FROM OUR PARTNERS
Do you need business insurance? Yes, if you want to protect your company against the many unforeseen incidents that can arise. From property damage, lawsuits, and natural disasters, there are a variety of risks to consider. And this is not just for large corporations. Small businesses need insurance too! You don’t want to put your livelihood in jeopardy because you didn’t take the time to research insurance options and find the best policy for your needs. We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
Business insurance requirements in Kentucky vary by industry. If you are hiring employees, or if your company is contracting with another business, you may also be required to carry certain types of coverage.
Workers’ compensation is required by the state if you employ three or more employees, including part-time and seasonal workers. This type of insurance covers medical treatments, lost wages, rehabilitation costs, and other expenses incurred by employees who are injured on the job. Employers are also protected from liability for workplace injuries and illnesses.
Kentucky does not require businesses to have general liability insurance. However, it is a good idea to purchase this type of policy to protect your company from claims made against it by customers or vendors on your property. General liability coverage can help you pay legal expenses and cover settlements.
Here is a quick overview of the most common types of business insurance policies — and what they protect against:
General liability insurance protects your business from another person or business’s claims of bodily injury, associated medical costs, and damage to property. For example, if a customer slips and falls in your store, this policy would cover their medical bills and any resulting lawsuit against you for those injuries. However, there are some exclusions that apply broadly to most general liability policies:
Also known as errors and omissions (E&O) insurance, professional liability covers negligence claims made against professionals such as doctors, lawyers, or consultants.
Professional liability insurance policies typically exclude certain exposures. If a claim is filed against you, check with your insurance company to determine if the claim is covered. Some of the common exclusions include:
Property insurance covers the physical location of your business and your equipment against many events, such as fire or theft. Do you know what events or incidents are excluded from your property liability policy? Here’s a list of some common exclusions.
The workers’ compensation pays partial wages to employees who become ill or injured on the job and reimburses employers for legal fees if an employee sues them over illness or injury while at work. Workers’ compensation excludes:
The cost of business insurance can vary widely depending on your industry and the risk involved with running your operation and serving customers. Some factors that influence the cost of business insurance are listed below.
Businesses operating in highly regulated industries, such as healthcare, may require more complex coverage than businesses in low-risk industries like retail stores. The industry you operate in will influence how much it costs to insure your company.
The size of a business often corresponds with its risk level — large companies generally have higher liability risks than smaller operations. Location is another factor that affects insurance costs; businesses located in areas prone to natural disasters or crime may pay slightly more for coverage than their counterparts located elsewhere.
Businesses with a greater number of employees usually pay more for workers’ compensation insurance, as these businesses are statistically more likely to experience work-related injuries or illnesses.
Your deductible is the portion of any covered loss you agree to pay out-of-pocket before the insurer makes a payout, so a lower deductible typically comes at a higher premium price, and vice versa.
Here are some tips on how to choose the best business insurance:
