Find the Best Business Insurance Options in Mississippi
No matter how small or large your business is, it needs the protection provided by a business insurance policy. Having the right business insurance can help your business keep its doors open for many years to come following a major disaster like a fire or a theft. Without this coverage, however, you could face bankruptcy.
Mississippi currently has a total of about 257,000 small businesses in the state, and each one needs protection. Also, the state's 440,399 small business employees can greatly benefit from the coverage offered by an employer's workers' compensation insurance. An independent insurance agent in Mississippi can help you find all the business insurance your specific company needs. For starters, though, here's a closer look at business insurance options and requirements in Mississippi.
Best Business Insurance Companies in Mississippi
You can find a business insurance policy from many different insurance companies in Mississippi, but not all are created equal. In terms of quality and service, some carriers outshine the rest. That's why we've made this list of just a few of the best business insurance companies in Mississippi, to help you start off your coverage journey on the right foot.
- Nationwide: Nationwide offers business insurance as well as many other products. It also has gotten superb ratings by both AM Best and the Better Business Bureau and offers 24/7 claims reporting for policyholders.
- Amica: Amica is a very longstanding carrier that also offers plenty of other products along with business insurance. It's rated "A+" for financial strength by AM Best.
- Allstate: Allstate still holds the title of being one of the largest insurance companies in the country and offers a large selection of personal and business insurance products. Allstate works with independent insurance agents and is rated "A+" for financial strength by AM Best.
- Mississippi Farm Bureau: Mississippi Farm Bureau is known for excellent customer service and for offering quality business insurance products. The carrier has an "A" rating for financial strength from AM Best.
A Mississippi independent insurance agent can help you find all the business coverage you need most from one of these top-rated insurance companies.
Mississippi Business Insurance Requirements
State law in Mississippi requires businesses with five employees or more to carry workers' compensation insurance. While this is the only coverage required by law, businesses should at least strongly consider adding more coverages to their policies. Property insurance can help you replace or repair stolen, damaged or destroyed company property including inventory if it gets stolen, etc. Also, having commercial auto insurance can help your business financially recover in case of lawsuits involving company vehicles and more.
The only state-required business insurance in Mississippi is:
Optional business insurance coverages in Mississippi include:
- Commercial general liability insurance
- Business income insurance
- Professional liability insurance
- Commercial property insurance
- Commercial auto insurance
- Cyber liability insurance
A Mississippi independent insurance agent can help you find workers' compensation as well as any other types of business insurance your company needs most.
What Business Insurance Covers in Mississippi
A comprehensive business insurance policy in Mississippi should protect each aspect of your business that's vulnerable to disasters of any kind. You'll want to add commercial property insurance to get reimbursement for damage, destruction, or theft of your company property including its buildings and inventory. A commercial auto insurance policy is also necessary if you have company vehicles, which could be a lawsuit risk or could be stolen or vandalized. Having business income insurance is also critical to replace lost income if your company needs to shut down for a while following a major disaster. But know that your business insurance will only protect the parts of the company you choose specific coverage for.
Liability Coverage Options for Small Businesses in Mississippi
Your small business may need more than one type of liability coverage. There are several kinds to choose from, with the three major types of liability coverage in Mississippi being:
- Professional liability insurance: Protects against financial losses caused by lawsuits filed by third parties that claim your staff gave them improper advice or performed a service incorrectly, leading to injury or loss.
- Cyber liability insurance: Protects against financial losses resulting from a data breach or other cyberattack that can expose and distribute sensitive information or data, including customer credit card numbers.
- Commercial general liability insurance: Protects against financial losses caused by a lawsuit filed by a third party for claims of personal property damage or bodily injury caused by your company.
A Mississippi independent insurance agent can help you find all the liability coverage your small business needs.
Property Coverage Options for Small Businesses in Mississippi
Business property needs protection of its own against a number of threats. If you have a physical building or a lot of inventory, you'll want to get:
- Commercial property insurance: Protects against losses caused by damaged, destroyed, or stolen property or inventory stemming from fire, theft, vandalism, and other threats.
Your independent insurance agent in Mississippi can help your business get equipped with the right amount of commercial property insurance.
Other Insurance Options for Small Business Owners in Mississippi
You might want to add other coverages to your business insurance policy as well. A couple of the most commonly needed business insurance types are:
- Commercial auto insurance: Protects against financial losses related to company vehicles, including lawsuits after accidents, theft or vandalism, and more.
- Business income insurance: Protects against lost income caused by temporary closures following covered disasters, such as fire damage.
An independent insurance agent in Mississippi can also recommend additional business insurance coverages needed by your unique company.
Average Cost of Business Insurance in Mississippi
Your business insurance costs in Mississippi will vary depending on several factors. The size and location of your business affect your rates because larger businesses need more coverage for employees, property, etc. Also, businesses in certain areas of the state may require more expensive coverage due to an increased risk of severe weather damage. Your business's operations and risk level, determined by its type, also impact your coverage rates, as the riskier your business is by nature, the more expensive coverage must be. So businesses in a more dangerous industry like construction will pay more for coverage than those in the baking industry. Additional factors that influence business insurance costs are the types of coverage chosen, your policy's coverage limits, and other options.
National Business Insurance Stats
Number of businesses in the US: 30,819,176
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
| City | No. of businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Aberdeen | 296 | 6.63 | 0.92 |
| Biloxi | 3,891 | 13.4 | 3.62 |
| Brandon | 2,820 | 2 | 1.11 |
| Brookhaven | 1,310 | 16.45 | 1.91 |
| Madison | 3,838 | 0.66 | 0.3 |
| Meridian | 4,048 | 11.96 | 3.53 |
| Natchez | 2,127 | 8.2 | 1.33 |
| New Albany | 899 | 2.6 | 0.12 |
| Olive Branch | 3,025 | 2.86 | 2.22 |
How Does Your Mississippi City Measure Up?
Property insurance: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you don't have the right insurance. The crime rate in Biloxi affects your coverage rates.
Commercial auto insurance: When it comes to commercial auto insurance, your rates are based on several factors, including the number and types of vehicles insured and the risk of collisions and vehicle theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who get injured on the job. It's required for most Mississippi employers with at least five employees. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for two leading industries in Biloxi, MS look like.
Public Administration Industry: $210/year
Construction Industry: $3,650/year
Property insurance: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you don't have the right insurance.
Commercial auto insurance: If your business owns one vehicle or more, you'll need commercial auto insurance. Coverage is critical to protect against threats like theft, lawsuits, etc. Depending on the number and types of vehicles covered, as well as the risk of collisions and vehicle theft in your city, insurance rates vary.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who get injured on the job. It's required for most Mississippi employers with at least five employees. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for two leading industries in Columbus, MS look like.
Manufacturing Industry: $2,730/year
Construction Industry: $3,650/year
Property insurance: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you don't have the right insurance. The crime rate in Gulfport can affect your coverage rates.
Commercial auto insurance: Because the auto crime rate in Gulfport is higher than average, you may be paying more for your commercial auto insurance.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who get injured on the job. It's required for most Mississippi employers with at least five employees. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the worker's comp costs for two leading industries in Gulfport, MS look like.
Construction Industry: $3,650/year
Retail Trade Industry: $1,480/year
Property insurance: The property crime rate in Jackson isn't much higher than the national average. But property insurance in less safe areas can sometimes be more expensive. Consider your neighborhood and the unique risk you face when looking at commercial insurance options.
Commercial auto insurance: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on several factors, including the number and types of vehicles you are covering and the risk of collisions and vehicle theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who get injured on the job. It's required for most Mississippi employers with at least five employees. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for two leading industries in Jackson, MS look like.
Manufacturing Industry: $2,730/year
Accommodation and Food Services Industry: $1,430/year
Property insurance: Property crimes like theft and arson can lead to large business losses if you don't have the right insurance. The crime rate in Leland can affect your property coverage rates.
Commercial auto insurance: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates are based on many factors, including the number and types of vehicles insured and the risk of collisions and vehicle theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who get injured on the job. It's required for most Mississippi employers with at least five employees. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for the two leading industries in Leland, MS look like.
Retail Trade Industry: $1,480/year
Educational Services Industry: $1,430/year
Property insurance: Severe weather events, property crimes like theft and arson, and unexpected flooding can lead to serious business losses if you don't have the right insurance.
Commercial auto insurance: If your business owns a vehicle or a fleet of vehicles, you need commercial auto insurance. It's not only important for when your employees are on the road, but also to protect you against car theft in your city and potential lawsuits involving company vehicles.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who get injured on the job. It's required for most Mississippi employers with at least five employees. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for two leading industries in Meridian, MS look like.
Manufacturing Industry: $2,730/year
Construction Industry: $3,650/year
Property insurance: Weather events, theft, and unexpected fires can lead to large business losses if you don't have the right insurance. The crime rate in Oxford is higher than average, meaning it can affect coverage rates.
Commercial auto insurance: Auto-related crime isn't a huge threat in Oxford. But you'll still need commercial auto insurance if your business owns a vehicle or a fleet of vehicles. Your rates are based on several unique factors like the number and types of vehicles covered.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who get injured on the job. It's required for most Mississippi employers with at least five employees. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for two leading industries in Oxford, MS look like.
Educational Services Industry: $210/year
Retail Trade Industry: $1,480/year
Property insurance: The crime rate in Southaven can affect how much you pay for business insurance coverage. In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you aren't properly protected.
Commercial auto insurance: Commercial auto insurance rates are based on several factors, including the number and types of vehicles covered and the risk of collisions and vehicle theft in your city. Having coverage helps reimburse for disasters like vehicle theft, lawsuits, and more.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who get injured on the job. It's required for most Mississippi employers with at least five employees. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for two leading industries in Southaven, MS look like.
Transportation and Warehousing Industry: $5,100/year
Manufacturing Industry: $2,730/year
Property insurance: Severe weather, theft, and unexpected fires can happen at any time and can lead to large business losses. Commercial property insurance can help your business repair or replace lost or destroyed property like inventory.
Commercial auto insurance: Your commercial auto insurance rates will be based on several factors such as the number of cars you're covering and their makes and models, as well as the risk of collisions and vehicle theft in your area.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who get injured on the job. It's required for most Mississippi employers with at least five employees. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for two leading industries in Tupelo, MS look like.
Manufacturing Industry: $2,730/year
Accommodation and Food Services Industry: $1,430/year
Popular Questions About Business Insurance in Mississippi
Several factors impact the cost of business insurance in Mississippi. These can include your business's:
- Location
- Size
- Number of employees
- Annual revenue
- Risk and operations
- Coverages needed
The only type of business insurance required in Mississippi by state law is workers' compensation. This insurance is required if your business has five employees or more, with only a few exceptions. Other coverages are not required by state law, but are a good idea to at least consider adding to your policy.
What your business insurance covers in Mississippi depends on the specific coverage types you add to your policy. Depending on your business's industry, you may need additional coverage, but in general, you'll want to at least have workers' comp, commercial property insurance, business income insurance, commercial vehicle insurance, cyber liability insurance, and general liability insurance.
Small business liability insurance in Mississippi covers lawsuits filed against your company by third parties for claims of bodily injury or personal property damage. It can reimburse you for attorney, court, and settlement fees from the lawsuit.
Yes, small business health insurance plans are available from One, Mississippi, the state's health insurance exchange, for businesses with 50 or fewer employees. Tax credits might be available for businesses with 25 or fewer employees. You can find out more information on the state's official website.
Our research found that the best small business insurance companies in Mississippi are Nationwide, Amica, Allstate, and Mississippi Farm Bureau. We selected these carriers based on financial strength ratings, customer service ratings, coverage options, discounts offered, and more.
Do You Know What Your Business Insurance Covers in Mississippi?
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