In Kentucky, there is one type of commercial insurance that is required for most small businesses, and there are many other types of commercial insurance that are extremely helpful but not mandated. If you need commercial insurance for your business, call us at Palacio Miller Agency in Louisville, KY.
Workers’ Compensation Insurance
In Kentucky, sole proprietorships are not required to have workers’ compensation insurance. However, any business with one or more employees is required to have it, even if it’s just one part-time worker. This insurance is generally not required for corporate officers and partners of the business. For regular employees, this insurance provides payment for their medical bills and lost wages if they were to get injured at work. This is an important protection for your business, as medical bills can be extremely expensive.
Commercial Vehicle Insurance
It’s mandated by the state that every vehicle must have auto insurance. If your company owns a vehicle, it is highly recommended that you get a commercial vehicle policy, though it’s not required by the state. A personal policy on a business vehicle may not pay out when there is an accident because the vehicle was being used for business. A commercial policy keeps your business better protected.
The state does not require Kentucky businesses to have general liability insurance, but not having it for your business can be dangerous. Whether it’s injuries in a store, injuries from products, etc., you can be the target of lawsuits if you don’t have adequate liability insurance. There are many different types available for many different types of businesses to keep your specific company protected.
Get Your Commercial Insurance
If your Kentucky business doesn’t have commercial insurance, now is the time to get it. Call us now at Palacio Miller Agency in Louisville, KY to find out more.