With a rich industry from tourists and more, and more people moving here all the time, Williamsburg, KY is a great place to open a business. The same easy country life that makes it feel like home makes for a quiet business location away from the city hustle and bustle. But for entrepreneurs to enjoy the good life of their own business, insurance is an absolute must. Your Independent Insurance Agent is there to help you navigate the options of price and coverage and help you compare quotes. How strong is the business climate in Kentucky?
- During previous years, the state was home to 340,746 small businesses.
- These businesses hired 686,517 employees.
The need for reliable Williamsburg commercial insurance was underscored by the total claims of $3,723,405 paid out that year. Your business needs reliable and affordable coverage so that you can do what you do best and not spend time worrying about things that are impossible to see coming. General liability insurance is the heart of your business insurance needs. It covers claims for injuries to other people and third-party property damage to individuals such as customers or delivery persons. It also covers any legal defense if your business is sued over a covered incident.
The cost of incidents, no matter how small, can be breathtaking because of potential medical costs. 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. Someone being injured on your property and holding you responsible is a major concern.
In addition, your Williamsburg business needs product liability coverage if you provide a product or professional liability if you provide a service. The same concerns apply here, too. According to a national study by the Insurance Information Institute, 71 percent of product liability awards and 53 percent of medical malpractice awards amounted to $1 million or more. You need to be protected against these claims.
Business Interruption Insurance for Williamsburg Businesses
If you can't open the doors in the morning because of a natural disaster or some other reason, you need business interruption insurance to cover the costs of not being able to conduct normal operations. This compensates you for lost income due to interruptions from any of these situations:
- Water pipe breaks
- Natural Disasters
- Any other reason your business is interrupted that is not your fault
A business interruption insurance policy covers the revenue you would have earned based on your financial records had the disaster not occurred. The policy also covers operating expenses that continue even though business activities have been stopped. This is often the difference between a small business surviving such an event and not.
Property Insurance for Williamsburg Businesses
When your business is closed, you suffer more than just a loss of business – you have to fix the damage that occurred to get fully back up and operating again. Property Insurance is necessary to fix what went wrong and get the doors open once again. There were 119 certified natural disasters in the U.S. in recent years. Only 61 percent of the losses realized from these were covered by insurance, leaving $9.7 billion in damage not covered by a property insurance policy. Events like these are blissfully rare here in Williamsburg, but they do happen. While it is easier and faster to recover from a natural disaster than from a liability case, you still need to have proper coverage of your assets to make sure you can get back on your feet.
Workers' Compensation for Williamsburg Businesses
Workers' compensation insurance is required by Kentucky state law. It covers the expenses related to any of your employees' on-the-job injuries whether from one single incident or from repeated actions over an extended period of time. Nationally, this came to $1.27 for every $100 in wages in recent years, or an average of $612 per employee.
Typically known as “workman’s comp,” this insurance is based on the number of claims you have had in the past. New businesses are assessed by the kind of work done and the categories of employees they hire. There are often ways of saving money based on the programs and actions that you take, however, so a solid relationship with an Independent Agent who understands workman’s comp is vital to finding an affordable policy that fits under the applicable laws and regulations for your business.
Employee Coverages for Williamsburg Businesses
In addition to workman’s comp, you may need other kinds of coverage for your employees. These include the following:
- Life Insurance: This covers accidental death on or off the job.
- Disability Insurance: - This is the same as life insurance but for disabilities that limit the ability to work.
- Critical Illness Insurance: This is similar again to life insurance but for a distinct period of time while an illness is being treated.
- Health plan insurance: This is now required by law for companies with 50 or more employees, but you may want to make it available for your employees as a benefit.
Kentucky ranked 25th nationally for health insurance premium spending by small businesses. The cost came to $697,974,000. It is always worth shopping around for the most affordable policy that gives you the coverage your employees need. The average spent for coverage on a single employee by businesses in Kentucky in recent years was $5,077, and for a family, the average was $15,463. Your business needs this kind of coverage under current laws if you have more than 50 employees. But you may want to offer it even if you have fewer employees than this as a service to them. It is important to check with your Independent Agent to understand your options no matter what.
Cyber Crime Insurance for Williamsburg Businesses
One category of insurance that you may not think of on your own is protection against cyber crimes, including identity theft. In recent years, Kentucky was one of the states where you were least likely to experience this, ranking 43rd overall – but there were still 2,358 reported cyber crimes that year. This insurance is critical to limit the expenses incurred by someone using your identity without authorization. It is just one of the many types of insurance that may not be on your radar as you open a business but are critical for protecting yourself against loss. A close relationship with an Independent Insurance Agent is critical to opening up or expanding a successful business in Williamsburg.
Call them today to obtain a quote in the areas that you need to protect to keep your business thriving.