New Albany Business Insurance

Your Complete Guide to New Albany, MS, Business Insurance

(How to find the best agent and coverage in town)

New Albany Mississippi business insurance

New Albany, Mississippi, is an 8,757-resident town booming with small businesses. This historic town is known for its antique stores and friendly community. If you own a business in this charming city, there are some things you need to know.

Industries in New Albany are plenty with some of the leading businesses in furniture manufacturing, retail, and hospitality. If you own a company in this small town, you'll need insurance. Connect with an independent insurance agent on TrustedChoice.com to get the best coverage for your business.

Cyber Protection for Your New Albany, MS, Business

Your business could be liable for a data breach at any time. If you use as little as an email address, your business is vulnerable. There have been over 164 million personal data records exposed in 2019 alone. Here are the facts:

  • Number of US data breaches in 2019: 1,473
  • Identity theft reported each year in MS: 2,409

Cyber liability insurance would protect your business from a lawsuit if a data breach were ever to occur. Protect your business from cyberattacks with a cyber liability policy. Speak with your independent agent to get cyber protection for your company.

Insurance for Your Business Property in New Albany, MS

If you own a piece of commercial real estate, coverage is essential. Property insurance will protect your commercial property from the following items:

  • Damage from hurricanes and tropical storms
  • Damage from tornadoes
  • Damage from hail
  • Damage from heavy winds
  • Damage from severe storms
  • Burglary and other property crimes 

Commercial property coverage will pay for a claim up to the predetermined replacement cost. It will also insure your business belongings such as furniture or inventory. The one item your commercial property insurance won't protect against is flood damage. You'll need a separate flood policy to have coverage. 

Flood insurance in New Albany, MS:

Each commercial property has an assigned flood zone that can be found on your property's elevation certificate. Your independent agent can look up your elevation certificate and quote flood insurance through the Federal Emergency Management Agency (FEMA) approved carriers. 

Most lenders and landlords will require flood insurance to purchase or occupy the property. Discuss flood insurance options with your New Albany agent. 

Liability Insurance for Your New Albany, MS, Business

Whether you serve clients in a brick and mortar or run your business out of your home, you'll want liability coverage. Commercial general liability insurance (CGL) is the primary coverage most lenders and landlords require you to purchase. 

Commercial general liability insurance (CGL):

A CGL policy will protect against a lawsuit due to your business operations or employee negligence. Most claims filed are the result of a customer injury or advertising injury. 

If your New Albany business enjoys the small-town life, then a CGL policy can protect your way of living. Connect with your local agent to find out which CGL limits are right for your company.

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Business Interruption Insurance in New Albany, MS

Business interruption insurance is typically included in your CGL policy. While your agent should be addressing this coverage with you, be sure to ask about it when assessing your policies.

Business interruption insurance:

This will pay for regular business expenses such as mortgage or rent, payroll, utilities, and more in the event of a covered loss. 

New Albany, MS, has had 68 federally declared catastrophes since 1953. With each natural disaster, your business could come to a halt. Get the coverage you need with business interruption insurance.

Employee Benefits Coverage in New Albany, MS

The employer health insurance contribution in the US was at 77% in 2018. That means that more than half of private business owners pay fully or partially for their employees' health insurance. Let's look at some numbers:

  • Average annual health premiums for family employee coverage in 2019: $20,576
  • Average annual health premiums for single employee coverage in 2019: $7,188

If your business wants to attract and retain top talent, you'll need something to entice them. Employee benefits can include health insurance, life insurance, disability insurance, and more. These perks significantly add to the value of working at your company. Talk with your local agent to create an employee benefit plan to suit your needs.   

Workers' Compensation in New Albany, MS

In Mississippi, you are required to carry workers' compensation insurance with five or more employees. The same applies to the city of New Albany. If your company employs fewer than that, it may still be wise to obtain coverage. 

Workers' compensation insurance:

This will provide medical benefits and lost wages to employees who were injured while working.

If your business has had continuous workers' compensation coverage for at least three years, you'll qualify for the best rates. Usually, anything less than three years, and you'll have to obtain coverage through the state insurance pool. To better protect your company and employees, discuss workers' compensation insurance with your independent agent. 

Work with an Independent Agent in New Albany, MS

Your New Albany small business has some significant insurance needs. If you work with an independent insurance agent, you'll have options. An independent agent has access to dozens of carriers, saving you money.

On TrustedChoice.com, you can find an independent agent for all your coverage needs. Connect with a trusted adviser and get business insurance quotes today.

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