The beautiful scenery of Versailles, KY has been featured in many movies, including the award-winning “Secretariat." This charming city is known for its beautiful horse farms, antique shops, and historic bed and breakfasts. This is the ideal city in which to open a small business because of the endless opportunities to appeal to tourists. 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, you will want to make sure that you are protected with Versailles business insurance. Our Independent Insurance Agents specialize in helping business owners find comprehensive commercial insurance that safeguards against threats like property damage, liability lawsuits and unexpected business interruptions. The first type of coverage you will want as a business owner is general liability insurance.
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. Liability lawsuits happen every single day and cause catastrophic financial loss to a small business. Make sure your business is prepared with the right kind of general liability insurance.
- Product Liability: According to a national study, 71% of product liability awards by the courts amounted to $1 million or more. It takes only a single defective product to become involved in an expensive liability lawsuit. Product liability insurance safeguards your business assets if you are being sued.
- Errors & Omissions/Professional Liability: If your business offers a service rather than a physical product, then professional liability insurance is the best choice. This type of coverage protects you against accusations of errors and omissions. Professional liability insurance covers the cost of legal defense and other expenses incurred by a lawsuit.
Business Interruption Insurance for Versailles 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
Imagine for a moment that a massive tornado has ripped through Versailles and your business is severely damaged. It will take months to repair the damage, and you will have to close the doors temporarily. This means you will have no revenue during the time it takes to make repairs. Business interruption insurance steps in to pay you for the profits you lose during this unexpected interruption. It’s a lifesaving policy that keeps your business afloat if disaster strikes in your neighborhood.
Property Insurance for Versailles 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
In 1974, a massive F4 tornado ripped through Versailles, causing four deaths and 122 injuries. This city, with an average of one tornado each year, is considered a moderate risk area for damaging tornadoes. Make sure you’re prepared by investing in commercial property insurance so you can get the necessary repairs done quickly when the next big storm hits.
Workers' Compensation for Versailles Businesses
Workman’s compensation is an essential part of your comprehensive Versailles commercial insurance policy. If an employee gets injured on the job, you could be facing a major lawsuit. Workers' compensation safeguards 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 Versailles 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 health care costs on the rise, it’s becoming increasingly difficult to find affordable health and life insurance benefits for your staff. Our agents can help you find affordable employee coverages by providing quotes from multiple policies. By taking time to compare rates, you can drastically cut the costs of health insurance and life insurance plans for your staff while providing them with reliable benefits.
Cyber Crime Insurance for Versailles 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 changing in the world of business. If your Versailles business doesn’t have a plan in place, it’s time to make one now. Hackers are a growing problem for businesses all over the nation. Make sure you have cyber crime coverage included in your Versailles business insurance policy. This coverage safeguards your business assets and provides peace of mind that you’re covered even if you do find yourself in the middle of a serious data breach.
If you are looking for affordable business insurance in Versailles, call one of our friendly Independent Insurance Agents today. 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 Versailles’ most common threats.
Contact an agent, and get a free rate quote on Versailles commercial insurance today.