Commercial Insurance in Mississippi
Commercial liability insurance is not required in the state of Mississippi, but since the state is a pure comparative negligence fault state, having liability coverage for your business can protect you in case something happens.
How to Determine what kind of Commercial Coverage you Need
How much commercial liability insurance you have and what type of commercial insurance you obtain should be dependent on the type of business you operate and if your business is high risk or not. It is recommended that a small business carry between half a million to a million dollars in commercial liability insurance.
If you are unsure how much coverage you should have, contact Tackett Insurance, Inc., serving Oxford, MS. If a business has more than 5 employees, either part time or full time, the business must carry workers' compensation insurance. In the construction industry, there must be workers' compensation insurance if there is one employee or more.
Commercial liability insurance can cover a number of different things that result in a financial loss from damage caused by you or your employees. This insurance will cover:
- Bodily Injury: Injury to someone that is not an employee at the place of business
- Personal Injury: Anything that causes damage to a person’s reputation, such as libel, slander, or false arrest
- Property Damage: Damage done to someone else’s property while you or an employee are conducting business
- Advertising Injury: Any losses that are caused as a result of your advertising
- Legal Defenses and Judgments: Costs to defend against lawsuits, but this will not cover damages that are a result of negligence or willful misconduct
In Mississippi, optional coverage includes employee disability insurance, commercial property insurance, professional liability, and product liability. There is also an option for business interruption insurance, which will help cover you in the event of an unforeseen incident. If you use an automobile for your business, it is recommended that you purchase commercial auto insurance.
Contact an agent at Tackett Insurance, Inc. in Oxford, MS to find the right commercial insurance policy for you. Our agents can help walk you through the process and educate you further on the benefits of a policy.
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