Small businesses in Kentucky most often buy these types of insurance.
This policy is important for all Kentucky businesses. It covers common risks, including customer injuries. Most commercial leases require this business liability insurance.
Kentucky requires workers' comp insurance for businesses that have one or more employees. It also protects sole proprietors from work injury costs that health insurance might deny.
This policy is required for business-owned vehicles in Kentucky. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
A BOP bundles commercial property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for a Kentucky business.
This policy, also called errors and omissions insurance (E&O), protects professionals whose work depends on their expertise. It covers lawsuits over mistakes and missed deadlines.
E&O, sometimes called professional liability insurance, is common with professional services in Kentucky. It can cover the cost of lawsuits related to your work performance.
This policy helps Kentucky businesses survive data breaches and cyberattacks by paying for client notification costs, legal fees, and other related expenses.
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
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State laws can affect which business insurance coverage you need. These policies are required everywhere in Kentucky, from Louisville to Lexington.
Kentucky state law [PDF] requires all employers – whether they are running a private or a government organization – to have a workers' compensation insurance policy in force. Even if your company has only one part-time employee, you are legally obligated to provide occupational injury coverage for that worker.
This policy covers medical costs for work-related injuries and illnesses. It also provides disability benefits to injured Kentucky workers.
As another option, a business owner in Kentucky could opt for a policy with a single limit of $60,000 and basic reparations benefits (PIP).
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy (BOP).
Kentucky's data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Real estate agents and brokers are required by state law to carry errors and omissions insurance (E&O), while other professionals who offer advice or services sometimes need this policy to get licensed.
Note that cities and counties may have their own laws, in addition to state laws.
As with any purchase, shopping around is one of the best ways to find an affordable option. With Insureon, you can compare quotes from top-rated providers by filling out a free online application.
Other ways to save include bundling policies for a discount, and choosing less expensive policy options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.