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Are You A Business Owner in Mississippi?
Protect Your Business with the Right Insurance
Starting and running your own business is not for the faint of heart. Between finding the right place to operate out of, hiring employees, or deciding if now is a good time to expand your business, thinking about business insurance may be low on your list. In reality, having the right type and amount of commercial coverage is critical to protecting your personal property and assets if you are sued or faced with hefty claims.
Here is an important fact for you: If you have less than 500 employees, you are one of 96% of all employers in the state where this is the case. That means your business is important to the Mississippi economy. Maybe it’s time to consider how best to cover your company, your employees, and yourself.
How do you determine what kind of coverage you need? Each enterprise is different, so the type of insurance depends on your trade. For example, a plumber has different needs than a convenience store owner. When it comes to considering what protection you need to obtain, the experts at The Nowell Agency can help.
Basic Mississippi Business Insurance Requirements
There are a lot of factors to take into consideration when deciding on the right coverage your company might need. If you feel overwhelmed with the idea of getting commercial insurance, here are a few guidelines to keep in mind.
- Minimum Requirements: At a minimum, you need to consider:
- Workers Compensation: If you employ five or more people, whether full-time or part-time, you must have a worker’s compensation policy.
- Unemployment: If you employ one or more people for at least 20 weeks of the year, or you pay wages of over $1,500 in a calendar quarter, you will need coverage for unemployment benefits.
- Suggested Coverage to Ensure Your Peace of Mind:
- Commercial Liability (also known as General Liability) – While commercial liability insurance is not a requirement in Mississippi, it protects your business from financial loss. Policies generally cover items such as bodily injury, personal injury, and property damage.
- Product Liability – If you manufacture, distribute, or sell products, you might need to consider protection in case of a product defect.
- Professional Liability – If you are a professional, such as a health care provider or accountant, you may want to consider this type of insurance.
- Commercial Property – This may cover your store or office’s assets in case of damage at your physical location.
- Many Others – Yes, there are many other coverages to consider. That is why we do a risk review with you.
- Assessing Premium Costs: Premiums are calculated based on different factors like the type of business you are in, how many people you employ, how long you have been operating, and previous claim history.
Work with an Experienced Insurance Broker to Get the Coverage You Need
Collaborate with the professionals at The Nowell Agency to determine what type(s) and the amount of business insurance you need. We know that each industry has different needs and requires their own levels of coverage. Our expert brokers will work with you to hone in on any coverage gaps. We will then design an insurance package that fits your needs and your budget.
Contact one of our offices near you to schedule a meeting with a knowledgeable and experienced broker at The Nowell Agency. Request a quote online.