As the fifth-largest city in Mississippi, Biloxi plays an important role in the state’s economy. This beachfront area on the Mississippi Sound borders the Gulf of Mexico, providing some of the most beautiful scenery and best deep sea fishing opportunities on the southern coast. Small businesses thrive in Biloxi, MS, where tourists frequently come to play on the championship golf courses or vacation at the casino resorts. Like the rest of Mississippi, the past decade in Biloxi has been an era of steady economic growth, particularly as the city worked to rebuild after Hurricane Katrina.
During previous years, there were 242,843 small businesses in Mississippi, providing jobs to 430,316 people. However, recent years also brought some serious risks for business owners, with $2,714,133 paid out for losses. If you are a small-business owner in Biloxi, you know that the risks are serious. Our Independent Insurance Agents can help you protect your investment by matching you with a reliable Biloxi business insurance policy.
Biloxi business owners have to think long and hard about the risks of liability. If a customer slips and falls or gets injured on your premises, you’ll be liable to pay for the resulting medical bills. 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. With business liability insurance, your Biloxi small business is always prepared if an accident happens on your premises.
- Product Liability: According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. This kind of financial burden is enough to ruin most small businesses. However, if you have product liability insurance, you can rely on your policy to step in and pay your legal fees and any court-appointed settlements you incur.
- E&O/Professional Liability: Professional liability coverage is the right choice for companies that offer services rather than selling physical products. In this case, your business insurance covers “errors and omissions” or claims that your actions were detrimental in some way to a customer or that customer's property.
Business Interruption Insurance for Biloxi Businesses
- Recent Gross domestic product: 2.2%
- Recent Mississippi gross state product: 1.6%
- The recent GSP was 0.6% lower than the recent GDP
For the small business, a business interruption insurance policy can be the difference between success and failure. If your Biloxi business encounters a catastrophic event, like a hurricane or a tornado, and you have to shut down operations temporarily while repairs are made, you’ll lose out on profits. Business interruption insurance steps in and pays you for the profits you lost during the interrupting event so you can move forward after a disaster without any long-term damage to your business assets.
Property Insurance for Biloxi 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
When Hurricane Katrina swept through Biloxi, it left behind a trail of total destruction. Dozens of residents were reported dead, thousands were left homeless and the city was rendered nearly uninhabitable for weeks. Today, Biloxi remains a high-risk area for hurricanes, and every business owner has to really stop and consider the potential threat. Make sure your Biloxi small business is covered with property insurance so that you can make repairs or rebuild if another devastating storm system sweeps through the area in the future.
Workers' Compensation for Biloxi Businesses
Every business owner has to think about the possibility that an employee could get sick or injured on the job. Work-related injuries and illnesses can lead to devastating lawsuits, and the medical bills can pile up in a hurry. Workers' compensation insurance covers the cost of medical care after a work-related injury, and it protects your Biloxi small business from lawsuits in the aftermath.
Employee Coverages for Biloxi Businesses
- Total recent spending on premiums in Mississippi: $332,790
- Ranked 17th for the highest premiums in the U.S.
- Annual cost of health care for small businesses in recent years: $5,207/person or $14,053/family
Finding affordable employee coverage is becoming more and more challenging as health care costs continue to climb. Fortunately, our Independent Insurance Agents are experts at navigating the maze of health care benefits and premiums, and they can match you with a policy that is right for you and your employees. Our experienced agents can provide quotes on multiple policies, allowing you to compare your options and find a plan that will be a good fit for your Biloxi small business.
Cyber Crime Insurance for Biloxi Businesses
- 2,409 Identity theft complaints in Mississippi in recent years
- Ranked #18 highest for identity theft complaints in the U.S.
Cyber crime is a serious threat to small businesses, but only 22 percent of today’s small businesses have a response plan in place to deal with cyber attacks. If your company becomes the target of a hacker, you could suffer devastating losses. That’s why many Biloxi business owners are choosing to invest in cyber crime insurance. This kind of policy protects your assets against data breaches and cyber attacks.
If you’re ready to start building your customized business insurance plan, our Independent Insurance Agents can help. Our experienced agents will provide one-on-one support as you choose the coverage options that interest you most. Whether you need liability insurance, employee coverage or cyber crime insurance, our agents are ready to assist you.
Contact an Insurance Agent today to get your free quote on Biloxi business insurance.