Southaven Business Insurance

The Complete Southaven Business Insurance Guide

The growing city of Southaven sits on the outskirts of Memphis and ranks as the third largest city in Mississippi. This community is a perfect place to chase your business dreams with its steady flow of traffic and annual festivities like the Midsouth Food Truck Fest that brings people in from around the state to experience the fun of Southaven, MS. 

In recent years, Mississippi has become a growing haven for small businesses. 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’re a business owner in Southaven, make sure you’re prepared for anything by investing in the best Southaven business insurance. Trusted Choice® Independent Insurance Agents work with business owners to create a customized commercial insurance plan that protects your company’s assets against threats like liability, property damage and even cyber crime.

Every business needs the assurance of a general liability policy. If someone gets injured on your property, you could be faced with a liability lawsuit. 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. If your small business had to pay thousands of dollars in medical bills after a customer injury, could you stay afloat? If not, you need to invest in liability insurance to protect your company’s assets.

  • Product Liability: According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. This is a burden that most small businesses just cannot bear alone. Product liability insurance protects your business against lawsuits related to product injuries.
  • E&O/Professional Liability: Professional liability coverage protects a small business against claims of “errors and omissions.” To put it simply, if a customer claims your advice or lack thereof caused harm, you could be sued. Professional liability coverage steps in to cover the cost of your legal defense and any court-ordered settlement in the aftermath.

Business Interruption Insurance for Southaven 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

Business interruption insurance can be a lifesaving policy for a new or small business. Here’s how it works. Imagine for a moment that a tornado rips through Southaven and the roof is blown right off your business property. Your landlord drags his feet to make the repairs, and before you know it, you’ve been out of work for three months. Suddenly your business is going under, and it’s all due to circumstances that were outside of your control. Business interruption insurance steps in and keeps you afloat by paying your business for any profits you lose during an eligible interrupting event. So in the scenario above, you would be reimbursed for profits lost during the months the roof was undergoing repairs.

Property Insurance for Southaven 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

Southaven has a long history of serious tornadoes, with an average of two per year. In 1952, a massive F4 tornado swept through Southaven and caused 24 injuries and 9 deaths. With unpredictable storm systems always looming large, every Southaven business can benefit from property insurance. If you do wind up with property damage after a storm, your commercial insurance steps in and pays for the repairs.

Workers' Compensation for Southaven Businesses

Workers' compensation insurance steps in to cover medical expenses and lost wages if an employee gets injured on the job. In many cases, this kind of insurance is mandated by state law for the protection of employees. Make sure you have a reliable workers' comp policy on hand to protect your staff in case of a work-related accident or injury. Trusted Choice Independent Insurance Agents can help you find the best coverage options for your Southaven small business.

Employee Coverages for Southaven 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

With health care expenses steadily rising, it’s more important than ever to offer employees a good benefits package that includes health insurance. Mississippi’s health care costs trend above the national average, but the Trusted Choice Independent Insurance Agents can help you find a budget-friendly policy that will meet your needs. Our agents can provide quotes from multiple policies, allowing you to compare rates and benefits and find a plan that will be a good fit for your small business.

Cyber Crime Insurance for Southaven Businesses

  • 2,409 Identity theft complaints in Mississippi in 2014
  • Ranked #18 highest for identity theft complaints in the U.S.

Identity theft is a growing problem, but most of us never stop to consider how it could impact a small business. What would happen if someone hacked into your company’s online banking? Would you be prepared to bounce back after a major financial breach? Research shows that only 22 percent of small businesses have a response plan in place for cyber attacks and data breaches. Make sure your Southaven business is prepared by investing in cyber crime coverage as part of your customized commercial insurance policy.

Trusted Choice Independent Insurance Agents take the guesswork out of shopping for business insurance. Our friendly agents can walk you through all of your coverage options and help you design a customized commercial insurance policy that will protect your Southaven small business against the most common threats. Contact an agent today to learn more about how you can save on your Southaven business insurance.

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