Starkville Business Insurance

(Everything you need to know - and more)

McComb Mississippi business insurance

Starkville, MS is home to many businesses representing a wide range of industries. Those in the educational, health care, accommodation, and food services industries are most common here, but any business that meets the growing needs of the community has the potential to thrive. Business insurance helps these companies stay profitable when disaster strikes.

Choosing the right products to include in your business insurance policy package can be a complicated task, but you don't need to tackle it alone. Independent insurance agents in Starkville can help by identifying your company’s specific risks and advising you about the types of policies that can cover each of them. Find an insurance agent near you to learn more.

Why Is Liability Insurance Important for Businesses in Starkville?

Liability insurance is one of the most important parts of every business insurance policy package.  It is designed to cover court costs, legal fees, and damages if your business is sued for a covered event. All business insurance policies include, at the very least, commercial general liability insurance (CGL). This standard coverage has two main components:

  • Premises liability insurance: This covers third-party injuries, illnesses, and property damage that occur due to an incident on your business property. 
  • Product liability insurance: This covers third-party injuries, illnesses and property damage that are caused by defects in products your business produces, sells, or promotes.

In most cases, CGL alone cannot cover all of your company’s potential liability risks. An independent insurance agent can help you identify any other liability exposures your business may have and can recommend the appropriate policies to cover against them. Some of the many commercial liability insurance products available to your Starkville business include:

  • Commercial vehicle liability insurance: This is required if your business owns or operates vehicles. It can protect against the increased liability costs your business can face if one of your drivers is responsible for an accident.
  • Employment practices liability insurance: This covers lawsuits related to accusations of perceived illegal business practices such as harassment, discrimination, breach of contract, and wrongful termination.
  • Pollution liability insurance: This is necessary for businesses that use or produce toxic substances. It can cover clean-up costs and damages if an accident leads to these substances polluting the ground, water, or air.
  • Cyber liability insurance: This covers businesses against financial losses and liabilities if hackers access their computer systems and steal sensitive customer data such as financial information, credit card numbers, Social Security numbers, or personal data.

You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent.

Does Starkville Business Insurance Cover All Your Business Assets?

All business insurance plans include commercial property insurance. This is designed to compensate your business for loss or damage to your commercially owned property, including office furniture, outdoor signs, computers, tools, machinery, merchandise, and inventory.

In Starkville, businesses are most likely to experience property loss or damage due to such hazards as accidental fires, severe storms, high winds, hail, and tornadoes. Sometimes, specialized commercial property insurance policies are necessary. Depending on the nature and scope of your business, your insurance agent may recommend adding:

  • Inland marine insuranceThis covers portable business property while it is in transit or is stored away from your place of business, such as at a job site.
  • Boiler & machinery insurance: This pays for the cost to repair or replace broken-down business equipment and can even cover business losses associated with machine malfunctions.
  • Bailee's insurance: This pays for loss or damage to your customers’ property when it is in your custody, care, or control. This can help to prevent your company from facing potential liability lawsuits.
  • Flood insurance: This is necessary for businesses at risk of flooding, since commercial property insurance will not cover flood damage. In Starkville, businesses near Hollis Creek and Josey Creek are most at risk, but flood damage can happen anywhere when heavy prolonged rains fall.

An independent insurance agent can help you be sure that all of your business assets are appropriately covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace, as necessary.

How Can Business Interruption Insurance Help Starkville Businesses?

Major disasters can do more than just damage your commercial property. They also have the potential to force your business to remain closed for an extended period while repairs are made. This is particularly true when widespread damage hinders repair efforts, such as following a devastating tornado.

A closure that lasts for weeks, or even months, can be financially devastating, especially for a small company.  Business interruption insurance provides a solution to this problem.

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Disasters in Mississippi

  • Number of federally declared disasters in MS since 1953: 83
  • Most common reasons for declared disasters: Severe storms
  • Average number of tornadoes in MS per year: 43

Business interruption insurance is designed to provide your company with a continuation of income when a covered event leads to a long-term closure. That way, your business can afford to pay regular monthly expenses such as utility payments, loan installments, and employee salaries even though your business is temporarily unable to generate revenue.

Do Starkville Businesses Need Workers’ Compensation Insurance?

Workers’ compensation insurance is designed to cover the cost of medical treatment, lost wages, and other expenses related to workplace injuries and occupational illnesses. In the event of a fatal work-related injury, this insurance can also provide long-term benefits to surviving family members and dependents.

In the state of Mississippi, all businesses with at least five regular employees are required by state law to have workers’ compensation insurance. There are a few exceptions. Coverage is optional for:

  • Sole proprietors
  • Corporate officers
  • Agricultural employees
  • Domestic workers

The cost of workers’ compensation is based mainly on the types of jobs your employees do. The higher the risk that your workers will suffer significant injuries, the higher the price for coverage will be. A local independent agent can help you review your costs and can match you up with an insurance company that specializes in covering businesses in your industry.

What about Insurance Products for Employee Benefits Packages?

While it’s undeniable that health insurance is expensive, subsidizing it for your employees can have cost-saving benefits for your business. Studies conducted by human resources managers have demonstrated that when businesses offer employee benefits like vacation time, sick time, life insurance and health insurance, they find it easier to attract and retain ideal employees.

  • 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 are many different life and health insurance products available for you to choose from. This can make it difficult to determine which policies are the best to include in your employee benefits package. A local independent insurance agent can explain the pros and cons of each of your various options so you are able to make an informed decision.

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

Every business has it is own specific risks and exposures.  That is why insurance companies enable you to fully customize your commercial insurance coverage. An independent agent in Starkville, MS can offer guidance and advice and can shop around to help you find the best and most affordable business insurance policies to cover your particular company.

Contact an independent insurance agent with an office in or near Starkville to learn more. You will soon discover how easy it can be to build a comprehensive, yet affordable, business insurance policy package.

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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