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Kentucky Business Insurance

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Want to know enough about Kentucky business insurance to get started, but don’t know where to begin?

There’s good news. We know a thing or two about business insurance. So we’ve put together this handy guide to Kentucky business insurance for you.

In this guide, we’ll tackle general liability insurance, professional liability insurance, Kentucky workers compensation insurance, and more. Whatever you’re curious about, you may find the answers here.

Let’s look through the different types of insurance you may need and what they cover.

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Kentucky Business Insurance: The Basics

General liability insurance in Kentucky

Before you skip ahead, it’s worth learning about what general liability insurance may cover. This is especially important for any business with a retail or office location.

If you run a salon, a store, a restaurant, or anything with a sidewalk — you’ll want to pay attention.

What is general liability insurance?

This is a type of insurance policy that can protect you from common risks that come with running a physical business. That can include:

  • Third-party accidents, including slip-and-falls
  • Property damage
  • Bodily injury to others
  • Reputational harm
  • And more

Let’s look at an example. If you run a restaurant, you’ll have people going in and out of the kitchen.

Say an employee mops the floors without leaving a sign warning about the wet floors. A produce delivery person walks through and slips, and you might be liable for damages if they fall and get hurt.

Is this coverage required? You don’t necessarily have to sign up for general liability insurance in Kentucky.

However, you may find instances where proof of general liability insurance is required, such as if you want to get your Kentucky contractor's license.

In other words, regardless of whether or not it’s always a statewide requirement, it doesn’t mean it’s not something you should consider.

When is it a good idea? Let’s take a look at some potential situations:

  • Anytime you have a physical location, it exposes you to risk. Any business with a lot of foot traffic should take note. Some examples? Restaurants, grocery stores, retail outlets, and any business where heavy machinery is in place.

    Even simple office-based businesses that have meetings should consider business liability insurance. Not having coverage could mean exposing your business to the risks of paying for medical bills or even lawyer’s fees out-of-pocket.

  • Businesses with public access such as sidewalks, walkways, driveways, and shared parking lots. Even if your business has minimal foot traffic, any of these elements can expose you to additional risks. Business liability insurance could help cover you.

    But keep in mind that foot traffic alone is not the only exposure to risk. If, for example, you rent an office and it suffers a fire, you could face a lawsuit from your landlord for the damages. Staying covered with the right insurance may help protect against these risks and keep you from paying for damages and repairs out-of-pocket

  • Businesses that deal with sensitive property, including electronic property. You never know what the risks might be when it comes to highly sensitive and valuable electronics.

    For example, a computer repair shop with minimal foot traffic but plenty of expensive customer computers with sensitive information should look into business liability insurance.

    It’s not only the office that you need to worry about damaging. Small but valuable materials such as electronics, jewelry, machines, and other equipment can still carry major risks if they sustain damage at your business.

Even if you believe your business is at low risk, each incident may carry the risk of legal fees.

You don’t need to have a large business with a lot of foot traffic to qualify for business liability insurance.

In fact, a smaller business could mean a smaller premium. You can get your business the general liability insurance that may cover many of these risks without it taking a large bite out of your budget.

Professional liability insurance in Kentucky

At first glance, this might sound redundant. What’s the difference between general liability and professional liability insurance in Kentucky?

In this case, professional liability insurance may cover you for damages that come from your business’s work.

For instance, a slip-and-fall case at a restaurant has nothing to do with the restaurant serving food. It’s simply a risk that comes from mopping the floors.

But professional liability insurance has to do with the way you provide your services.

Here’s an example: imagine you’re a graphic designer. You create a new logo for a client. But later, the client tells you that the logo includes inappropriate imagery that got them in trouble.

You may be liable for reputational harm that the client suffered due to your work. That means being at risk for paying for settlements, legal fees, or even court-issued fines.

Professional liability insurance aims to lower that risk. It can apply to a wide range of businesses, including:

  • Tax preparation
  • Graphic design
  • Construction
  • Photography
  • Real estate
  • Marketing and consultation
  • Bookkeeping
  • And more

As a business owner, it’s tempting to say that “doing your best” will protect you from these risks.

The reality? You never know what’s going to happen. You may try your best, only to see an honest mistake cause a financial blow to your business. Professional liability insurance in Kentucky can offer protection.

Kentucky workers compensation insurance

As you add employees to a growing business, you may have to make sure you’re covered if a worker gets injured or sick.

One of the best ways to do that is to add workers compensation insurance to your coverage.

For starters, this is a state of Kentucky requirement, with few exceptions. Generally, if you have employees, you have to get workers compensation coverage.

But it’s also a good idea for the long-term health of your business.

Let’s break down why. Workers compensation insurance is there for employees who may be unable to work for a time after an injury or illness on the job.

For example, if a worker gets injured while stocking shelves at your grocery store, they might need time off for rehabilitation. They also might need money to cover medical expenses.

Facing lost wages and medical expenses, they may have no other option than to sue the business owner. The only question then is: how good is your insurance?

Workers compensation insurance can help with the right coverage. When your company has to pay out workers compensation claims, having that insurance in place can give you peace of mind.

The only time you may not be required to have Kentucky workers compensation insurance? If you don’t have any workers. Otherwise, it’s time to look into the workers compensation insurance that can get you covered.

Other types of Kentucky business insurance

  • Commercial auto insurance. Like many states, Kentucky requires commercial auto insurance coverage if you have a vehicle that’s used primarily for work purposes. As is the case with workers compensation insurance, these requirements are in place only if you have the prerequisites — in this case, if you use a vehicle for your business.
  • Business interruption insurance. This can cover business losses you might incur as a result of something that’s out of your control (e.g., storm damage, power outage, etc.). With claims from business interruption, you may be able to pay off utility bills, for example, to keep the lights on while your business recovers.
  • Flood insurance. Kentucky is on the Ohio River Valley. If your business operates in a high-risk area, you may want to consider adding flood insurance to your to-do list.

Another important note: unemployment insurance registration. According to the state of Kentucky, “Kentucky employers must register with the Office of Employment and Training (OET) to establish a state unemployment insurance account.”

Any business with employees must be registered with the state.

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Kentucky Workers Compensation: What You Need to Know

Like most other states, Kentucky requires that employers have workers compensation insurance.

The state of Kentucky has its own program for processing many workers compensation claims. You can direct employees to file claims there, including finding a managed care physician.

On your end, you’ll likely be required to carry this insurance if you employ anyone in the state of Kentucky. That includes:

  • Traditional, full-time W-2 workers
  • Part-time employees
  • Employees who may be related to you

In short, if you have employees of any type, you’re required to carry workers compensation insurance.

Having good coverage in place incentivizes employees to keep working at your company. It also meets (and potentially exceeds) the state requirements to have proper coverage.

How Much Does Kentucky Business Insurance Cost?

Insurance can be a highly variable industry. There’s no one-size-fits-all solution, no one-size-fits-all cost.

However, we can get an idea of what business insurance might cost you. For liability insurance, the costs can vary, depending on how much coverage you purchase. Most businesses purchase at least $1 million in coverage and pay either monthly or annual premiums.

At Simply Business, we have offered quotes as low as $25.95 per month* for general liability insurance, for example. But keep in mind that every quote will be different.

The real question should be: how much insurance should you get? How much will it cost to give you the coverage you may need — without breaking the bank?

The good news is that it’s often easier than you think to get the coverage you need. If you need help for your business in Kentucky, give us a call at 855-969-3716, and speak with one of our insurance agents.

Contractor installs outdoor light

How Do I Get Kentucky Business Insurance?

Confused by the process? Concerned that an insurance quote will tell you that you need to pay too much every month?

Fortunately, it doesn’t have to be so tricky. Here are some good ways you can get started today:

  • Estimate your largest business risks. Do you need flood protection because of your location? Do you work in a high-risk profession? Does your space have a lot of foot traffic? These are the questions that can help you gauge your risks and potential coverage needs.

  • Seek out advice from other businesses. Ask business owners in your community if you can get an idea of what types of insurance coverage might be good to have. Even if you don’t ask a competitor, you’ll find that business owners are often generous with their knowledge.

  • Acquire your bare-minimum responsibilities. You know that you need commercial auto insurance and workers compensation insurance in Kentucky when applicable. Those are good places to start getting quotes.

  • Perform apples-to-apples comparisons. When you get insurance quotes, make sure you line them up with the same coverage plans. This way, you can make apples-to-apples price comparisons.

Simply Business can help compare quotes at no cost to you. You can test the waters and get an idea of what insurance may cost.

Ready to move forward? Check out our FREE business insurance quote tool to take the first steps.

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Making Kentucky Business Insurance Work for You

Business insurance is there for a reason. It’s because when you put yourself out there, you’re going to take some risks. But you don’t have to let those risks dominate your life.

Done right, business insurance in Kentucky should give you more peace of mind. With the right coverage, you’ll have the confidence that the risks you take are calculated. And that if something goes wrong, you’ll know what to do — and who to call.

*Monthly payment calculations (i) do not include initial premium down payment and (ii) may vary by state, insurance provider, and nature of your business. Averages based on January - December 2020 data of 10% of our total policies sold.

This content is intended to be used for informational purposes only. It is not intended to provide legal, tax, accounting, investment, or any other form of professional advice.

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