All businesses face risks, but uninsured or under-insured businesses in Arkansas face additional threats should disaster strike. Without having plenty of extra cash to pay for damages, litigation, or repairs out of pocket, the resulting financial loss of an unexpected crisis could wipe out your chance of recovery. Fortunately, the insurance plans for small businesses in Arkansas that are offered through AmVenture Insurance Agency, Inc. can make it easier to avoid a catastrophe if an unanticipated problem arises.
The Small Business Climate in Arkansas
According to the Small Business Association, Arkansas grew at an annual rate of 1.6% in the second quarter of 2016, which was faster than the nation's overall growth rate of 1.2%. In fact, over the past five years, over 300 start-ups launched in the Natural State, according to the Arkansas Economic Development Commission. Any type of small business in Arkansas, regardless of when it was started or the industry it's in, should implement a comprehensive insurance plan to keep their businesses protected against unfavorable risks.
Workers' Compensation in Arkansas
In Arkansas, most small businesses that employ three or more people are required by the state to carry Workers' Compensation, with some exceptions like agricultural farming companies and charitable and religious organizations. However, many business owners who are exempt still opt to carry workers' compensation because it can provide financial protection in the following situations:
- Workers' compensation protects employers if employees become injured at work by providing financial coverage for hospital bills, rehabilitation expenses, and more. It can also pay for partial lost wages until the employee has recovered.
- Offering a workers' compensation policy can help pay for claims associated with accidents or injuries that occur on the job.
General Liability Insurance in Arkansas
Most businesses should consider the protection of general liability insurance to protect their bottom line from specific litigation and damages. For businesses in Arkansas, general liability insurance is generally designed to help your business by providing coverage in the following situations, among others:
- When an employee causes damage to a customer's property.
- If an individual becomes injured while visiting your business premises.
- When a person alleges that your advertising or marketing infringed on a copyright.
Commercial Property Insurance in Arkansas
No matter what type of business you're running, you can't move forward with operations if your building becomes damaged. With commercial property insurance, should a disaster like theft or fire arise, the damages will be covered by your policy up to your coverage limit. This type of policy also insures against damage to your equipment, inventory, furniture, and other business property.
More about Business Insurance in Arkansas
No two businesses are the same, so your insurance needs could vary from other business owners in Arkansas. For example, if you own, lease, or borrow vehicles in your line of work, you'll likely need to have commercial auto insurance in place. At AmVenture, our aim is to enable you to choose the right coverage for your business while helping to contain the costs. To learn more about the Arkansas small business insurance plans offered through AmVenture, contact us now or fill out our easy online form to request your free quote.