In Alabama, there are many different variables when it comes to small business insurance. While the state doesn't require business owners to carry workers' compensation if they employ less than five employees, employers can opt to obtain coverage so they face less financial risk should a related issue arise. Meanwhile, businesses that own or lease vehicles in Alabama are required to carry commercial auto insurance.
In addition to the insurance requirements that are mandated by the state, businesses can choose to have additional coverage in place in order to have greater protection against the many risks they face. Here are some of the most common insurance plans for small businesses in Alabama:
- General Liability
- Workers' Compensation
- Businessowners Policy
General Liability Insurance in Alabama
It's impossible to shield your business from the risks of a lawsuit, no matter how cautious you are. With general liability insurance, you can worry less about how to pay for legal fees or settlements if an accusation is made around the following issues, which are commonly covered:
- Faulty work that an employee performed
- Damage your business caused to a customer's property
- An injury that occurred at your workplace
- A copyright or trademark infringement
Workers' Compensation in Alabama
This type of insurance policy is a must-have for any small business with five or more employees in Alabama. Workers' comp provides benefits to both your employees and your business itself. If one of your employees becomes injured or ill due to a work-related activity, workers' compensation can provide financial assistance for the following:
- Medical bills
- Lost wages
- Disability payments, in certain instances
This type of policy can also provide your business with immunity from employee lawsuits filed against your business for the injury or accident that occurred.
Businessowners Policies in Alabama
Also referred to as BOP, a businessowners policy is a bundled insurance plan that offers multiple liability coverages in one policy. A BOP can cover your property, equipment, inventory, and other things your business owns. It can also protect your business from legal liability claims, personal injury, and much more. Based on the unique risks your Alabama business faces, the policy can feature additional add-on's for optimal protection.
How Can I Get Commercial Insurance in Alabama?
While it's extremely important to guard your business by having the right insurance coverage, knowing where and how to start isn't always the easiest task. That's why AmVenture is here to help you through the process of finding insurance coverage. Take the next steps to help protect your business in Alabama with our comprehensive insurance plans for small businesses. Contact one of our professional insurance professionals today to get the process started.
The Business Climate in Alabama
With its diverse industrial base and an optimum transportation foundation, many entrepreneurs choose Alabama as the state to begin their businesses. The Yellowhammer State's low cost of living is also a perk of growing a business here, and, according to the Economic Development Partnership of Alabama, "The tax burden in Alabama is one of the lowest in the United States. In fact, Alabama offers an overall cost structure that is one of the country's most competitive." The organization also boasts that the state has one of most effective workforce training programs in the nation. See how AmVenture can work with you get commercial insurance coverage to help your business succeed in this exciting state.