From charter boats and seafood processors to contractors, restaurants, and shops along the beach, Gulf Coast businesses face real risks: storms, lawsuits, vehicle accidents, and employee injuries. Here are the coverages most small businesses need and how they fit together.
The core business coverages
- General liability: covers injuries to customers and damage to other people’s property caused by your business. Many leases and contracts require it.
- Commercial property: covers your building, equipment, inventory, and furniture. On the Coast, pay close attention to the wind or named storm deductible.
- Business owner’s policy (BOP): bundles general liability and property, often with business income coverage, at a lower cost for eligible small businesses.
- Business income (business interruption): replaces lost income and helps pay ongoing bills if a covered loss forces you to close for a while.
- Commercial auto: covers vehicles used for business. Personal auto policies often exclude business use.
- Workers’ compensation: required in Mississippi for most employers with five or more employees. Here’s how it works.
- Professional liability (E&O): for businesses that give advice or professional services, if a client claims your work cost them money.
- Tools, equipment, and builders risk: for contractors with gear that moves between job sites and for buildings under construction.
Before hurricane season
- Photograph or video your property, equipment, and inventory, and store it in the cloud.
- Know your named storm deductible in dollars and how long business income coverage waits before it starts paying.
- Confirm whether you need commercial flood insurance. Standard commercial property policies exclude flood.
- Keep a current list of policy numbers and your agent’s contact info somewhere you can reach from your phone.
Commercial insurance guides
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Small Business Insurance on the Gulf Coast: The Core Policies, Explained
The five policies most Gulf Coast small businesses need, plus what to add for contractors, restaurants, charter businesses, and more.
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Workers’ Comp in Mississippi: Who Needs It and What It Covers
Most Mississippi employers with five or more employees need workers’ comp. Here’s what it pays for and the mistakes that…
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