What to Know about Business Insurance

in Mississippi

Facts about Business Insurance in Mississippi

Business insurance is designed to protect your company from large financial losses due to hazards like tornadoes, hurricanes, fires, and theft. However, business insurance is only required in Mississippi if your company uses vehicles for transportation, has five or more employees, and/or has taken out a commercial loan.

More Mississippi business insurance facts 

  • In 2011, the Joplin tornado caused $2.8 billion in damage.
  • In 2005, Hurricane Katrina brought $4 billion of damage to MS.
  • 1 in 37 Mississippi residents will be a victim of property crime.
  • MS businesses collect about $1.1 billion in claims every year.

Cost of Business Insurance in Mississippi

Every company is different, so the cost for coverage will vary significantly from one business to the next. Rates can be influenced by a number of factors such as your company’s size, industry, and liability risks; the number of workers you employ; the value of the assets you wish to insure; and the coverage types you wish to include in your policy. Independent insurance agents can help you understand your many options and can obtain a selection of customized quotes. That way, you can be sure you are getting suitable coverage at a competitive rate.

Average Cost for the Top Business Insurance Claims

mississippi business insurance claims

Why Choose an Independent Insurance Agent?

  • Independent agents live and work in your community.
  • One agent can handle all of your insurance coverage needs.
  • Independent agents can shop around for the best price.

Find an independent agent in Mississippi

We just opened a business, so I searched through Google until I found what I was looking for. I stumbled across TrustedChoice.com, and after going over a few questions, they gave me the information I needed, so it worked well. I would recommend it.

five star review Russ of Gulfport, MS Consumer Affairs

What Does Your Business Insurance Policy Cover?

Business insurance can be customized to meet each company’s specific coverage needs. That way, you are only paying for the coverage you want. Listed below are some of coverage types most commonly purchased by business owners in Mississippi. Your local insurance agent can go over these, and the many other options that are available to you, in greater detail.

  1. Property insurance: Covers your business assets, including inventory, computers, furniture, and outdoor signs. Hurricane-force winds significantly damage your cotton manufacturing plant and the equipment in it.
  2. Liability insurance: Covers legal fees, damages, and other costs associated with liability lawsuits brought against your company. A tourist browsing your Gulf Coast gift shop slips on a wet floor and breaks her hip.
  3. Business interruption insurance: Provides a continuation of income if a covered event forces a long-term closure. A tornado severely damages your retail shop and the roads leading to it, and you must remain closed for weeks.
  4. Workers’ compensation insurance: Covers medical treatment, paid time off, and other expenses if an employee is injured on the job. A worker at your poultry processing plant suffers an injury that requires emergency surgery.
  5. Commercial vehicle insurance: This is required if you have business-owned vehicles. It can cover the costs if your driver is in an accident. Your delivery driver collides with another vehicle while making his daily rounds.

Most business insurance policies do not cover flood damage. If your business is located in a flood zone or a location that is at risk for flash floods, be sure to ask your insurance agent about supplementing your business coverage with a commercial flood insurance policy through the National Flood Insurance Program (NFIP).

Top Insurance Companies That Support Independent Agents in Mississippi

There are currently 208 independent insurance agents in Mississippi who are ready to help. These agents can save you time and money by working with several different insurance providers to help you build a comprehensive business insurance plan at a competitive price. Talk to an independent insurance agent near you to get more information and to start comparing customized business insurance quotes.

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Why Go Independent When Looking for Business Insurance?

  • Expertise in your business
  • Multiple quotes from one agent
  • Get more value for your money

Find an Independent Insurance Agent