Meridian Business Insurance

The Complete Meridian Business Insurance Guide

Meridian is the sixth largest city in Mississippi, and it’s best known as the home of Jimmie Rodgers, the father of country music. Businesses thrive in Meridian, MS, where tourists love to frequent the Meridian Museum of Art and locals spend weekends exploring Bonita Lakes, the 3,300-acre city park. 

In 2014, there were 242,843 small businesses in Mississippi, providing jobs to 430,316 people. However, 2014 also brought some serious risks for business owners, with $2,714,133 paid out for losses. If you own a small business in Meridian, you can take extra steps to protect your company with a comprehensive business insurance plan. Trusted Choice® Independent Insurance Agents specialize in helping small businesses find the best coverage for liability, property damage and even cyber crime. If you’re searching for Meridian business insurance, our experienced agents can help.

Liability coverage is the bedrock of any commercial insurance policy. As a small business in Meridian, you could face a devastating lawsuit if a customer slips and falls on your property. According to the 2015 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. A tiny accident can turn into a major financial burden, so make sure you’re covered with comprehensive business liability insurance.

  • Product Liability: According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. If you were ordered to pay out a million-dollar settlement, could your Meridian business stay afloat? If not, it’s time to start looking for product liability coverage. This policy is a safeguard that pays off in a major way if a defective product causes physical or property damage to one of your customers.
  • E&O/Professional Liability: Professional liability coverage protects against “errors and omissions.” If a customer believes that your services or advice were detrimental to that customer's person or their property, you could be faced with a liability lawsuit. This kind of coverage pays for your legal defense and provides the funds to pay any court-ordered settlements. 

Business Interruption Insurance for Meridian Businesses

  • Gross domestic product in 2014: 2.2%
  • Mississippi gross state product in 2014: 1.6%
  • The 2014 GSP was 0.6% lower than the 2014 GDP

For the small business in Meridian, every day is a new opportunity to bring in profits. But what if you are forced to shut down for a while due to unforeseen events? For instance, if a massive hurricane comes through the area and your commercial property floods, you’ll have to close down until the building is repaired and you can replace all the inventory that was damaged by floodwaters. In the meantime, your business is losing money on a daily basis and your customers are forced to go to the competition. Business interruption insurance steps in and compensates you for the profits you lose during an event like this so that you can move on and start to rebuild after a disaster, with minimal damage to your bottom line. 

Property Insurance for Meridian Businesses

  • Number of natural disasters in 2014: 119
  • Only 61% of losses from natural disasters were covered
  • Total uncovered property damage in 2014: $9.7 billion

Meridian is a high-risk hurricane zone with 40 major storm systems crossing through the city since 1930. Perhaps the most devastating in recent years was Hurricane Katrina in 2005. If your small business ends up with storm damage, would you be able to afford repairs? What if it was destroyed completely and you had to rebuild from the ground up? Property insurance is a vital piece of the commercial insurance puzzle, especially in Meridian, where the unpredictable weather is always a threat.

Workers' Compensation for Meridian Businesses

It only takes a split second for an employee to get injured on the job, but the consequences can last for months or even years. Work-related injuries can get expensive, and the potential for a lawsuit is something you just can’t ignore. Workers' compensation insurance acts as a safeguard for your business, protecting your company’s assets and paying for any work-related injuries and resulting medical care that are needed.

Employee Coverages for Meridian Businesses

  • Total 2013 spending on premiums in Mississippi: $332,790
  • Ranked 17th for highest premiums in the U.S.
  • Annual cost of health care for small businesses in 2013: $5,207/person or $14,053/family

Today’s employees are looking for jobs that offer health and life insurance benefits, but these employee coverages can get expensive. Trusted Choice Independent Insurance Agents specialize in helping Meridian small businesses find affordable health care options for employees. In fact, our experienced agents have a unique advantage. They can provide quotes from a wide network of policy options, giving you the best chance to find a budget-friendly plan that meets the needs of your staff.

Cyber Crime Insurance for Meridian Businesses

  • 2,409 Identity theft complaints in Mississippi in 2014
  • 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 business is attacked by a hacker and your sensitive financial information is leaked, how would you recover? Cyber crime insurance is a safeguard for Meridian small businesses, and it gives you an instant response plan so that you can quickly take action and protect your company if a cyber attack happens to you.

If you’re looking for a customized business insurance plan, Trusted Choice Independent Insurance Agents are standing by waiting to assist you. Our experienced agents are intimately familiar with the challenges of running a small business, and they know the threats that put you at the greatest risk. Our agents can help you navigate the maze of liability insurance, workers' compensation and even cyber crime insurance. Call a Trusted Choice Independent Insurance Agent today to get your free quote on Meridian business insurance.

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