West Point Business Insurance

The state of Mississippi has over 235,000 operating businesses. The city of West Point, MS, is tipping on the scale of a larger town with 10,675 residents. Business owners in this mini-metropolis work in a variety of industries.

West Point, MS, has businesses in the restaurant, healthcare, finance, and metal manufacturing industries. Every business needs an independent insurance agent to help assess your risk exposure and compare coverages. TrustedChoice.com can connect you with a local independent agent to advise on your business needs.

Liability Insurance for Small Businesses in West Point, MS

Liability insurance for your business is the best protection against a lawsuit. If a customer has an accident resulting from doing business with you, you're going to need this coverage. 

There are many forms of business insurance that you can get and will need when creating a comprehensive plan with your agent. Commercial general liability is the central policy that every other coverage stems from. 

Commercial general liability insurance (CGL):

A CGL policy will protect your business from financial loss in the event that your services, operations, or employees cause property damage or personal and advertising injury. 

CGL insurance is an essential policy that most small businesses in West Point are required to have. If you are leasing a retail store or office building in West Point, the landlords require CGL coverage to protect their interests. Contact your local independent agent for details.  

Cyber Liability Insurance for West Point, MS, Businesses

Unless your business has been under a rock for the past 30 years, you probably have some cyber risks. Each company typically uses email and invoicing software that can get hacked by scam artists. This leaves your business vulnerable. Here are the facts:

• Number of US identity records exposed in 2019: 164.68 million
• Number of US data breaches in 2019: 1,473
• Identity theft reports each year in MS: 2,409

There is no safe place when it comes to cyberattacks. That's why your West Point business needs protection. Cyber liability will provide coverage for your business's loss and protect your business from being sued by customers due to a breach. Speak with your independent agent on what cyber liability insurance looks like for your small business.

Property Insurance for Small Businesses in West Point, MS

West Point, MS, is known for its share of severe weather. Damage to your commercial property could create a financial mess for your business if you're not correctly insured. The most frequent weather-related claims made in MS are the following:

• Severe storms and lightning
• Hurricanes and tropical storms
• Tornadoes
•  Flooding and water damage

For these risk exposures, you'll need an excellent commercial property insurance policy. Commercial property insurance will cover the repair or replacement of your structure and any included business property, such as furniture or inventory. 

Why flood insurance is different:

Since flooding and water damage made the list of most frequent claims in West Point, you'll want flood insurance. Flood insurance is a separate policy from your commercial property insurance. Talk with your local agent and have them pull up your elevation certificate. This will tell them in what flood zone your commercial property is located, and from there they can work up a flood quote. 

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Business Interruption Insurance in West Point, MS 

If your business has a loss that renders your services or location out of commission, then business interruption coverage is needed. Each company has the threat of this exposure. 

Whether you're an online business or have a brick and mortar, a claim could pump your business's breaks. If a covered loss occurs, business interruption insurance will help pay for the bills that still exist. This insurance will provide coverage to keep the lights on, make mortgage or rent payments, pay employee salaries, and more. 

If your current West Point business insurance policy doesn't include this coverage, talk with an independent agent. They can discuss the options of adding this and determine the best route for you and your business. 

Workers’ Compensation Insurance for Your West Point, MS, Employees

If you have employees to help run your business, you also have additional risks. Your employees are your business's lifeblood, but they can also take it down pretty fast. An employee injury expense could put you out of business if you don't have workers' compensation insurance. 

Workers' compensation insurance:

This coverage provides medical benefits and wage replacement to employees who were injured on the job or as a result of doing their job.

Without workers' compensation insurance, your business would be on the hook for any employees that sustain an injury. In addition to paying for a replacement worker, you'll also be responsible for medical bills and lost wages. 

In the state of MS, it's a requirement to have workers' compensation insurance with five or more regular employees. If you have less than five, you're still liable for a loss though it's not state-mandated that you carry coverage. Speak with your West Point independent agent and make sure you have coverage for your employees. 

Employee Benefits for Small Businesses in West Point, MS

To retain and attract employees, your business will need to provide more than just a steady income. Employee benefits add a lot of value and can help you get the right employees for the job. Employee benefits will pay for things like health insurance, life insurance, disability insurance, and more. Here are the numbers:

• Employer health insurance contribution in the US as of 2018: 77%
• Average annual health premiums for family employee coverage in 2019: $20,576
• Average annual health premiums for single employee coverage in 2019: $7,188

Your West Point business can help share the cost of health insurance with your employees. A local independent agent can narrow down employee benefits coverage so you can have a plan that works for your budget. 

Why Work with an Independent Agent in West Point, MS? 

There are so many insurance coverages for your West Point, MS, business that it's hard to know which insurance is needed to cover all your risk exposures. An independent insurance agent has the knowledge to protect your dream while price shopping. 

Your agent can quote with multiple carriers at once, finding the best coverage for a competitive price. Go to TrustedChoice.com and connect with a local independent agent for your business.