Scottsville is a beautiful small town in the heart of Kentucky with diverse arts, shopping and dining opportunities to explore. Small businesses excel in Scottsville, KY thanks to its business-friendly incentives and frequent availability of quality commercial spaces. During previous years, there were 340,746 small businesses in Kentucky, providing jobs to 686,517 people. During the same year, these businesses were paid $3,723,405 for losses. With so much riding on your small business, it's important to minimize the risks by investing in the best Scottsville business insurance.
Our Independent Insurance Agents take the guesswork out of commercial insurance with one-on-one service for every business owner. Our experienced agents know the ins and outs of small business and can help you find the best coverage options to protect your growing company from liability, property damage and cyber crime. Liability is something every business owner has to stop for and consider. Being hit with a lawsuit can spell disaster for your company's financial future. 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 you're worried about the risk of liability, there are two layers of coverage you might want to add to your business insurance policy.
- Product Liability: Even if you pay close attention to quality control, mistakes can still happen. If a defective product causes harm to a customer or damages someone's property, you could be facing a serious lawsuit. According to a national study, 71 percent of product liability awards and 53 percent of medical malpractice awards by the courts amounted to $1 million or more. Would your business be prepared to pay that kind of liability award? If not, make sure you have product liability coverage built into your business insurance plan.
- E&O/Professional Liability: Whether you're a doctor, dentist, contractor or interior decorator, professional liability insurance offers an important layer of legal coverage. If a customer claims that your advice or services caused harm, you could be liable to pay for damages. Professional liability insurance will foot the bill if you wind up in an expensive legal battle, allowing you to protect your company assets and continue working toward your business goals.
Business Interruption Insurance for Scottsville Businesses
- Recent Gross domestic product: 2.2%
- Recent Kentucky gross state product: 1.6%
- The recent GSP was 0.6% lower than the recent GDP
Sometimes an unexpected event can bring operations to a screeching halt. For example, if your business gets hit by lightning and catches fire, it could mean shutting down for weeks while the damage is repaired. Business interruption insurance pays you back for profits lost during the time when you were tied up making repairs.
Property Insurance for Scottsville 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
Scottsville has a notably high risk for tornadoes, with an average of two tornadoes touching down in the city each year. This is a serious risk that business owners have to consider when shopping for commercial insurance. If a tornado rips the roof off your business, would you have the money on hand to make repairs? Property insurance pays for this damage, allowing you to move on quickly and get back to work as soon as possible.
Workers' Compensation for Scottsville Businesses
One moment your employee is mopping the floor, and then suddenly they are on the floor crying in agony. Slip and fall accidents are just example of work-related injuries that can be devastating on many levels. If you do have an employee that is injured on the job, workers' compensation steps in to cover the medical bills and protect your business from facing serious lawsuits.
Employee Coverages for Scottsville Businesses
- 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
With national costs for health care climbing, it's more important than ever to find affordable health care benefits for your employees. Our Independent Insurance Agents can help you navigate the complicated maze of health insurance and life insurance and find an affordable employee coverage plan for your staff. Our friendly agents will guide you through your options and offer multiple rate quotes so you can compare coverages and find a plan that is right for your business.
Cyber Crime Insurance for Scottsville Businesses
- 2,358 Identity theft complaints in Kentucky in recent years
- Ranked 43rd highest for identity theft complaints in the U.S.
Research shows that only 22 percent of small businesses have a response plan in place to deal with cyber attacks and data breaches. However, cyber crime is more prevalent than ever before. If a hacker tapped into your sensitive information, would you know how to respond? Cyber crime insurance protects your company assets and gives you access to an instant response plan so you can act quickly and minimize the damage if your data is compromised.
Every business owner in Scottsville can benefit from some level of commercial insurance coverage. Whether you have a sole proprietorship or a growing operation with a large staff, make sure you're covered with the best business insurance. Our Independent Insurance Agents can help you navigate the many options for commercial coverage and find the right policy for your company. Our friendly agents will work with you to build a customized insurance plan with the coverages you need at a price you can afford.
Contact an Independent Insurance Agent today to get a personalized quote on Scottsville business insurance.