Jackson Business Insurance

Your Complete Guide to Jackson, MS Business Insurance

Coffee shop business owner working at coffee shop

There are over 235,000 businesses operating in Mississippi. Jackson has nearly 18,500 businesses, including many in the electrical equipment, machinery, and processed food industries. Jackson and the surrounding area are also supported by agriculture, particularly livestock, soybeans, cotton, and poultry farms. 

Businesses of all sizes, no matter the industry, need a comprehensive business insurance plan to protect their assets and their employees when something goes wrong. Since every business has unique risks, it’s important to understand all of your exposures and find tailored insurance policies to cover them. 

A local independent insurance agent can help you assess your risks, compare policies and quotes, and make an informed decision.

Liability Insurance for Small Businesses in Jackson, MS

Lawsuits against businesses are common. From simple trips and falls on your premises to illnesses caused by tainted food or severe injuries caused by faulty products, if someone accuses you of negligence, the costs to defend yourself and pay the injured party can be devastating.

A commercial general liability (CGL) policy offers broad protection from lawsuits. It pays for injuries and property damage that you are responsible for. And it covers court costs, attorney fees, and even settlements or judgments that you must pay to the injured party. 

Not every kind of liability risk is covered by a CGL policy. There are additional types of commercial liability policies available for many of these scenarios.

Talk to your independent insurance agent about why you might need commercial auto liability insurance, environmental liability insurance, or professional liability insurance to appropriately protect your assets from lawsuits.

Cyber Liability Insurance for Jackson Businesses

Almost every business has at least some cyber risk exposure that needs to be addressed. Any business that possesses valuable or sensitive data faces cyber risks and needs to take steps to mitigate them. 

  • Number of identity theft complaints in Mississippi per year: 2,409
  • Ranked 18th highest for identity theft complaints in the US
  • Only 22% of businesses have a cyber/data breach response plan

Cyber liability insurance protects your business assets by paying for many of the costs related to a cyber breach and any resulting legal action against you. 

Be sure to ask an independent insurance agent about how cyber liability insurance can help you protect your business. 

Property Insurance for Small Businesses in Jackson, MS

Severe storms and hurricanes can cause extensive damage to your Jackson commercial property. 

The region experiences frequent thunderstorms that can produce large hail, damaging winds, and tornadoes. In fact, on March 3, 1966, an F5 tornado destroyed a shopping center and several surrounding businesses and homes in South Jackson. 

  • Number of federally declared disasters in Mississippi since 1953: 75
  • Most common reasons for declared disasters in Mississippi: Severe Storms and Hurricanes

Commercial property insurance covers your company’s physical assets, including buildings and office space, merchandise, inventory, tools, machinery, computers, and office furnishings when physical damage occurs. Your business property policy covers damage due to fires, severe weather, theft, vandalism, and a variety of other causes of loss. 

An independent insurance agent can help you determine if you need more than just a basic commercial property policy. If you live in an area that is prone to flooding, you are likely to need flood insurance designed for businesses. Flood insurance is available from the National Flood Insurance Program (NFIP), and your local agent can help you purchase coverage.

Business Interruption Insurance for Jackson Businesses

Unexpected events from minor to catastrophic can easily damage your building, your suppliers’ buildings, local utilities and more. A tornado or a severe storm can leave you unable to operate for some time while you repair or rebuild your commercial property. 

Business interruption coverage, or business income coverage, protects your earnings if your business is unable to operate because of damage caused by a covered event. If you are forced to close your doors for an extended period in order to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more. 

Business interruption insurance is usually a part of your commercial property policy or a business owners policy (BOP). An independent insurance agent can help you assess your risks and help you get the coverage you need. 

Workers’ Compensation Insurance for Jackson, MS Businesses

Workers’ compensation insurance is designed to cover medical treatment, lost wages, and other miscellaneous expenses for employees who are injured on the job. It allows you to protect your employees from the costs of these injuries, and it protects you from lawsuits related to workplace accidents. 

In Mississippi, all employers with five or more regular employees are required to have workers’ compensation coverage. If an employer has fewer than five employees, workers’ compensation coverage is not mandatory, but the employer can choose to provide it. 

Domestic laborers, farm laborers, and employees of nonprofit, fraternal, charitable, and cultural organizations are exempt from the Mississippi workers’ compensation laws. Volunteers and independent contractors are also exempt. 

Your independent insurance agent can help you learn more about the workers’ compensation laws in Mississippi.

Employee Benefits for Small Businesses in Mississippi

An employee benefits plan that includes health insurance, life insurance, vacation and sick time, and other perks helps companies attract and retain top employees. While employee benefits are often complex and expensive, they are a necessary part of keeping your workforce healthy and satisfied.

  • Average amount spent per year on healthcare coverage by Mississippi businesses: $332,790
  • Ranked 35th for highest medical insurance costs in the US
  • Average annual cost of healthcare coverage in Mississippi: $5,207/person or $14,053/family

There are many different employee benefits plans and group insurance policies available for you to choose from. What’s more, you must be in compliance with a number of federal and state regulations when you provide certain benefits to your employees. 

A local independent insurance agent can help you learn about your options and find the best employee benefits plans for your budget. 

Why Work with an Independent Agent in Jackson? 

There are many business insurance products and options available to protect your Jackson business. You probably have a lot of questions, and a local independent insurance agent can help.

An independent agent can work with insurance companies that specialize in the type of work you do. And your agent can help you assess your risks and get quotes from multiple, highly rated insurance companies. 

Find an agent in or near Jackson to get started. 


Sources © 2019, Consumer Agent Portal, LLC. All rights reserved.

https://www.census.gov/quickfacts

https://www.fema.gov/disasters

http://www.naic.org/prod_serv/AUT-PB-14.pdf

https://www.nfib.com/content/legal-compliance/legal/workers-compensation-laws-state-by-state-comparison-57181

https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/alter-benefits-attract-retain.aspxz

https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits

http://www.city-data.com



© 2019, Consumer Agent Portal, LLC. All rights reserved.

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