What to Know about Business Insurance


Kentucky Business Insurance Facts

Business insurance can shield your business from financial losses related to a number of hazards, such as tornadoes, liability lawsuits, and disaster-related long-term closures. Although business insurance is not required by law, some types of business coverage may be. Most employers in Kentucky are required to have workers’ compensation insurance. And if your business owns vehicles, commercial auto insurance is mandatory. An independent insurance agent can help you put together a comprehensive business insurance package that meets your coverage needs as well as all applicable state laws.

More Kentucky business insurance facts 

  • Kentucky businesses collect about $3.7 billion in insurance claims each year.
  • Kentucky ranks #8 in disaster assistance needs. This state, especially Carter County, has needed federal disaster assistance 9 times in the last 16 years.
  • Common disasters in this state include landslides, mudslides, rockslides, flooding, snowstorms, and tornadoes.
  • An average of 24.2 tornadoes touch down in Kentucky every year.

Many factors can influence how much a business insurance policy will cost for your company. Rates vary according to the size and type of business you own, the value of your commercial property, the liability risks in your industry, and the number of people you employ. There are many different policies and options that you can choose from as you customize your business insurance coverage package. An independent insurance agent can help you be sure you are getting competitively priced coverage to protect against all of your company’s exposures.

Average Cost of Top Business Insurance Claims in the US

Why Choose an Independent Insurance Agent?

  • Independent insurance agents live and work in your community.
  • These agents can shop around to help you find the best policies.
  • Your agent can provide one-stop shopping for all your insurance needs.

Find an independent insurance agent in Kentucky

I like independent agents because they have a choice. TrustedChoice.com was fair, fast, and priced right. They were easy to deal with. I searched for an independent agent online, and the process was easy. I ended up going with one of the recommendations from them. I paid the bills, they sent me my statement, and they sent me my bond.

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What Does Your Business Insurance Policy Cover?

Insurance companies understand that coverage needs vary from one company to the next. That is why they make it easy for Kentucky’s business owners to fully customize their commercial insurance portfolios. An independent insurance agent can take the time to explain your various coverage options and can ensure that your policy does not leave you with any unintentional coverage gaps. A typical business insurance policy in Kentucky will provide the following:

  • Coverage for your business property: Commercial property insurance can cover your business assets like tools, machinery, furniture, and computers. A tornado levels your company warehouse and destroys your entire inventory.
  • Coverage against liability lawsuits: Liability insurance covers legal fees, court costs, and damages if your business is sued for a covered event. Products at your food manufacturing plant become contaminated with listeria and consumers get sick.
  • Coverage for your company vehicles: Commercial vehicle insurance can cover liability costs if one of your drivers is responsible for an accident. Freezing makes the roads slick and your delivery van driver causes a multi-car collision.
  • Coverage against work-related injuries: Workers’ compensation can cover medical costs and lost wages if an employee is hurt on the job. A worker at your coal company develops black lung from breathing in coal dust in the mines.
  • Coverage against property crimes: Business insurance can reimburse you for losses caused by property crimes like theft, vandalism, and arson. An employee of your bar is robbed while taking cash to the bank’s night depository.

Be aware that your business insurance policy will not provide coverage against flood damage. If your business is at risk, a local independent agent can help you supplement your business insurance with a government-backed commercial flood insurance policy through the National Flood Insurance Program (NFIP). Talk to your insurance agent to learn more.

Top Insurance Companies that Support Independent Agents in Kentucky

There are currently 331 independent insurance agencies in Kentucky that are ready to help. These agents can save you time and money by helping you find reasonably priced coverage that is custom-built to meet the specific coverage needs of your Kentucky business. Talk to an insurance agent near you to get more information and to start comparing commercial insurance quotes.

Why go Independent

Why Go Independent When Looking for Business Insurance?

  • Expertise in your business
  • Multiple quotes from one agent
  • Get more value for your money