Top Property and Liability Claims for Small Businesses

Kentucky small businesses have claims relating to many different things including injury, liability or other damage.  Some carriers have indicated that some claims are more expensive than others and sometimes no thought of as often.

Some of the most expensive claims for a Kentucky business include:

  1. Vehicle Acccidents – make sure to vet your new employees if their driving company cars.
  2. Product Liability
  3. Fire – make sure to have all your fire protection devices up to date.
  4. Customer Injuries
  5. Theft – background checks on employees can help sometimes with burglary or theft risks.
  6. Water Damage – make sure key employees are aware of where the water turn-off value is in case of a water problem.

Let a London Insurance Agency & Insurance Service Center expert help you find the best business insurance coverage at an affordable rate to hopefully avoid any of these losses to your Kentucky business.

Workers Compensation Insurance in Kentucky

Workers Compensation insurance in Kentucky is mandated by law and as a Kentucky business owner you need to have the right coverage for your employees.  Many factors are involved in obtaining a workers comp policy and here are some of those:

  1. Number of employees.  Since coverage is required for each employee, the number of workers is the main factor in price and coverage.  The cost of your payroll is also a factor that insurance companies look at in evaluating your premium.
  2. Work related risks.  You will have a higher workers compensation premium is the work your employees perform is considered risky.  Many businesses will try to make the workplace safer in order to get a better rate on coverage.
  3. Claims.  A big determining factor is the costs of past claims made by a company when evaluating your risks.

If you can provide a safer work environment and keep your claims down, you can usually get better coverage for a more affordable price.  Contact us at London Insurance Agency & Insurance Service Center to see if we can help you in decreasing your workers compensation risks.

Employment Practices Liability Insurance in Kentucky

From the moment that you start the pre-hiring process until the exit interview, you are vulnerable for a lawsuit. As a result, your business should take a hard look at whether it can afford to defend itself against alleged wrongful employment practices accusations. If not, there is an insurance solution called Employment Practices Liability that protects against wrongful termination, discrimination (age, sex, race, disability, etc.) or sexual harassment suits from employees. This coverage applies to directors, officers and employees, and can sometimes extend to third party liabilities.

According to researchers, three out of five employers will be sued by a prospective, current or former employee while they are in business. While many suits are groundless, defending against them is costly and time-consuming.  Employment Practices Liability Insurance provides protection from the following wrongful employment practices, including:

  • Harassment
  • Discrimination
  • Actual or alleged wrongful dismissal, discharge or termination
  • Employment-related misrepresentation
  • Employment-related libel, slander, humiliation, defamation or invasion of privacy
  • Wrongful failure to employ or promote

To learn more about Employment Practices Liability Insurance coverage and how London Insurance Agency & Insurance Service Center can help protect your business, contact us today at 606-864-5152 or 606-528-5151.

Personal Auto vs. Commercial Auto in Kentucky

Understanding your auto insurance needs and requirements is vital if you are a handyman or caterer, or someone that drives their personal car for work.  You should be aware that accidents occurring during your work-related activities likely will not be covered under your personal auto insurance plan. Read more