Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number. (read more)
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it. (read more)
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Kentucky Answering Service Insurance
Kentucky Answering Service Insurance. Telephone answering services monitor and record telephone calls or messages and then forward those calls or messages to the client. Services are often provided on a 24/7 basis. These services generally provide service to niche markets where a live operator or service person is required, such as for physicians, plumbers, and auto towing services. Call centers may operate in a central location, or in remote locations with employees monitoring phones from their homes.
Whether in government, medical, ecommerce, telecommunications, property management, or the service industry, telephone answering services are an important component of business and customer service, leading to better customer experiences and higher productivity for workers. However, running an answering service presents you to certain risks such as the potential liability if you don't respond in a timely manner and appropriately to customer emergencies.
You can be slapped with court charges for giving inappropriate advice and for sloppy message forwarding (not calling right away, not dating and timing the calls, calling the wrong doctor, transposing a number, or garbling a message). That's why Kentucky answering service insurance is essential for your firm.
Kentucky answering service insurance protects your business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
What Coverages Do Ambulatory Surgical Centers Need?
KY answering services face various liability risks. The following is a listing of the Kentucky answering service insurance coverages:
Professional Liability - Professional liability insurance, also known as erros and omissions (E&O), covers claims of negligence and/or poor quality work. Lawsuits may arise if answering center attendants fail to deliver important messages on time, if they deliver inaccurate messages or if they provide incorrect information that causes the caller to incur losses. E&O insurance protects employees from claims by disgruntled customers and pays the fees incurred in defending against such claims.
Per Occurrence" & "Aggregate" liability limits: Your "Per Occurrence," or "Per Claim," limit refers to the total amount the insurance company will pay per incident during the Kentucky answering service insurance policy term. Your "Aggregate" limit is the total amount the insurance company will pay for multiple claims over the course of one policy term (which is usually one year).
What Other Coverages Do You Need?
Commercial General Liability - This Kentucky answering service insurance policy protects your firm in case of third party claims, such as bodily injury or property damage. For example, the common "slip-and-fall" claim would be covered by your general liability policy. General liability insurance is often considered to be the core coverage, particularly because you regularly interact with customers. You may also have a contract, like a loan or a lease, requiring that you have this coverage.
Business Property - This Kentucky answering service insurance policy protects your building and its contents, including computers, office equipment, furniture and all of your property - whether it is owned or leased - if it is damaged by fire, smoke, theft, vandalism or some other covered peril. You need this coverage to protect your expensive phone and communications equipment as well as all the other contents of your KY office space.
When choosing a KY property insurance policy, it's imperative that you consider all of your options. The monthly premium you pay is only one part of the equation. You must think about which risks your firm might be exposed to and how you can make financially smart moves to protect your interests.
Business Interruption - Have you ever stopped to consider how your firm would survive should it suddenly come to a grinding halt? If a fire, storm or theft meant having to rebuild it (potentially from scratch), how would you survive financially? With business interruption add on your Kentucky answering service insurance, you will be covered for the loss of income, as well as increased expenses of running your firm as a result from interruption caused by material damage events.
Business Owners Policy - A Business Owner's Policy (BOP) is an affordable insurance package that bundles general liability, commercial property and business income. Basically, BOP Insurance protects you by covering some of the most common risks it faces, including; Lawsuits over defamation, copyright infringement, slander, etc. and damage to your firm's property.
You can benefit from this policy because it covers many basic risk exposures you face, and is often cheaper than buying general liability and property insurance separately.
Workers' Compensation Insurance - Workers comp in mandatory in most states for any non-owner employees. Your staff's in-office responsibilities come with their own set of risks. Because they sit behind a computer screen all day, they could develop repetitive motion injuries, such as carpal tunnel syndrome. KY workers comp can provide the necessary funds to cover immediate medical attention, such as a visit to the ER, if an employee is injured at work. It also compensates them for lost income after they recover.
Employment Practices Liability Insurance (EPLI) - EPLI rotects your firm against the high cost of lawsuits due to discrimination, harassment, wrongful termination, and other potential charges stemming from employment practices. This coverage can cover your firm from the cost of legal defense, settlements, and other court fees when faced with an allegation for failing to provide a fair, acceptable environment for employees to work.
Commercial Crime - Commercial crime insurance policies protect you from losses resulting from business-related criminal activities. This type of insurance protection covers money, merchandise, and other property loss as a result of embezzlement, robbery, theft, forgery, or other crime as stated in the Kentucky answering service insurance policy.
Commercial Umbrella - You may want to consider purchasing an umbrella policy that will provide you excess coverage over and beyond what you have purchased with your primary general liability policy, business auto, and workers compensation Kentucky answering service insurance policies.
Kentucky Answering Service's Risks & Exposures
Premises liability exposure is minimal due to lack of public access to the premises. Much of the operation occurs via phone or other forms of communication. The exposure increases if service occurs at clients' premises as employees will have access to clients' property.
Errors and omissions exposure varies on the type of client. Should errors occur in the failure to transmit an accurate and timely message of a non-emergency situation, the result may be only a complaint or a very minor claim. However, if the operation responds to calls to police, fire, medical or 911-type operations or suicide hotlines, the errors and omissions concerns increase significantly due to the potential for physical injury, death, or property damage.
Workers compensation exposure is limited to office hazards. As work is done on computers and other electronic equipment, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations. Additional exposures arise from employees working from their homes.
Property exposures usually are limited to that of an office. Ignition sources include electrical wiring, heating and air conditioning equipment, wear, and overheating of equipment. All equipment should be in good condition to prevent electrical fires.
Crime exposure comes from employee dishonesty. Hazards increase in the absence of background checks and monitoring procedures. Billing and disbursement should be separate duties. Audits should be performed at least annually.
Inland marine exposures include accounts receivable if the service offers credit, computers and valuable papers and records for customers' and callers' information. Recordkeeping of calls received is critical and may require custom software, including a database and the ability to fax or email messages to the client as needed.
Business auto exposure is limited to hired and non-owned autos and is very light. If vehicles are provided to employees, there should be written procedures in place regarding personal use by employees and their family members. All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained, and records kept in a central location.
Answering Service Insurance
It is critical for answerign servicess to be covered with the appropriate insurance coverage.
KY Answering Service Insurance
It is critical for KY answerign servicess to be covered with the appropriate insurance coverage.
Kentucky Economic Data And Business Insurance Requirements
In order for a business to succeed, it's important to have a firm understanding about the economic status of the state that the organization is going to be established in . It is also important for business owners to know what type of commercial insurance they are required to carry in KY.
If you are thinking about opening or moving a business in Kentucky, keep on reading to find out some key information about the economic status of the state, as well as the KY commercial insurance requirements.
Business Economic Trends In The Commonwealth Of Kentucky
As per recent reports from leading economists, the economic outlook for Kentucky is looking bright. More jobs have been added in recent years, which is evidenced by the declining unemployment rate, and it is expected that more jobs will be added in the year 2019.
The goods and services industries are the two areas that are really expected to add significant gains to the economy of Kentucky. Industries in this sector are flourishing, with new companies being added during the 2019 calendar year. It is also expected that more jobs will be created in this sector in the upcoming years.
While technology is taking over the manufacturing sector in many other parts of the nation, in Kentucky, this industry is growing; but, it is growing at a slower rate than usual, as technology is also having an impact in KY. It is also predicted that the healthcare firms will continue to be added in Kentucky and will provide ample opportunities for employment, creating more jobs than manufacturing.
There three key areas in the Kentucky that are contributing the most to the economy, and these include Lexington, Northern Kentucky, and Louisville.
Commercial Insurance Requirements In KY
The Kentucky Department of Insurance regulates insurance in KY. Like most other states, business owners are required to carry workers comp insurance in Kentucky. In the Commonwealth, if you employ a staff of hourly or salaried employees, you must carry this type of coverage, even if your staff only consists of one person.
Commercial auto insurance is also mandate in Kentucky, so if you use a vehicle for business-related reasons, you must have this type of coverage.
You are not required to carry commercial liability insurance; however, it is a wise idea to invest in a policy. It will protect you from any legal issues that might arise, such as slips and falls or property damages.
Additional Resources For Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Attorney Lawyer
- Business Consulting
- Corporate Wellness
- Court Reporter
- Debt Collection Agency
- Detective Agency
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- Financial Planner
- HR Consultant
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Project Management
- Temporary Staffing
- Tax Preparer
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.