Madison, MS Business Insurance

Your Complete Guide to Madison, MS Business Insurance

(Everything you need to know - and more)

Barista standing at the counter of the coffee shop. Find Corinth, Mississippi business insurance.

There are more than 3,000 businesses located in the city of Madison, MS. While white-collar industries like finance, health care, and professional services are most abundant in this city, any business that meets the needs of the community has the opportunity to thrive. Regardless of type, all companies can benefit from having comprehensive business insurance.

Local independent insurance agents make shopping for coverage easy. They can help you build a commercial insurance plan that will provide suitable coverage against all of your company’s potential risks.  Contact an insurance agent near you to learn more and to start comparing customized quotes for business insurance.

Why Do Businesses in Madison Need Liability Insurance?

Liability lawsuits brought against companies can often result in judgments exceeding $1 million. That is why liability insurance is a crucial part of every commercial insurance policy. This insurance is designed to cover the various expenses related to liability lawsuits, including court costs, legal defense fees, and financial damages.

All business insurance policies include commercial general liability insurance (CGL). It has two main coverage components: premises liability insurance, which covers third-party injuries, injuries, and damage that occur on your business property; and product liability insurance, which covers third-party injuries, illnesses, and damage caused by products your company produces, sells or promotes.

Most businesses will need additional liability policies in order to be fully covered against all of their liability risks. An independent insurance agent in Madison can make recommendations about which of the many other available insurance products are right for your particular business. Examples of commercial liability products you may want to consider include:

  • Cyber liability insurance: This covers your liability expenses if hackers install skimmers on your credit card readers or break into your company’s computer system and steal sensitive customer data like credit card information,Social Security numbers, or personal data.
  • Employment practices liability insurance: This covers your business against lawsuits related to accusations of illegal practices such as discrimination, harassment, breach of contract, and wrongful termination.
  • Professional liability insurance: This covers individuals in professional positions if negligence, errors in judgement, or other mistakes lead to third-party damage.
  • Commercial vehicle liability insurance: This is required if your business owns and operates vehicles. It can cover your company’s increased liability risks if one of your drivers causes an accident.

Talk to your local independent insurance agent to learn more about these and many other commercial liability insurance products that are available to you. Your agent can help you determine which are appropriate for your particular business.

How Does Property Insurance Protect Madison Businesses?

Commercial property insurance is another major part of every business insurance policy package. It is designed to cover loss or damage to your company-owned assets, including office furnishings, merchandise, inventory, supplies, outdoor signs, tools, and machinery. Businesses in Madison are most at risk for damage caused by fires, severe storms, hurricanes and tornadoes.

Be aware that even though the damage caused by severe weather events, fires and property crimes are typically covered by your commercial property insurance, damage caused by floods is not. Floods pose a serious risk in Madison, particularly when hurricanes work their way into the Gulf of Mexico and bring prolonged heavy rains to the area.

Fortunately, an independent insurance agent can help you add a commercial flood insurance policy to your business insurance policy package. These policies are guaranteed by the federal government and can provide you with sufficient coverage to prevent a flood from bankrupting your business.

You may also want to consider adding supplemental policies such as inland marine insurance and boiler & machinery insurance to your coverage portfolio. Inland marine insurance covers portable assets whenever they are in transit or at a worksite, and boiler & machinery insurance covers losses related to equipment failure.

Talk to your local insurance agent to learn more about your business property coverage options.

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Is Business Interruption Insurance a Good Idea in Madison, MS?

A major disaster, like a tornado or structure fire, can force you to shut down your business for weeks, or even months, while repairs are made. Business interruption insurance is designed to provide your company with a continuation of income during times of disaster.

Disasters in Mississippi

  • Number of federally declared disasters in MS since 1953: 68
  • Most common reasons for declared disasters: Severe storms, hurricanes, tornadoes
  • Average number of tornadoes in MS per year: 45.2

This optional insurance enables you to have the income you need to cover your monthly expenses, loan installments, employee salaries, and other regular business expenses until you are able to resume normal operations. Most policies will provide this coverage for up to twelve months.

Business interruption insurance isn’t a good fit for all businesses.  A local independent insurance agent can help you evaluate whether it is right for your Madison-based business.

Do Businesses in Madison Need Workers’ Compensation Insurance?

Workers’ compensation insurance is designed to cover the cost of medical treatment, follow-up care, prescriptions, lost wages, and other expenses related to work-related injuries and occupational illnesses. Rates for this coverage are based on how dangerous the work your employees do is. A tree trimmer would cost far more to insure than a financial analyst.

The state of Mississippi requires all businesses with at least five regular employees to carry workers’ compensation insurance. There are a few exceptions. Sole proprietors, partners, and corporate officers do not count toward the number of employees unless they choose to cover themselves.

Employers are not required to cover farm laborers or domestic workers but may opt to do so if they wish. Workers’ compensation in Mississippi will not cover independent contractors but will cover employees of subcontractors.

A local independent insurance agent helps you obtain a competitively priced policy through a commercial provider that specializes in covering businesses like yours. Or, with state approval, your business may opt to self-insure.

What about Employee Benefits for Businesses in Madison?

As a business owner in Madison, you may be thinking about offering your employees subsidized health insurance and life insurance in their employee benefits package.

  • Annual amount spent on healthcare coverage by MS businesses: $332 million
  • Average annual cost of health care in MS: $5,207/person or $14,053/family

There is no getting around the fact that purchasing health insurance coverage for your employees is expensive. However, many small businesses that do so can qualify for tax deductions, and there are other cost-saving benefits as well.

Studies done by human resources professionals have shown that when businesses offer attractive benefits packages, they can more easily recruit and retain ideal employees. It has also been shown that workers who have access to health care use fewer sick days than those who do not.

If you are interested in purchasing health or life insurance for your employees, an independent insurance agent can help you find good coverage at a competitive price. There are several different healthcare policy types for you to choose from, so you may find it beneficial to receive guidance from one of these local insurance professionals when you are looking for the best plan.

Why Work with an Independent Insurance Agent in Madison, MS?

Every business has specific insurance coverage needs that can vary significantly from one industry to the next. That is why when it comes to business insurance, there is no such thing as a one-size-fits-all policy. The wide range of insurance products and policy options available to business owners in Madison enables you to fully customize your commercial coverage.

A local independent agent can help you navigate through the many choices you will have to make while you are building your business insurance policy package. That way, you can be sure you are making selections that are appropriate for your particular business. Contact an insurance agent in or near Madison to start comparing customized quotes for business insurance.

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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.aspx
https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits
http://www.city-data.com