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Mississippi Business Insurance

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Simply Business is pleased to provide tailored insurance options from:

  • Accredited America
  • ABIC Insurance
  • Arch Insurance America
  • biBERK Business Insurance
  • Cerity Insurance
  • Clear Blue Insurance
  • CNA Insurance
  • Employers Insurance
  • Frank Winston Crum Insurance
  • Harborway Insurance
  • Hiscox Insurance
  • Markel Insurance
  • RLI Insurance
  • SolePro Insurance
  • Travelers Insurance
  • USG Insurance Services, Inc.

Business owners invest a lot in their companies. You dedicate your time, money, and attention to get your business off the ground and make it profitable.

Accidents can happen, though, regardless of how hard you work. If you face a bump in the road, your Mississippi business insurance could help you navigate challenges and protect everything you’ve invested in your venture.

For this reason, the state of Mississippi advises business owners consider getting insurance to protect themselves and their businesses.

All it takes is a few minutes navigating government websites to realize that it can be easier said than done. If you’re feeling unsure about what Mississippi business insurance is and whether your company needs it, we can help.

Electrician installs recessed lighting

Mississippi Business Insurance: The Basics

We’ve likely all heard of insurance and may even have experience buying policies for our cars, homes, or health. Until you’ve had experience with business insurance, though, these types of policies can seem a bit vague.

Each type of Mississippi business insurance covers different scenarios, but generally, your insurance policy could help you cover the costs if your business causes an accident or any damages. Considering the average claim for customer property damage is $30,000, a business insurance policy could keep you from facing a potentially business-ending claim.

Some benefits of a Mississippi business insurance policy include:

  • Your policy could keep you from going bankrupt. An uninsured business owner might go into debt because of the cost of a lawsuit or damages. If you have an insurance policy, you may be able to use your coverage to help pay the associated bills.

  • Customers may prefer to work with an insured business. Potential customers want to know that if something goes wrong, your business can handle it. So showing a Certificate of Insurance (COI) could build trust with customers and help you land more jobs.

  • Some business loans require proof of insurance. A boost in your cash flow can help you buy more equipment, invest in marketing, or open a new location. Before you secure the loan, some lenders might ask for proof of business insurance.

General liability insurance in Mississippi

Business insurance needs can vary between businesses and industries, but general liability insurance may be a good fit for many companies. This type of policy could protect your personal finances if your work leads to client injury or third-party property damage.

General liability insurance typically covers:

  • Claims caused by defective products
  • Third-party property damage, such as a client or vendor
  • Bodily injury
  • Medical expenses
  • Personal and advertising injury
  • And more

It’s often up to the business owner if they want general liability insurance in Mississippi. While the state recommends considering insurance, there are no statewide rules regarding general liability policies. Instead, you may find that you need proof of insurance when you apply for a professional business license.

Suppose you want to get a contractor license in Mississippi. If so, you may need to show proof of general liability insurance if you work on larger commercial or residential projects.

Not sure if your business could benefit from coverage? Simply Business works with over 80 types of companies, since accidents can happen any time. Here are a few scenarios where general liability insurance in Mississippi could come in handy:

  • A roofer and their team are working on a big project when they see a big storm heading their way. They place a tarp on the roof before leaving work for the day, but water gets inside the home and causes damage in their bedroom.

The angry homeowner decides to sue for thousands of dollars to replace damaged furniture, carpet, and other items. Without insurance, the roofing company would have to pay for the damage on its own. A general liability insurance plan might be able to cover some of those costs, sparing the roofer’s bank account.

  • A massage therapist is moving into a new space at a medical spa when they accidentally knock over an expensive statue in the lobby. The spa owner is furious and wants the therapist to replace the expensive piece.

Fortunately, the massage therapist has general liability insurance to cover the costs related to the spa owner’s claim.Therefore, the therapist can protect their cash flow.

  • A sheet metal worker is working outside a client’s home when they go back to their truck to get a tool. While the contractor is away, the homeowner’s child comes home from school and trips over the worker’s extension cord.

The kid has to be taken to the ER in an ambulance, and the parents are inconsolable. Once the hospital bill arrives, the parents sue the sheet metal worker. If the business owner is insured, they might be able to use their general liability policy to cover the medical bills.

If you still have questions about general liability insurance in Mississippi, give our licensed insurance agents a call at 855-563-0375. They’re ready to answer your questions and help you determine what coverage you might need.

You can also answer a few questions online to get free quotes. It takes less than 10 minutes!

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Professional liability insurance in Mississippi

If you spend most of your days in an office or in front of a computer, accidents like customer slip and falls or damaged property might feel unlikely. Businesses that offer professional services or give clients advice can open themselves up to a different risk — negligence claims.

If a client is unhappy with your work and believes it set them back or harmed them, they might sue you. Even if you didn’t do anything wrong, you’d have to spend money and time defending yourself in court. If you are found at fault, you might be liable to pay for the client’s perceived damages.

That’s where professional liability insurance in Mississippi can help. Professional liability insurance typically covers:

  • Libel and/or slander claims
  • Negligence or alleged negligence
  • Legal fees
  • Copyright infringement
  • And more

If a business makes a mistake, it might be able to use its professional liability policy. Negligence could look like a project manager miscalculating timelines or a lawyer who forgets a critical component in a contract.

Instead of paying for damages or lawyer fees on their own, the business owners could file an insurance claim and potentially protect themselves from bankruptcy.

So who needs professional liability insurance in Mississippi? Insurance requirements can vary, but you may not need a professional liability policy to operate legally. Some professions, such as real estate agents, need to show proof of professional liability or errors and omissions insurance. Often, the business owner decides whether to get insured or not.

Some professions we recommend to consider professional liability insurance in Mississippi include accountants, project managers, consultants, coaches, photographers, travel agents, and more.

Mississippi workers compensation insurance

Hiring your first employees is a big step. Your demand has outgrown what you can manage by yourself, and you’re ready to grow your team. As you transition from solo founder to a full-fledged team, you may incur new insurance requirements. Workers comp insurance can help cover costs if an employee gets sick or injured on the job.

Most businesses with five or more regular employees need Mississippi workers compensation insurance, with few exceptions. The insurance requirement applies to nearly every industry, and companies with fewer than five workers can choose to get workers comp coverage as well.

Generally, workers compensation insurance covers:

  • Lost wages
  • Medical payments
  • Rehabilitation costs
  • Death benefits

Since coverage isn't mandatory for some employees, like domestic workers or farm labor, it’s best to ask questions and consult the Mississippi Workers’ Compensation Commission if you have employees.

Other types of business insurance in Mississippi

While the three main types of Mississippi business insurance cover many scenarios, they don’t cover them all. Some other types of policies to consider include:

  • Home-based business insurance. Did you know that your homeowner’s or renter’s insurance might not cover your home office? A home-based business insurance policy fills the gap between homeowners insurance and general liability coverage.

  • Commercial property insurance. If you have a lot of money tied up in equipment or other assets, you should consider a commercial property insurance policy. This policy could help you replace damaged or stolen property.

  • Construction bond. Have you heard the term “licensed, bonded, and insured?” A construction bond is an added layer of financial assurance to everyone involved in a construction project.

Contractors install flooring

Mississippi Workers Compensation: What You Need to Know

When you think about Mississippi workers compensation insurance, you should think about safety. Typically, your workers comp insurance premiums could depend on these factors:

  • Your location
  • The type of work you do
  • How many employees you have
  • Your health and safety history

All of these factors are a bit like levers that control how much you’ll need to spend to get coverage. Fewer employees could mean less mandatory coverage, and jobs deemed more dangerous will likely come with higher costs.

An ongoing commitment to workplace safety can go a long way in preventing accidents. While this is obviously good for employees, it also might help you keep costs down. If there is a workplace accident, you need to report it right away.

While self-insurance is an option, you’re required to attend a hearing to get approved.

How Much Does Mississippi Business Insurance Cost?

It’s understandable if you feel apprehensive about taking on an extra business expense. After all, isn’t the point of the business to make money, not spend money? The good news is that you can protect your business starting at less than a dollar a day.

You might also like to know that each business insurance policy is tailored to your business. The cost of your policy premiums usually depend on the type of work you do, which policies you choose, and the size of your business.

There also are ways to save money, like bundling policies or choosing a higher deductible. You also may be able to write off business insurance expenses when you file your taxes.

Since the cost of Mississippi business insurance varies, the best way to understand what you might pay is to get a free customized quote. You can either call us at 855-563-0375 or answer a few questions online.

Get Your Quote

Landscaper works on walkway

How Do I Get Business Insurance in Mississippi?

Now that you’ve gone through a crash course in Mississippi business insurance, it’s time to find the right policy for your business. Here are our tips on finding requirements and comparing plans.

  1. Take a moment to write out details about your business. Which services will you provide? Will you have employees? What city and county will you work in? Do you have assets or equipment? The answers to these questions will help guide you to find which types of insurance are recommended and required.

  2. Look for business insurance requirements based on your occupation. Various state agencies manage licensing and insurance rules for different occupations.

  3. Check for licensing rules at the local level. Review your city and county’s website for business license rules. You also can use the Mississippi Business One-Stop Shop website to find resources related to your industry and location.

  4. Talk to fellow business owners about which policies they have. If you know other business owners in your industry, talk to them about their insurance plans. You also can reach out to trade associations or the Small Business Development Center about your business questions.

  5. Compare free quotes to find a policy you’re comfortable with. You have the final say about which policy you prefer, so review a few options before making a commitment.

  6. Proudly display your certificate of insurance. If you have a business insurance policy, let your potential customers know by displaying your Certificate of Insurance (COI). You also might need proof of insurance to apply for your business license.

The Simply U Blog Has Advice, Guides, and More

When we aren’t helping small business owners protect their businesses with insurance policies, we help them find answers to top business questions. The Simply U blog has info for starting a business, growing your company, protecting what you’ve created, and more.

Still have insurance questions? Give one of our licensed insurance agents a call at 855-563-0375.

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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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*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated insurance carrier by AM Best. Harborway Insurance is a brand name of Harborway Insurance Agency, LLC, a licensed insurance producer in all 50 states and the District of Columbia. California license #6004217.

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