As a business owner in the Magnolia State, you put a lot into running your small business, and it's important to ensure that you have the insurance coverage you need to help weather unexpected events that come your way. If you have five or more employees, you're most likely aware that the state requires you to carry workers' compensation insurance. This type of policy is designed to cover certain expenses if an employee suffers an accident, injury, or illness because of a workplace incident.
However, there are far more risks beyond workplace accidents that you have to worry about when it comes to carrying enough small business insurance coverage. You also need the peace of mind that you could get coverage for vandalism, fire, accidents, and additional situations that could wreak havoc on your business. Since your business is unique, your insurance coverage should also be tailored to small businesses like yours. Here's more information about a few of the most common types of commercial insurance policies.
General Liability Insurance
General liability insurance is designed to cover your business for certain property damage, personal injury or advertising injury that leads to a lawsuit. This type of policy can help you pay for court costs, hiring an attorney, making a settlement, and more if you're sued for:
- Causing damage to a customer's property
- Making a false claim in an advertisement
- Being responsible for an injury that occurs at your property
If the building you own becomes damaged, it can be difficult to recover from the financial aftermath without property insurance. This type of insurance policy is designed to cover your property and possessions if you face a significant loss due to a fire or an act of vandalism or theft. In certain instances, property insurance may also cover loss of income that results from property damage.
While it's not mandatory for you to carry a businessowner's policy in Mississippi, there are several advantages that are offered through it. It combines three crucial coverages into one policy:
- General Liability
- Commercial Property
- Business Interruption
With business interruption coverage, if your building becomes significantly damaged and you have to put your business on hold while repairs are being made, you could receive compensation to alleviate the costs.
How to Secure Small Business Insurance in Mississippi
You've worked hard to build your business, and with the small business insurance options that are offered through AmVenture, you can be better equipped to face challenges that arise. Contact us today to begin the process of securing your business; or, visit us online for a free quote.
About the Business Climate in Mississippi
Featuring a low income-tax rate and a stable economy, the Magnolia State is home to an abundance of small businesses that span across multiple industries. According to the Small Business Administration, Mississippi grew at an annual rate of 1.9% in the third quarter of 2015, which was equal to the nation's overall growth rate. The same organization noted how much of a tremendous focus the state had on trading and exporting in 2013 - of the over 2,000 companies that exported goods from the Magnolia State, 76.2% were small businesses that generated over 14% of the state's total known export value.