires you to provide them with subsidized health insurance. Even if you are not required to offer this coverage to your employees, including health and life insurance in your employee benefits package can help you attract and retain gifted workers. It may also qualify your business for a federal tax credit. Talk to your agent to learn about your coverage options.
Cyber Crime Insurance for Small Business
- Number of identity theft complaints in Kentucky in recent years: 2,358
- Ranked #43 highest for identity theft complaints in the U.S.
- Only 22% of businesses have a cyber/data breach response plan
Cyber crime insurance is another type of liability insurance coverage. Because electronic data theft is on the rise, this insurance is becoming increasingly necessary, and more and more U.S. businesses are purchasing policies. It covers your business against lawsuits and damages that are likely to occur if criminals hack into your computer system and steal sensitive customer information, including personal and financial data. Talk to your agent to learn more about how adding cyber crime insurance to your Russellville business insurance portfolio can be beneficial for your company.
Find the Right Russellville Commercial Insurance for Your Business
Every business has specific coverage needs, so commercial insurance policies can sometimes be complicated. The experienced agents in our network can help you identify exposures faced by your business and can recommend the coverage options that can mitigate those risks. These independent agents are free to work with several different insurance companies to help you find the best and most affordable Russellville business insurance coverage. There are many local agents with offices in Kentucky, and some are located conveniently close to your Russellville business.
Find an agent near you to get more information, and discover how easy it can be to compare customized Russellville commercial insurance quotes.