What is considered a small business varies greatly depending on the state. However, if you run an Alabama business that brings in $7.5 million per year or less, you probably qualify as a small business. With that, you have specific needs to protect your operations without breaking the bank.
While some business owners take the chance and run their business without insurance, it’s not worth the risk. One lawsuit or liability claim could set your business back considerably or even close your doors. The experienced agents at Hawsey Insurance provide an overview of small business insurance in Alabama.
Alabama doesn’t have a lot of specific mandates for small businesses. However, the state enforces workers’ compensation requirements. If you have five or more employees, you’ll need workers’ compensation insurance. This includes part-time workers, minors, and family members. If you hire independent contractors or domestic employees, workers compensation regulations does not apply.
In a manner, yes. All vehicles must have the state’s minimum insurance coverage, including commercial vehicles. However, it’s important to understand the limit that’s around personal auto insurance coverage. Investing in commercial auto insurance ensures that you’re covered in the event of an accident involving a work vehicle.
The minimum auto insurance coverage in Alabama is:
You can contact the Alabama Department of Insurance for more information on insurance requirements in the state. The department’s website address is: https://www.aldoi.gov/.
Reach out to a Hawsey Insurance agent today for more information on protecting your company from the unique risks faced by AL small businesses.