Find the Best Business Insurance Options in Mississippi
No matter how small or large your business is, it needs the protection provided by a business insurance policy. Having the right business insurance can help your business keep its doors open for many years to come following a major disaster like a fire or a theft. Without this coverage, however, you could face bankruptcy.
Mississippi currently has a total of about 257,000 small businesses in the state, and each one needs protection. Also, the state's 440,399 small business employees can greatly benefit from the coverage offered by an employer's workers' compensation insurance. An independent insurance agent in Mississippi can help you find all the business insurance your specific company needs. For starters, though, here's a closer look at business insurance options and requirements in Mississippi.
Best Business Insurance Companies in Mississippi
You can find a business insurance policy from many different insurance companies in Mississippi, but not all are created equal. In terms of quality and service, some carriers outshine the rest. That's why we've made this list of just a few of the best business insurance companies in Mississippi, to help you start off your coverage journey on the right foot.
- Nationwide: Nationwide offers business insurance as well as many other products. It also has gotten superb ratings by both AM Best and the Better Business Bureau and offers 24/7 claims reporting for policyholders.
- Amica: Amica is a very longstanding carrier that also offers plenty of other products along with business insurance. It's rated "A+" for financial strength by AM Best.
- Allstate: Allstate still holds the title of being one of the largest insurance companies in the country and offers a large selection of personal and business insurance products. Allstate works with independent insurance agents and is rated "A+" for financial strength by AM Best.
- Mississippi Farm Bureau: Mississippi Farm Bureau is known for excellent customer service and for offering quality business insurance products. The carrier has an "A" rating for financial strength from AM Best.
A Mississippi independent insurance agent can help you find all the business coverage you need most from one of these top-rated insurance companies.
Mississippi Business Insurance Requirements
State law in Mississippi requires businesses with five employees or more to carry workers' compensation insurance. While this is the only coverage required by law, businesses should at least strongly consider adding more coverages to their policies. Property insurance can help you replace or repair stolen, damaged or destroyed company property including inventory if it gets stolen, etc. Also, having commercial auto insurance can help your business financially recover in case of lawsuits involving company vehicles and more.
The only state-required business insurance in Mississippi is:
Optional business insurance coverages in Mississippi include:
- Commercial general liability insurance
- Business income insurance
- Professional liability insurance
- Commercial property insurance
- Commercial auto insurance
- Cyber liability insurance
A Mississippi independent insurance agent can help you find workers' compensation as well as any other types of business insurance your company needs most.
What Business Insurance Covers in Mississippi
A comprehensive business insurance policy in Mississippi should protect each aspect of your business that's vulnerable to disasters of any kind. You'll want to add commercial property insurance to get reimbursement for damage, destruction, or theft of your company property including its buildings and inventory. A commercial auto insurance policy is also necessary if you have company vehicles, which could be a lawsuit risk or could be stolen or vandalized. Having business income insurance is also critical to replace lost income if your company needs to shut down for a while following a major disaster. But know that your business insurance will only protect the parts of the company you choose specific coverage for.
Liability Coverage Options for Small Businesses in Mississippi
Your small business may need more than one type of liability coverage. There are several kinds to choose from, with the three major types of liability coverage in Mississippi being:
- Professional liability insurance: Protects against financial losses caused by lawsuits filed by third parties that claim your staff gave them improper advice or performed a service incorrectly, leading to injury or loss.
- Cyber liability insurance: Protects against financial losses resulting from a data breach or other cyberattack that can expose and distribute sensitive information or data, including customer credit card numbers.
- Commercial general liability insurance: Protects against financial losses caused by a lawsuit filed by a third party for claims of personal property damage or bodily injury caused by your company.
A Mississippi independent insurance agent can help you find all the liability coverage your small business needs.
Property Coverage Options for Small Businesses in Mississippi
Business property needs protection of its own against a number of threats. If you have a physical building or a lot of inventory, you'll want to get:
- Commercial property insurance: Protects against losses caused by damaged, destroyed, or stolen property or inventory stemming from fire, theft, vandalism, and other threats.
Your independent insurance agent in Mississippi can help your business get equipped with the right amount of commercial property insurance.
Other Insurance Options for Small Business Owners in Mississippi
You might want to add other coverages to your business insurance policy as well. A couple of the most commonly needed business insurance types are:
- Commercial auto insurance: Protects against financial losses related to company vehicles, including lawsuits after accidents, theft or vandalism, and more.
- Business income insurance: Protects against lost income caused by temporary closures following covered disasters, such as fire damage.
An independent insurance agent in Mississippi can also recommend additional business insurance coverages needed by your unique company.
Average Cost of Business Insurance in Mississippi
Your business insurance costs in Mississippi will vary depending on several factors. The size and location of your business affect your rates because larger businesses need more coverage for employees, property, etc. Also, businesses in certain areas of the state may require more expensive coverage due to an increased risk of severe weather damage. Your business's operations and risk level, determined by its type, also impact your coverage rates, as the riskier your business is by nature, the more expensive coverage must be. So businesses in a more dangerous industry like construction will pay more for coverage than those in the baking industry. Additional factors that influence business insurance costs are the types of coverage chosen, your policy's coverage limits, and other options.