West Liberty, KY is a city full of historic charm and culture. Located just 20 miles from Cave Run Lake in the rolling hills of eastern Kentucky, it has a population of just over 3,000. There is a steady stream of tourists that come through town to take in the beautiful bluegrass scenery and tour the local museums. With all the culture, history and tourism, this is the perfect place to launch a small business. 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 in West Liberty, you will want to take steps to protect your investment with a West Liberty business insurance policy. Our Independent Insurance Agents specialize in helping businesses select comprehensive commercial insurance that safeguards against threats like liability, property damage and even cyber crime. General liability insurance is the first thing to consider when building your comprehensive West Liberty business insurance policy. Liability lawsuits happen every single day and can financially devastate a business.
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. Make sure your business is prepared and protected 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. If your company manufactures any type of product, you will want the protection of product liability insurance. It only takes a single defective product to land you in the middle of an expensive liability lawsuit, but product liability insurance will safeguard your business assets.
- Errors & Omissions/Professional Liability: Even if your business doesn’t offer a physical product, you could still find yourself in the middle of an expensive liability lawsuit. For businesses that provide services rather than selling products, professional liability insurance is the best option. If you offer some bad advice or make a wrong judgment call, this coverage could potentially save your business. If you do end up in a lawsuit, your professional liability insurance covers the costs of legal defense and any court-ordered payouts.
Business Interruption Insurance for West Liberty 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 your business catches on fire and the damage is so bad that it forces you to close temporarily. Business interruption insurance will step in to pay you for the profits you lost during this unexpected interruption. It’s a lifesaving policy that could keep your business afloat if disaster strikes in your neighborhood.
Property Insurance for West Liberty 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
West Liberty has an average of one tornado each year that has the potential to cause major damage to businesses. Make sure you’re prepared by investing in commercial property insurance. If your business sustains damage from the next big storm, you file a claim with your insurance company and make the necessary repairs to get your business up and running again.
Workers' Compensation for West Liberty Businesses
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 West Liberty 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
All across the nation, health insurance costs are on the rise. This makes it challenging for small-business owners to offer employees health and life insurance benefits without depleting the company budget. Independent insurance agents can help you find affordable employee coverages by providing quotes from multiple policies. Adding this to your West Liberty commercial insurance policy, you can drastically cut cost of health insurance and life insurance plans by taking the time to compare rates.
Cyber Crime Insurance for West Liberty 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. In a world full of technology, it is important to have a plan in place for your West Liberty business. Cyber crime is a growing problem for small businesses across the nation, so make sure you have a policy that covers this type of threat. This coverage safeguards your business assets and provides peace of mind that you’re covered even if you do find yourself in the midst of a serious data breach.
Our Independent Insurance Agents are just a phone call away to help you navigate the overwhelming process of choosing a comprehensive business insurance plan. Our experienced agents will answer your questions and walk you through your options for West Liberty commercial insurance coverage.
Contact an agent, and get a free rate quote today.