Running a business involves a wide spectrum of expenses. Some business owners might secretly wish they could avoid the expense of paying for commercial insurance. However, it’s important to consider the risks you run without proper coverage for your employees and business. The dedicated commercial insurance agents at Hawsey Insurance can help you understand the dangers of operating without business insurance in Mississippi, including the following:
- Breaking Laws: In some cases, you are legally required to have business insurance. For example, all businesses with more than five employees are required to have workers’ compensation insurance in Mississippi. If your business lies in a flood zone or area prone to natural catastrophes, you may also have an obligation to properly protect your business, customers, and employees.
- Inadequate Protection for Employees: Workers’ compensation helps employees recover after becoming sick or getting injured on the job. It covers lost wages and medical expenses related to a covered incident. If you drop your workers’ compensation insurance, you may have a hard time getting people to work for you, and you could face legal costs for related lawsuits.
- Business Interruptions: If you have a flood or fire at your uninsured business, you will have to pay for the cost of rebuilding and renovating out of your own pocket. This places a devastating burden on your business and can extend business interruptions. With business interruption and other types of commercial insurance, you can protect your business assets and receive compensation if you have to suddenly close your business due to a covered event.
- Property Loss: Without property insurance, you can end up with nothing to show for your business. Property insurance covers damage due to a covered disaster and helps you rebuild your business.
Essential Business Insurance in Mississippi
Even if you are looking for minimal protection, you should consider adding the following three coverage types to your business insurance in Mississippi:
- General liability coverage: This insurance helps protect your company from bodily injury and property damage claims.
- Workers’ compensation coverage: Protects your employees from injury and sickness due to a work-related event.
- Commercial auto coverage: Don’t rely on your personal car insurance policy to cover your commercial fleet. Commercial auto coverage generally covers much more than personal policies do.
Ask your Hawsey Insurance representative to discuss umbrella insurance policies that can extend protection for your business.
At Hawsey Insurance, we provide a full roster of business insurance in Mississippi. We have three offices in Jackson, Madison and Southaven, MS. We also help businesses in surrounding states find the coverage they need at affordable rates. Contact us online to get a free commercial insurance quote or learn more about coverage for specific industries.