The city of Flowood, MS, maybe outgrowing its small-town roots. With 9,061 residents, this small city isn't so tiny. Mississippi has over 235,000 operating businesses, and many of those are located in Flowood.
Flowood's primary industries are health care, education, and hospitality. If you own a business in this mini-metropolis, make sure it's protected. You can use this agent matching tool independent insurance agent to find coverage solutions for your business.
Liability Insurance for Small Businesses in Flowood, MS
Many types of business insurance may apply to your daily operations. It's important to create a coverage plan for your business with your independent agent. One of the main policies you'll need is commercial general liability, or CGL.
Commercial General Liability Insurance (CGL):
This policy will protect your business from financial loss if your operations or employees cause property damage or personal or advertising injury.
Most Flowood businesses are required to carry a CGL policy in order to operate. Landlords and lenders will want to protect their interests and will require that you have CGL coverage. Speak with your local agent for CGL limits and details.
Property Insurance in Flowood, MS
Damage to your commercial property could create a financial risk for your business if you don't have coverage. Your commercial property should have insurance for repair or replacement in the event of a loss. Here are the most frequent claims made in MS:
- Severe storms and lightning
- Burglary and other property crimes
- Hurricanes and tropical storms
- Flooding and water damage
For these common exposures, you'll need insurance that provides the correct policy limits. Commercial property insurance will cover the repair or replacement of your structure and any business property, such as furniture or inventory. It will exclude any damage resulting from a flood. A separate flood policy is required.
Why Flood Insurance Is Different:
One of the top five property claims in MS is flooding and water damage. You will need to determine what flood zone your commercial property is in by accessing its elevation certificate. Once you have the flood zone, your agent can run quotes through FEMA-approved carriers. Contact your independent agent for further flood insurance questions.
Cyber Liability for Your Flowood, MS Business
Unless your business works solely on paper, you probably have some cyber risks. Companies typically use email or invoicing software in daily operations. Both can be hacked by con artists, leaving your business vulnerable. Let's look at the numbers:
- Number of US identity records exposed in 2019: 164.68 million
- Number of US data breaches in 2019: 1,473
- Identity theft reports each year in MS: 2,409
The internet can be a scary place if your computer isn't well-protected. Consultation with a cyber technician and your agent will help minimize your risk exposures.
Cyber Liability Insurance:
This will provide coverage for your business's loss and protect your business from being sued by customers due to a data breach.
Discuss your business's cyber exposures and how you can better protect them with your insurance agent.
Business Interruption Insurance for Your Flowood, MS Company
If your company has a covered loss that makes you shut your doors for a while, business interruption coverage can help. When you can't sell your services or products due to a covered peril, you still have bills to pay. Some losses that could be covered under business interruption:
- Storm damage
- Fire loss
- Burglary or other property crimes
If any of the above claims occur, halting your operations, business interruption coverage will kick in. This coverage will pay for regular business expenses while you're not able to work. The costs it may cover are:
- Mortgage or rent payments
- Employee payroll
Get with your Flowood independent agent and see what limits your CGL has for business interruption coverage.
Workers' Compensation Insurance for Your Flowood, MS Business
The risk associated with having employees could outweigh the good if you're not properly insured. A workers' compensation policy can fill the gap and protect your business from financial loss. Workers' compensation insurance provides medical benefits and wage replacement to employees who are injured on the job or suffer from occupational illnesses.
In the state of MS, it's a requirement to have workers' compensation insurance once you have five employees. Even if you have less than five employees, you should still speak with your agent about coverage.
The state minimum limits required in MS are low and may not be enough insurance when a loss occurs.
Workers' Compensation MS Minimum Limits:
- $100,000 per occurrence for bodily injury
- $100,000 per employee for disease
- $500,000 total policy aggregate for disease
Your Flowood business needs coverage that will help your company stand the test of time. Low limits and substandard coverage options will not help your business in the long run. Get with your independent agent to go over rates and policy limits.
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Employee Benefits for Your Flowood, MS Business
Businesses in Flowood need to stay competitive in today's market if they want to retain good help. Your business should be known as an excellent place to work with fantastic employee benefits. The average employee will spend a small fortune on healthcare costs annually. Let's take a look at the numbers:
- Employer health insurance contribution in the US as of 2018: 77%
- Average annual health premiums for family employee coverage in 2019: $20,576
- Average annual health premiums for single employee coverage in 2019: $7,188
Your MS business can help soften the blow of expensive health insurance premiums by creating an employee benefits plan. This plan can have your business contributing part or all of these expenses:
Work out a plan that makes sense for your business with your local independent agent.
Why Work with an Independent Agent in Flowood, MS?
There are a lot of coverage options when it comes to insuring your Flowood business. Without the help of a trusted adviser, it may be hard to know where to start.
An independent insurance agent can quote with multiple carriers at once, finding the best coverage for a reasonable price. Go to TrustedChoice.com and connect with a Flowood independent agent today and start saving.
TrustedChoice.com Article | Reviewed by Candace Jenkins
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City of Flowood