Kentucky business insurance
There are two types of insurance coverage every business in Kentucky is required to have, and several that are recommended. Here we’ll go into how you can protect your business.
Kentucky’s so much more than horses, bourbon and baseball bats. It’s also a place where entrepreneurs thrive. The Bluegrass State is home to 355,998 small businesses—that’s 99.3% of all Kentucky companies.1 If you’ve picked Kentucky to be the home of your new business, you couldn’t have made a better choice.
Part of starting a new business venture is preparing for the potential risks your company might face in the future. The best way to start doing that is by looking into small business insurance. In this guide, you’ll discover what you must have before doing business in Kentucky, what you should have and everything else to consider to safeguard your operations.
All employers in Kentucky with three or more employees are legally required to have workers’ compensation insurance. Workers’ compensation insurance exists to safeguard employees from financial impact related to injuries or illnesses sustained on the job. As a business owner, it also protects you from liability related to employee injuries. Workers’ compensation covers expenses and lost wages caused by the following:
If you drive a car, truck or van as part of your business operation, you’re required to have auto liability insurance or qualify as a self-insurer. Auto liability insurance can protect you and your business from the following types of third-party claims resulting from auto accidents involving your vehicle:
Bodily injury – If you get into an accident and the driver or a passenger of the other vehicle is injured, your auto liability insurance covers the costs arising out of bodily injury, including medical expenses and death benefits.
Property damage – In the above scenario, it’s extremely likely the other car sustained some damage as well. Your auto policy’s Property Damage Liability coverage insures the cost to repair or replace the other party’s vehicle.
Also, depending on the use of your vehicle, the kind of vehicle or if your vehicle is registered or titled under your business name, you may need a commercial auto insurance policy to secure the appropriate coverage and vehicle registration, and avoid penalties.
General liability insurance (also known as CGL—for commercial general liability) is one of the most essential and effective ways to safeguard your business. It protects your business from the financial consequences resulting from liability related to third-party non-employee bodily injury or third party property damage that arises from your business operations. It also provides coverage for personal and advertising injury. Without general liability insurance coverage, you could be in financial trouble in the event of an unfortunate accident involving a customer or other third party.
If you provide professional services and your advice is alleged to have led to one of your clients suffering a financial loss, professional liability insurance can help. When a former customer or client claims—rightly or wrongly—that a mistake in your work led them to suffer a financial loss, professional liability insurance provides you with investigation and defense of the claim as well as making payments of any settlements or judgments.
Inland marine insurance is designed to protect that vital equipment you use to make your business run smoothly. It protects your business by covering costs associated with accidentally damaged, lost or stolen equipment that is on the go with you. Whether you have an expensive tool collection, pricey construction materials, or other equipment you transport to a job site, having inland marine insurance is a no-brainer. At Thimble, we offer inland marine insurance, or Business Equipment Protection as we call it, with coverage for up to $5,000 worth of business property and equipment.
Commercial property insurance protects your company’s building and the contents inside it from all kinds of risks of physical loss or damage, including theft, vandalism, fires and natural disasters such as floods, storms or earthquakes. Commercial property insurance is often included as part of a Business Owners’ Insurance Policy, or BOP.
No matter what your business is, if you’re in Kentucky, you’ll benefit from being insured. If a non-employee slips and falls due to a workplace hazard or you accidentally damage a client’s property while working in their home, the last thing you need is to pay out-of-pocket for damages. In Kentucky, Thimble’s business insurance covers:
At Thimble, the cost of your small business insurance depends on a variety of factors. The amount of risk involved in your business, the industry you’re in, and the amount of business you do all play a part in determining your policy premium.
Another important factor is your location. A city like Louisville might have higher premiums on average than smaller cities like Ashland or Covington.
Finally, Thimble will look at factors such as your crew size, coverage amount and the number of years you’ve been in business before determining how much your premium will be.
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The Bluegrass State is a wonderful place to run a business. But no matter where you do business, there is always the risk of future accidents that can put your business in jeopardy. To get your venture off on the right foot, take steps today to protect yourself from future events by getting the Kentucky business insurance coverage you need.
Even if you’re just starting up, you can find Kentucky business insurance coverage that’s right for you. Through Thimble, you can get a quote for your general liability insurance, professional liability insurance or Business Equipment Protection in less than a minute and if you decide to buy, you’ll be able to access your policy and Certificates of Insurance (COIs) in your inbox instantly.