Springfield Business Insurance

The Complete Springfield Business Insurance Guide

Find the right business insurance policy for you.

Located in the heart of central Kentucky, Springfield offers all the beauty of the Bluegrass state along with a tight-knit community and a heritage of Southern hospitality. Small businesses thrive in Springfield, KY, where the downtown area is a popular destination for locals who are looking for new places to shop, dine and spend time with family and friends. During previous years, there were 340,746 small businesses in Kentucky, providing jobs to 686,517 people. However, recent years have also brought some serious risks for business owners, with $3,723,405 paid out for losses. With so much riding on your small business success, you just can't afford to skimp when it comes to Springfield business insurance. 

Our Independent Insurance Agents specialize in connecting small businesses with the best commercial coverage options. Our friendly agents will provide one-on-one assistance to help you build a customized plan that will help your small business succeed. Every small business should give careful thought to liability risks. 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. Liability lawsuits can get very expensive, but if you have general liability coverage for your Springfield business, you'll have peace of mind that you're covered no matter what the future brings. 

  • Product Liability: According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. If a customer claims that your products caused them harm or damaged their property, you would be held responsible to pay for damages. Product liability insurance protects your company assets and pays out for these claims, allowing you to breathe easy and have confidence that you're always protected if a defective product does escape your glance.
  • E&O/Professional Liability: Professional liability coverage offers you protection against claims of negligence or libel. If you make a judgment error or unknowingly give bad advice that becomes detrimental to a customer, professional liability coverage protects you from costly lawsuits that could be devastating to your Springfield business. 

Business Interruption Insurance for Springfield 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

Business interruption insurance protects your company from lost profits due to unexpected interruption events. For instance, if a pipe bursts in your company's bathroom and causes major water damage to the building and your inventory, you will likely have to shut down operations for days or even weeks to make repairs. Business interruption insurance pays you for the profits you lose during the time you are shut down so you can pick up the pieces and move on once the repairs are complete. This can be a lifesaving policy for a small business that doesn't have the financial fortitude to withstand unexpected profit losses. 

Property Insurance for Springfield 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

Natural disasters are simply unpredictable, and you just never know when your business could get swept away by a big storm. In Springfield, severe storms are common in the summer months and tornadoes pose a major threat. Property insurance covers your business in case a storm hits in your area and pays for repairs if your commercial property sustains major damage. 

Workers' Compensation for Springfield Businesses

No one wants to see an employee get injured on the job, but it happens every single day. Workers' compensation protects both businesses and employees. When you invest in workers' compensation insurance, you have peace of mind that you can afford to pay for medical expenses if an employee is hurt on the job. Plus you'll be protected from expensive lawsuits in the aftermath of injuries. 

Employee Coverages for Springfield 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

Finding affordable employee health care and life insurance can be a major challenge for Springfield small businesses. Our Independent Insurance Agents can guide you toward the most budget-friendly coverage plans and offer multiple quotes so you can compare costs and choose the benefits that are best for your staff. 

Cyber Crime Insurance for Springfield 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. If you've never given much thought to cyber threats, it's time to reconsider. It only takes one hacker to leak your sensitive business information and cause major devastation to your company's finances. Our Independent Insurance Agents can guide you toward the best coverage options for cyber crime insurance so you have a plan in place if your company suffers from a data breach. 

Our Independent Insurance Agents offer complete support for Springfield small businesses that are searching for the most reliable commercial insurance plans. Our friendly agents will guide you step by step as you determine how much coverage you need to protect your company from the most common threats. Our agents offer multiple rate quotes so you can compare coverage options and weigh the pros and cons of each policy before you make a decision. 

Contact an agent today to get your personalized quote for Springfield business insurance. 

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