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Mississippi Business Insurance

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Business insurance in Mississippi

Mississippi’s small businesses represent almost all companies in the state and employ 440,000 of its residents.1

Business insurance in Mississippi helps protect these small companies and the people they employ. A typical package might help pay for damages if:

  • Your business is accused of injuring another person or destroying their property.
  • An employee has an accident in a company-owned automobile.
  • Someone at your business gets hurt on the job.
  • You are accused of substandard or incomplete work or miss an important deadline.

Next Insurance helps more than 1,000 types of small businesses and self-employed workers quickly get the coverage they need online at the best price. We specialize in small business insurance, so we can easily help you find a custom insurance package that is right for you.

Continue reading to find out about the most important types of business insurance in Mississippi or start a free instant quote to review options for your business.

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How Next can help you with business insurance in Mississippi

We offer a quick and simple way for you to get business insurance quotes online, purchase coverage and share your certificate of insurance. The entire process typically takes just a few minutes.

Our team of licensed, U.S.-based advisors can help you if you have any questions.

Start an instant quote today.

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Business insurance coverage and requirements in Mississippi

A small business insurance package in Mississippi could include a combination of:

 

General Liability insurance

Business insurance in Mississippi often includes general liability coverage.

This form of insurance helps small businesses pay to address accusations of injuring someone or damaging property. General liability coverage also helps cover lawsuit costs that arise from such claims, including attorney fees, court costs and settlements for which your company is found legally responsible.

General liability coverage would help a small business in the event that:

An employee of a tree-trimming business in Jackson accidentally damages a homeowner’s roof during a job, causing several thousands dollars in damages. General liability insurance helps the company pay to repair the property damage.

If your business needs to rent office space, many commercial landlords will require proof of general liability insurance before they offer you a lease.

Owners of cleaning and construction businesses should consider a general liability addition known as tools and equipment insurance, which helps pay to replace or repair business items that are lost, stolen or damaged.

 

Commercial Auto insurance

Drivers in Mississippi must purchase at least $50,000 in automobile insurance to pay for damages if they hurt someone in an accident.2

But the state’s minimum requirements might not be sufficient if you have a serious collision, and personal auto insurance is unlikely to cover damages from business-related accidents.

This is why a business insurance package in Mississippi might include commercial auto coverage. If a company owner or an employee has an accident in a vehicle titled to the business, commercial auto insurance helps cover medical bills and property damages.

For instance, a worker at a Biloxi-based carpet cleaning firm wrecks on Interstate 10 and damages a company vehicle and another car. The small business’s commercial auto insurance helps pay to repair both vehicles, as well as medical expenses if the other driver needed care.

Hired and non-owned auto coverage helps pay for accident damages in vehicles a company does not own. Companies that sometimes ask employees to rent vehicles for work or drive their own automobiles may want to add this form of business insurance in Mississippi.

 

Workers’ Compensation insurance

If you own a small business that employs more than five people who aren’t independent contractors, Mississippi law requires that you carry workers’ compensation insurance to help employees who are injured on the job cover medical expenses.3

In Mississippi, workers’ comp coverage also pays up to two-thirds of an employee’s weekly wages if they are disabled.4

For instance, an employee at an HVAC firm in Tupelo hurts his back while installing a heavy air conditioning unit and needs to see a chiropractor. The business owners workers’ comp insurance would help the injured employee pay for medical bills and reimburse a portion of lost wages, depending on the extent and length of the injury.

Even if your company employs fewer than five people, we still recommend that you carry workers’ compensation insurance, as it can help you maintain a good reputation and avoid potential lawsuits.

 

Professional Liability insurance

Costs from professional negligence claims can add up fast.

If a client says that your business made a work mistake, failed to meet a deadline or didn’t complete a project, you could be asked to repay financial damages. In serious cases, these kinds of accusations could lead to an expensive lawsuit.

Professional liability insurance helps protect small businesses from work negligence claims. Also called errors and omissions (E&O) coverage, professional liability insurance helps pay for damages in a situation like this:

An apartment building owner in Gulfport claims that a property management firm failed to properly advertise three empty units, which causes several months of lost revenue. E&O coverage helps the property management company pay for the client’s financial losses. It would also help cover a portion of attorney fees, court costs and settlements if the building owner sued and the property managers were held liable.

 

How much does business insurance in Mississippi cost?

Customers in major industries we serve spend a median of $50 for business insurance in Mississippi.

How much you should allocate for coverage largely depends on:

Your company’s industry and risk profile. Companies in riskier professions will pay more for insurance. Business insurance in Mississippi costs construction firms a median of $72 per month, while retailers spend $25.

The types of coverage and policy limits you choose. Small businesses on tight budgets may be tempted to purchase less insurance protection and lower policy limits to save money. But this approach could cause you to pay more out of pocket if you have to file an expensive claim, canceling out any savings.

How many people are on your payroll. Businesses that employ 20 people in Mississippi will pay more for workers’ comp insurance than those with 10 staff members. Providing an accurate employee count, including future hires, will help you get the best insurance quote in the least amount of time.

Start a quote with Next Insurance today to explore coverage options for your business in just a few minutes.

 

More resources for Mississippi small businesses and self-employed workers

Sources: 

  1. U.S. Small Business Administration
  2. Mississippi Insurance Department
  3. The Mississippi Bar 
  4. The Mississippi Bar