Did you know that 340,746 Kentucky small businesses employed 686,517 persons in recent years? Small businesses and entrepreneurs flock to southern Kentucky to set up shop, and Somerset, KY is a proud home to numerous mom-and-pop operations that serve the local community. While both local and statewide economies thrive thanks to local businesses, these small Kentucky companies were paid $3,723,405 in losses — meaning there are plenty of hazards that owners need to stay aware of and address.
Our Independent Insurance Agents know the risks you and your small business face. Let our agents talk to you about how you can stay protected from every situation possible. Whether you are a new business owner with a seedling of a business idea or you are a seasoned commerce veteran, you deserve to have the most affordable small business insurance possible so you keep the revenue rolling. Chances are that you've poured your heart into your small business. Something so important needs the proper insurance to safeguard against the unexpected. An insurance agent can help you find the most comprehensive liability coverage when it comes to slips and falls, product malfunction, and lawsuits.
- General Liability: According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and over 30 percent said they felt the least prepared to handle this concern. Having comprehensive general liability for your small business cannot be overstressed. If a customer falls on your property or you accidentally ruin a client's computer, general liability coverage ensures you don't fall into the negative.
- Product Liability: A national study found that 71 percent of product liability awards and 53 percent of medical malpractice awards by the courts amounted to $1 million or more. If your Somerset business sells, manufactures or distributes products that could potentially malfunction, be prepared with the proper product liability insurance.
- Professional Liability: Do you provide advice on a regular basis? If so, talk to an agent about professional liability coverage. Accountants, lawyers, real estate agents, and consultants should protect themselves against lawsuits regarding potential errors made while performing their professional services.
Business Interruption Insurance for Small Business
Kentucky saw a recent gross state product increase of 2.2 percent — 0.6 percent less than the recent gross domestic product increase, which means it's more important than ever for Somerset small businesses to stay financially secure. Business interruption insurance compensates you when you need to shut down your front doors. If you have to make repairs or rebuild due to a fire or catastrophe, your policy reimburses you for the revenue you would have earned so that you can stay on your feet.
Property Insurance for Small Business
The 119 natural disasters that struck the United States recently wreaked havoc on small businesses everywhere. A staggering $9.7 billion of damage was uncovered, while only 61 percent of losses were covered. Don't let less-than-comprehensive small business insurance let you down. The right Somerset business insurance should protect you and your assets in the event of unexpected weather-related property damage.
Employee Coverages for Small Business
Nationally, the cost of workers' compensation coverage is $1.27 for every $100 in wages and $612 per employee. And the Bluegrass State ranked 25th in the highest premiums spent in the country at $697,974 in recent years. Your employees work hard for you, so shouldn't you do the same? Kentucky's small businesses paid $5,077 for a single person plan and $15,463 for a family plan in recent years, 10 percent and 4 percent less than the national average, respectively. Because rates vary depending on a number of circumstances, let an agent help you navigate the overwhelming health care market to ensure your workers are fully covered.
Cyber Crime Insurance for Small Business
Are you one of the 22 percent of small businesses that have a cyber/data breach response insurance plan? If not, you need coverage against the rising technological threats that your company faces. Recently, Kentucky had 2,358 identity theft complaints — the 43rd highest in the country. You may feel like you don't have any information worth stealing, but when hackers attack, the financial aftermath could be devastating. An Independent Insurance Agent will give you peace of mind. Finding the most comprehensive, affordable small business insurance is easy with us, especially since we're able to compare numerous quotes from various carriers.
Protect your business and yourself by teaming up with an agent.