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Which insurance policies are recommended for Louisville businesses?
Louisville boasts abundant opportunities for small business owners. Protect your Louisville business with these insurance products.
General liability insurance
A general liability policy pays for legal costs from customer accidents, along with defamation and copyright infringement claims. Commercial leases in Louisville often require this coverage.
BEST FOR
- Customer accidents at your business
- Damage to a customer's property
- Slander and other advertising injuries
Professional liability insurance
A professional liability policy covers legal costs related to claims of negligence, such as advice that caused a client to lose money. It's sometimes called errors and omissions insurance (E&O).
BEST FOR
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber liability insurance
Cyber insurance helps small businesses in Louisville recover after a data breach or a cyberattack. Every business that handles customer information should have this coverage.
BEST FOR
- Data breach notification costs
- Fraud monitoring services
- PR campaigns after a breach
Business owner’s policy
A business owner's policy (BOP) is an affordable way to buy general liability and commercial property insurance together. It's recommended for low-risk small businesses in Louisville.
BEST FOR
- Customer slip-and-fall injuries
- Damaged business property
- Theft and vandalism
Workers’ compensation insurance
Workers' comp is required for Louisville businesses with any employees. It also covers work-related injuries for sole proprietors, which health insurance may deny.
BEST FOR
- Medical bills from job-related injuries
- Disability benefits
- Legal fees from workplace injuries
Commercial auto insurance
All vehicles owned by Louisville businesses must be covered by commercial auto insurance. This policy primarily covers injuries and property damage caused by your vehicle.
BEST FOR
- Injuries from an auto accident
- Damage caused by your vehicle
- Lawsuits from an auto accident
Errors and omissions insurance
E&O insurance protects consultants and professional services against legal defense costs from dissatisfied clients. It's also called professional liability insurance.
BEST FOR
- Errors and oversights
- Breach of contract
- Professional negligence
Commercial property insurance
This policy covers physical damage to a Louisville business's building and its contents, including any computers and equipment. You can bundle it with general liability in a BOP.
BEST FOR
- Burglaries
- Fires
- Storm damage
Commercial umbrella insurance
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
BEST FOR
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Looking for different coverage? See more policies.
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Which business insurance policies are required in Louisville, KY?
State and local laws can determine the type of insurance you need. These policies help you comply with Louisville business insurance requirements.
Workers' compensation insurance
Kentucky state law requires all businesses with any employees to carry workers’ compensation insurance. This includes part-time and full-time employees.
Workers' comp insurance pays for medical costs from job-related injuries and illnesses. It also provides disability benefits for injured Kentucky workers.
Self-employed business owners should also consider carrying workers' comp, as personal insurance typically won't cover medical expenses related to work-related injuries.
Most policies include employer's liability insurance, which protects employers against legal costs related to worker injuries.
Commercial auto insurance
The state of Kentucky requires commercial auto insurance for all vehicles that are owned by a business. This insurance policy pays for legal defense costs and property damage after an auto accident.
Louisville businesses must meet the state's requirements for auto liability coverage, which are:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $25,000 property damage liability per accident
- $10,000 personal injury protection (PIP)
Keep in mind that this is the minimum you're required to carry. It's worth considering higher limits, given the potential cost of a lawsuit. Trucking companies also may need more coverage to comply with regulations.
If you need business insurance coverage for a personal, rented, or leased vehicle, you may want to consider hired and non-owned auto insurance (HNOA) instead.
How much does business insurance in Kentucky cost?
Small businesses in Louisville don't have to pay a lot for commercial insurance. Here are a few average costs for Kentucky businesses:
General liability: $47 per month
Workers' comp: $50 per month
Professional liability/E&O: $68 per month
Business insurance costs depend on factors such as:
- Type of business
- Business revenue
- Business operations
- Number of employees
- Policy limits and deductibles
- Claims history
FAQs about Louisville business insurance
Review answers to common questions about Louisville business insurance.
How do I get a certificate of insurance for my business?
Sometimes Louisville business owners need to get insured quickly to sign a contract or other agreement.
With Insureon, you can get same-day insurance in three easy steps:
- Fill out our easy online application to get quotes from top-rated insurance carriers.
- Choose the insurance option that suits your coverage needs and pay for it online.
- Download a certificate of insurance by logging into your account.
Our licensed insurance agents will help you get coverage for your small Louisville business that matches your specific needs and your budget.
Most businesses can get their certificate of insurance within a few hours of applying for quotes so you can run your business with peace of mind knowing you have the best coverage for your needs.
Can my business be held liable for a data security breach?
Yes, your business could be held responsible for a data breach, which is why cyber insurance is so important. Small businesses are a common target of cyberattacks since they often have fewer security measures in place.
Kentucky's data breach laws require Louisville businesses to notify any residents whose personal information is exposed in a data breach "in the most expedient time possible and without unreasonable delay."
Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack.
Cyber insurance covers these costs and provides resources so you can get back to business fast.
Does my industry affect Louisville insurance requirements?
Yes, the city of Louisville may have special requirements for business insurance and bonds, depending on the type of work you do.
Additionally, all Louisville businesses need to register with the Louisville Metro Revenue Commission and the Kentucky Revenue Cabinet.
Here are a few examples of businesses with other obligations:
- Contractors need commercial general liability insurance to operate in Kentucky. They might also need a surety bond to sign a contract or bid on a project.
- Real estate agents and brokers are required by Kentucky law to carry errors and omissions insurance (E&O), sometimes called professional liability insurance. Other professional service businesses sometimes need this policy to get licensed.
- Cannabis businesses in Louisville must carry a general liability insurance policy.
- Physicians aren't required by law to carry malpractice insurance, but may need it to work in some healthcare facilities.
- Notaries public in Kentucky must carry a $1,000 surety bond for the length of their four-year commission.
Check with your local laws and industry requirements to ensure you have the right coverage before starting operations in Louisville.
How can I get help starting a small business in Louisville, KY?
Louisville is a strategically located business hub for the greater Midwest region, making it a popular option for many small businesses.
To help you get started, here's a list of local organizations available to provide guidance and resources:
- Small Business Resource Inquiry provides personalized financial resources for Louisville small businesses.
- Small Business Development Center of Kentucky assists local entrepreneurs with finding funding, developing a business plan, analyzing local markets, and other services.
- Louisville Economic Development Alliance offers local business owners with starting and growing their Louisville small business through financing support and training opportunities.
- SCORE Kentuckiana offers free business advice and training, with support from experienced entrepreneurs from diverse industries and specialties.
- Small Business Administration of Kentucky provides funding resources, individual counseling, and disaster recovery relief services.
Keep in mind that many lenders will require you to first obtain several types of business insurance, which is yet another reason to insure your investment.
How can I save money on Louisville business insurance?
Small business owners can save money on insurance solutions by comparing quotes from different insurance companies. With Insureon, you can get free business insurance quotes from top-rated providers by filling out one easy application.
There are a few other ways to save, such as:
- Bundle policies for a discount. The most popular option is a business owner's policy.
- Choose less expensive policy options, such as lower limits or a higher deductible that still meet your insurance needs.
- Focus on workplace safety and risk management. Fewer accidents and hazardous exposures mean fewer claims, which helps keep your premium low.
Learn more about how to find cheap business insurance.