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What are the requirements for small business insurance in Mississippi?
State laws can affect which insurance policies you need for your small business. These policies are required for Mississippi businesses.
Workers' compensation insurance
In Mississippi, all businesses that regularly employ five or more workers are required to purchase worker’s compensation insurance. State law does not require businesses to carry workers' comp for independent contractors.
Commercial auto insurance
All business-owned vehicles in Mississippi must be covered by commercial auto insurance. Mississippi requires a minimum of:
- Bodily injury liability: $25,000 per person / $50,000 per accident
- Property damage liability: $25,000 per accident
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance, as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
Recommended insurance policies for small businesses in Mississippi
General liability insurance
This policy is important for all Mississippi businesses. It covers common risks, including customer property damage and injuries. Most commercial leases require this coverage.
BEST FOR
- Customer injuries at your business
- Damaged customer property
- Libel or slander lawsuits
Professional liability insurance
This policy, also called errors and omissions insurance, protects professionals whose work depends on their expertise. It covers client lawsuits over mistakes and missed deadlines.
BEST FOR
- Work mistakes and oversights
- Professional negligence lawsuits
- Late or incomplete work
Cyber liability insurance
This policy helps Mississippi businesses survive data breaches and cyberattacks by paying for client notification costs, legal fees, and other related expenses.
BEST FOR
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Business owner's policy
This policy bundles property insurance and general liability insurance in one plan. It's often the most cost-effective type of commercial insurance for a Mississippi business.
BEST FOR
- Customer injuries
- Damaged customer property
- Damaged business property
Workers’ compensation insurance
Workers’ compensation insurance is required for Mississippi businesses that regularly employ five or more workers. However, it's not required for independent contractors.
BEST FOR
- Employee medical expenses
- Partial missed wages
- Lawsuits over employee injuries
Commercial auto insurance
This policy is required for business-owned vehicles in Mississippi. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
BEST FOR
- Accidents involving business-owned vehicles
- Theft of a business-owned vehicle
- Damage to a company vehicle
Looking for different coverage? See more policies.
How much does small business insurance cost?
Commercial insurance can be affordable for a small Mississippi business. Factors that influence the cost include:
- Your industry and risk
- Coverage limits
- Location
- Number of employees
Insureon specializes in Mississippi business insurance
In Mississippi, insurance agents, agencies, and brokers are licensed by the Mississippi Insurance Department. Insureon is licensed in Mississippi as BIN Insurance Holdings LLC (NPN 15752926) for property and casualty insurance (license number 15015895). Verify our licensure with the Mississippi Insurance Department Licensing Search.
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