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Which insurance policies are recommended for Jackson businesses?
Jackson's low cost of living and ample resources for entrepreneurs make it a fantastic place for new and growing small businesses. Protect your Jackson business with these insurance products.
General liability insurance
General liability pays for legal costs from customer accidents, along with defamation and copyright infringement claims. Commercial leases in Jackson 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
Professional liability insurance coverage assists with legal costs related to claims of negligence. It's sometimes called errors and omissions insurance (E&O).
BEST FOR
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber insurance
Cyber insurance helps small businesses in Jackson 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 is an affordable way to buy general liability coverage and commercial property insurance together. It's recommended for low-risk small businesses in Jackson.
BEST FOR
- Customer slip-and-fall injuries
- Damaged business property
- Theft and vandalism
Workers’ compensation insurance
Workers' comp is required for Jackson businesses with five or more 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 Jackson 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 Jackson 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 Jackson, MS?
State and local laws can determine the type of insurance you need. These policies help you comply with Jackson's business insurance requirements.
Workers' compensation insurance
Mississippi state law requires workers' compensation for all small businesses with five or more regularly employed workers, whether they're full-time, part-time, temporary, or seasonal.
Workers' comp is not required if you have fewer than five employees, but you may want to purchase it anyway to protect your business in the event of employee accidents or injuries.
There are a few exclusions and exemptions to this rule, including:
- Farm laborers
- Certain nonprofit organizations
- Federal workers
- Domestic employees
- Certain transportation employees
Workers' compensation helps pay for medical expenses related to work-related injuries.
Most workers' comp policies also include employer's liability coverage, which protects the business from injury-related lawsuits.
Single-person businesses, such as sole proprietors and independent contractors, should also carry workers' comp, though they are not required by state law. This policy can help with medical bills related to work injuries, or may be a requirement for certain contracts.
Keep in mind that personal insurance will often deny claims due to work-related injuries, making workers' comp an important option for small business owners, even if it's not required.
Commercial auto insurance
All Jackson small businesses with company-owned vehicles are required to carry commercial auto insurance.
This insurance protects your business if you or your employees are involved in an accident with company vehicles while performing work-related activities and errands.
Jackson insurance minimum requirements include:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $25,000 property damage liability
Certain businesses may require higher limits, such as trucking businesses or those that use utility or cargo trailers.
In Mississippi, personal injury protection (PIP) is not required as an endorsement to your coverage. Still, it helps provide medical payments coverage if there's an accident, regardless of who was the at-fault driver.
Businesses that use personal, rented, or leased vehicles will need another type of coverage called a hired and non-owned auto (HNOA) policy.
How much does business insurance in Jackson cost?
Small businesses in Jackson don't have to pay a lot for commercial insurance. Here are a few average costs for Jackson businesses:
General liability: $42 per month
Workers' comp: $95 per month
Professional liability/E&O: $51 per month
Business insurance rates depend on factors such as:
- Type of business
- Business revenue
- Business operations
- Number of employees
- Policy limits and deductibles
- Claims history
FAQs about Jackson business insurance
Review answers to common questions about small business insurance in Jackson.
How do I get a certificate of insurance for my business?
Jackson businesses 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 solutions that meet 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 Jackson company that matches your unique needs and your budget.
Most businesses can get their certificate of insurance within a few hours. With this certificate, policyholders can demonstrate proof of insurance for contracts, bids, and other agreements.
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 and ransomware attacks since they often have fewer security measures in place.
Mississippi data breach laws require Jackson businesses to notify any residents without unreasonable delay if they're exposed in a data breach.
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 Jackson insurance requirements?
Jackson requires all businesses to be registered with the Secretary of State's Office and to obtain a license. Businesses must renew their license each year, and there may be special requirements for business insurance and bonds, depending on the type of work you do.
Here are a few examples of businesses with other obligations:
- Contractors need $1,000,000 per occurrence and $2,000,000 aggregate limits for commercial general liability insurance to operate in Mississippi. They might also need a license or surety bond to sign a contract or bid on a project.
- Real estate agents and brokers are required to carry errors and omissions insurance in order to operate in Mississippi.
- Notaries public in Mississippi must carry a $5,000 surety bond.
- Cannabis dispensaries in Mississippi aren't required to carry insurance, but may want to consider additional policies to address the increased risk of the cannabis industry.
- Physicians are required by law to carry medical malpractice insurance coverage in Mississippi. Other medical professionals should also consider carrying this policy to protect themselves against lawsuits and malpractice claims.
- Home-based businesses should consider carrying commercial property insurance to protect their business assets, as homeowner's and renter's insurance will not cover company-owned property.
When running a business in Jackson, you need to be aware of the laws and insurance needs for Jackson, Hinds County, and the state of Mississippi.
How can I get help starting a small business in Jackson, MS?
The City of Jackson provides ample support for new and growing small businesses.
Here's a list of local organizations available to provide guidance and resources:
- Mississippi Small Business Development Center provides counseling services and business planning to assist with starting and growing a Jackson business.
- The State of Mississippi assists with planning, financing, and online portals for getting your business licenses and permits.
- SCORE Mississippi works with local small business owners to provide mentorship and education.
- Minority Business Resources in Mississippi helps minority small business owners obtain loans, grants, and certifications.
- The U.S. Small Business Administration Mississippi District offers events, guides, and education for small business owners in Jackson and beyond.
Keep in mind that many lenders will require you to first obtain business insurance coverage before they will approve a loan.
How can I save money on Jackson business insurance?
Small business owners can save money on their business insurance needs by comparing quotes from different insurance companies.
With Insureon, you can get free Mississippi business insurance quotes from top-rated insurance agencies 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 insurance options, such as lower limits or a higher deductible.
- Focus on minimizing workplace exposures and risk management. Fewer accidents mean fewer claims, which helps keep your premium low.
Learn more about how to find cheap business insurance. You can also speak to one of Insureon's agents to discuss your insurance coverage needs.