You should be excited about starting your business in Nebraska! But before you start your new venture, you need to make sure you have the right business insurance. There are many different insurance types, so it helps to narrow things down by identifying the exposures specific to your company. If you’re unsure what kind of coverage is necessary for your business, We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
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.
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.
What are the requirements for business insurance in Mississippi?
Mississippi requires employers to carry workers’ compensation insurance if they have five or more workers. You must also have liability insurance if you own a business that serves food or alcohol or lets the public use your property. However, there are other types of liability insurance in addition to these.
The minimum requirements for business insurance in Mississippi are:
Workers’ compensation insurance if you have five or more employees.
Liability insurance for businesses that sell alcohol or food to the public on their premises.
Business liability insurance to cover unexpected injury or damage on business property.
What are the types of business insurance in Mississippi?
Business insurance comes in many forms. To help you decide what your company needs, here is a look at the various types of business insurance available:
General liability
Also called “commercial general liability” or “business liability insurance,” this type of coverage protects your company from property damage and bodily injury claims. It also covers personal injury claims, such as slander, libel, and false advertising. For example, general liability insurance can pay for the medical bills if a client slips on a wet floor in your office.
The following are the general liability insurance coverage exclusions:
Intentional acts and damages
Professional services
Employment-related practices
Workers compensation
This type of business insurance provides medical care and income replacement to employees injured on the job. Workers comp also pays death benefits to the families of workers who die because of workplace incidents. In most states, employers must buy workers’ compensation if they have employees — including part-time and temporary workers. Independent contractors aren’t considered employees and therefore aren’t covered by workers comp laws.
Workers’ compensation insurance does not cover:
Employee injuries that were caused by the employee’s negligence, such as failure to use safety equipment
Claims filed by employees who were injured while under the influence of drugs or alcohol
Product liability
If your company manufactures products or supplies product labels or instructions, you may want product liability protection. This type of coverage protects companies against allegations that their products caused bodily harm or property damage. For example, if someone drinks from a bottle of soda that exploded because it wasn’t properly sealed, product liability insurance can cover the resulting costs and legal fees.
Product liability insurance excludes:
Bodily injury and property damage that is caused by your product
Recalls
Advertising and marketing injuries caused by claims of libel, slander, or copyright infringement
Business interruption
A business interruption insurance policy is a type of insurance that covers the loss of income that a business suffers after a disaster. If a disaster occurs, the businesses can recover some or all of the income they would have earned if the disaster had not occurred.
Business interruption insurance does not cover:
Goods and merchandise damaged on the delivery truck
Theft of business property by employees
Vandalism of the exterior of the building
Commercial Auto insurance
Commercial auto insurance is similar to personal auto insurance in that it covers physical damage and bodily injury, and liability for third parties. However, commercial auto insurance policies provide higher coverage limits and cover vehicles used for business purposes.
Commercial Auto insurance does not cover:
Any vehicle designed or used primarily to transport persons or property for hire, compensation, or profit.
Any auto you lease, hire, rent or borrow unless it is a temporary substitute auto.
How much does business insurance cost in Mississippi?
Several factors affect how much business insurance costs. These include:
Company size: The larger your business and its employees, the more insurance it needs. That’s because bigger businesses tend to be more at risk for a loss and face higher liability claims than smaller operations.
Your business location: If your business is located in an area with a high risk of theft or damage caused by natural disasters, such as floods or fires, you’ll pay more for cover.
Claims history: If you’ve had several claims in the past, your insurance premiums will likely be higher. However, being accident-free for several years can help lower your insurance prices.
Coverage limits: Coverage limits determine how much your insurer will pay if you make a claim. The higher the coverage limits, the more expensive your premium will be.
Business Activities: if you have a construction business or operate an auto repair shop, you’ll likely have to pay higher premiums than other businesses. Your industry also affects how much coverage you need; a waiter will need less liability coverage than an electrician or plumber.
How to choose the best business insurance in Mississippi
Here are some tips to help you find the best business insurance for your needs:
Consider how much coverage you need: Your business will have specific needs when it comes to coverage. For example, a mom-and-pop shop doesn’t need the same amount of coverage as an international corporation with multiple locations and hundreds of employees.
Check on your local laws: Before purchasing an insurance policy, make sure that the company offering it is licensed in your state and check with the Department of Insurance in your state for any additional regulations or requirements about minimum specific coverages that may be mandated by law.
Shop Around: You can start by asking friends and family who own businesses who they use and then calling those companies directly. You can also use an online brokerage service like Insureon to compare policies from multiple companies side by side.
Experience: Check into how much experience the insurance carrier has in insuring businesses like yours and look into customer service feedback before making a final decision on an insurance policy.
Know what’s included and what’s excluded: Make sure you understand exactly which types of injuries and damage are covered by each policy, as well as any exclusions or limitations that might apply.
