Mississippi Business Insurance

General liability insurance, known as commercial general liability (CGL), protects your Mississippi business from another person or business’s claims of bodily injury, associated medical costs, and damage to property. Some examples of what may be covered are below.

• Bodily injury: The client of a massage therapist falls while getting off the massage table and breaks an ankle. The massage therapist may be protected by a general liability policy which could cover the client's medical costs associated with the injury.
• Accidental property damage: A building inspector was hired to inspect a renovation project in an office building. Part of the building was occupied. While the inspector was passing through the occupied section of the building, he inadvertently knocked an expensive vase off a table in a lobby area. A general liability insurance policy may protect this building inspector against this third-party claim of property damage.

Learn more about how much general liability insurance costs.

Professional liability insurance, also known as errors and omissions insurance (E&O insurance), covers claims against businesses that provide professional services. Below are some examples of what could be covered.

• Discrimination: A property manager was sued for failing to rent an apartment to a prospective tenant, who claimed that they were turned down because of their religion. Professional liability insurance protects property managers against claims of discrimination and will appoint an attorney to defend them if needed.
• Negligence: A realtor lists a home for sale in a desirable neighborhood, and it sells quickly. A few months later, a similar home in the same neighborhood is sold at a considerably higher price. The seller of the first home sues the realtor, claiming they underpriced the home. The realtor may be protected by their professional liability policy.
• Personal injury: A marketing consultant posts on social media on behalf of a client. The post includes what is supposed to be a lighthearted reference to a competitor, but there is a typo in the post that changes the meaning. The resulting post is quite derogatory, and the competitor sues. The consultant's client sues them, but they may be protected with a professional liability insurance policy.

Learn more about professional liability insurance.

A business owner’s policy in Mississippi combines general liability protection with coverage for the business’s own property. It’s a great option for businesses that have tools or equipment they want to protect, in addition to being protected for third-party claims.

Here are some examples of what a business owner’s policy could cover.

• Bodily injury: A client walks into an accountant’s office and trips and falls, injuring themselves. The accountant’s business owner’s policy may cover the client’s medical costs and lost wages.
• Damage to business property: An IT consultant’s office is in a large office complex. A fire breaks out upstairs and, while the consultant’s office is not engulfed, the sprinkler system is activated. The consultant’s office furniture and equipment are damaged beyond repair, but their business owner’s policy may cover the cost of replacement.

Mississippi small business owners can customize a business owner’s policy by adding coverage for things like fire and business interruption, hired or non-owned vehicles, or electronic data loss.

Businesses in Mississippi can be protected from the costs associated with computer-related losses like data breaches and extortion attempts with cyber security insurance coverage. This coverage is important for businesses that have a website, accept credit cards or other digital payments, and use email. Sometimes called cyber liability or cyber risk insurance, cyber security insurance may cover scenarios like these.

• Cyber extortion: A bookkeeper receives an email that appears to be from a vendor they regularly use, and it includes a link to confirm the business’s contact information. They click on the link, but the email is fraudulent, and the company’s network is infected with malware. They receive a demand for ransom to restore the data. Cyber security insurance may provide expert assistance in handling the ransomware demand as well as covering the associated costs.
• Data breach: There’s a breach of a consulting firm’s customer database. While it’s unclear if sensitive information was compromised, they are required to notify the affected parties and provide credit monitoring. Cyber security insurance may cover the cost of complying with regulatory requirements, along with providing defense against lawsuits and fines if necessary.

Learn more about cyber security insurance.