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BUSINESS INSURANCE ALABAMA
Alabama Insurance License: 451858

For a small-business owner, Alabama can mean a world of opportunity. After all, it's one of the only states in the U.S. that allows a full deduction of federal taxes paid from state income tax liability. So while the actual corporate income tax rate is 6.5 percent, the deduction of federal income tax makes the effective rate 4.5 percent. That means Alabama has one of the lowest tax burdens in the country. (For more information about business incentives in Yellowhammer State, read the Economic Development Partnership of Alabama's article, "Alabama Taxes and Incentives” (PDF).)

But there are drawbacks to building your business in Alabama, too. When Hurricane Ivan hit back in 2004, insured losses for the state's worst storm totaled $1.8 billion. And when you consider uninsured property damages, the total devastation was closer to $4 billion.

Between these two considerations, you have real incentive to lay the groundwork for your small business in Alabama, so long as you have the necessary precautions in place to protect your investment.

Alabama Business Owners: Save on Essential Insurance Coverage

  • Opt out of Workers' Compensation coverage. You can cover yourself under your business's Workers' Comp plan, but Alabama laws actually discourage it by making you file a separate form with the Department of Labor first.  
  • Choose a cash-value Property policy. When you purchase Property coverage, your insurance provider usually gives you the option of insuring your items at cash value or replacement value. You'll save money with the former, which pays out what your items are worth at the time of the claim.
  • Purchase Umbrella Liability Insurance. If you want to extend your limits without breaking the bank, a single Umbrella policy can add millions more in coverage to multiple policies for one low rate.

Alabama Business Insurance Licensure Information

In Alabama, insurance agents and agencies are licensed by the Alabama Department of Insurance. Insureon is licensed in Alabama as BIN Insurance Holdings LLC (NPN 15752926) for Property & Casualty Insurance (License #451858) and for Surplus Lines (License #451858). Verify our licensure with the Alabama Department of Insurance Licensee Lookup.

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