Business Insurance

Why Get Business Insurance in Kentucky
Kentucky is home to many different types of businesses. These include coal production, agricultural companies, and car and truck assembly plants. Business liability insurance offers financial protection to every type of business in Kentucky. Whether you own a small retail establishment or a large business with hundreds of employees, Kentucky business insurance protects business owners from loss by covering the cost of damages and injuries due to accidents or natural disasters. As with all types of insurance, there are exceptions as to what is covered. Some of these exclusions are professional liability, claims involving discriminatory or unfair practices, and claims brought by a subcontractor. As a responsible business owner, it is important that you remain well-informed as to what Kentucky liability coverage does and does not pay for in the event of a claim. By doing this, you can further protect yourself and your assets by purchasing additional types of coverage and adding them to your liability policy.

Workers Compensation in Kentucky
If you own a business in Kentucky and have employees working within the state, you are required to provide worker’s compensation insurance for them. This worker’s compensation insurance may be provided through any one of the following options:

  • private insurance carrier
  • self-insurance
  • competitive state fund

Waivers are not allowed. For agricultural employers, obtaining worker’s compensation coverage is voluntary and business owners are not required to purchase it. Domestic employees (two or more) who are working in a private home for at least forty or more hours every week are also covered by the worker’s compensation law in Kentucky.

Pertinent Benefits and Payments which employees are entitled to through Kentucky Worker’s Compensation Policy are as follows:

  • Full medical benefits with no time or monetary limitations
  • Temporary total disability benefits
  • Permanent total disability benefits
  • Permanent partial disability benefits
  • Vocational and physical rehabilitation benefits
  • Death benefits with allowance for transportation of the employee’s body and burial expenses

The temporary and permanent total disability benefits are calculated based upon a percentage of the worker’s income and subject to minimum and maximum weekly payment amounts. These payments are continuous for the entire duration of the disability. However, the permanent total disability payments will stop the moment the employee qualifies for Social Security benefits.

Coverage for Kentucky Business Insurance
In Kentucky, the amount of liability coverage required for your business largely depends on the type of work that is done. The business may be a small office building for a law firm or it may be a large construction company. No matter what type of business is being insured, the most important thing is to know how far your coverage extends. Any person who is injured on your business property has the ability to sue for damages. For this reason, it is very important that you have the proper insurance coverage to protect both you and your assets.

Kentucky liability insurance also comes in handy when unexpected circumstances may occur. As an example, let’s assume someone is injured due to an employee’s negligence. If the business is properly covered, liability insurance will pay for any expenses that arise from the resulting damages and injuries. This includes medical bills and lost wages as well as any legal expenses and court costs.

It is also very important to protect yourself against product defects by purchasing Kentucky product liability insurance. Whether you are the manufacturer of the defective product or the retail shop that sells it, everyone along the line of distribution can be held liable for a defective product which causes an injury. Having product liability insurance can protect your company against very costly damages.

In order to determine which policy is best for a specific company, careful evaluation of your business risks is needed so that the appropriate coverage options can be added to your Kentucky business insurance policy. Adequate coverage means complete financial protection in the event of loss or damages due to an accident, weather-related event, or other natural disaster. Proper coverage also means having peace of mind. This allows you, as a business owner, to focus your energy and time on the important things- growing your company, meeting your clients’ needs, and taking care of your employees.