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Recommended insurance policies for small businesses in Arkansas
These insurance policies defend Arkansas small business owners against common lawsuits and other top risks.
General liability insurance
A commercial general liability policy covers common third-party risks for small businesses in Arkansas, including customer property damage and injuries. Commercial leases often require this policy.
- Customer injuries at your company
- Damaged customer property
- Libel and other advertising injuries
Errors and omissions insurance
This policy is also called professional liability insurance. It protects professionals against lawsuits over mistakes, missed deadlines, and oversights.
- Work errors and oversights
- Professional negligence lawsuits
- Late or incomplete work
Professional liability insurance
This type of coverage protects Arkansas businesses against lawsuits related to the quality of their professional services or advice. It's sometimes referred to as E&O insurance.
- Mistakes and oversights
- Breach of contract
- Missed deadlines
Business owner's policy
A BOP bundles commercial property insurance and general liability coverage at a discount. It's often the most cost-effective type of business insurance.
- Customer injuries
- Damaged customer property
- Damaged business property
Workers' comp insurance
Arkansas state law requires workers’ comp for businesses that have three or more employees. Sole proprietors also buy this coverage, as personal health insurance won’t cover work injuries.
- Medical expenses from work injuries
- Legal fees from work injuries
- Disability benefits
Cyber insurance
This policy protects Arkansas small businesses against financial losses from data breaches and cyberattacks. It’s also called cybersecurity insurance.
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Commercial auto insurance
This policy is required for business vehicles in Arkansas. It helps cover financial losses from an accident, along with vehicle theft and other types of damage.
- Injuries caused by your vehicle
- Property damage caused by your vehicle
- Vehicle theft and vandalism
Fidelity bonds
A fidelity bond reimburses your clients in the event of employee theft. Your clients may ask you to secure a bond before they will work with your business.
- Illegal electronic funds transfer
- Forged signatures
- Theft of cash or property
Commercial umbrella insurance
An umbrella policy boosts the coverage of your general liability, commercial auto, and employer's liability insurance. It can help your small business meet client requirements for higher liability limits.
- Personal injury lawsuits
- Auto accident lawsuits
- Workplace injury lawsuits
Looking for different coverage? Check out our other policies.
What are the insurance requirements for small businesses in Arkansas?
State laws can affect which policies you need. These insurance products are required for all Arkansas businesses.
Workers' compensation insurance
Arkansas state law requires businesses with three or more employees to carry workers’ compensation insurance. This policy covers medical costs for work-related injuries and illnesses.
Most policies include employer's liability insurance, which helps pay for lawsuits related to employee injuries.
Commercial auto insurance
Vehicles owned by limited liability companies (LLCs), startups, and other businesses in Arkansas must be covered by commercial auto insurance.
Arkansas' requirements for auto liability insurance coverage are:
- Bodily injury liability per person: $25,000
- Bodily injury liability per accident: $50,000
- Property damage liability: $25,000
Personal, rented, and leased vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
How much does small business insurance cost in Arkansas?
Commercial insurance can be affordable for small business owners with low risks. Based on policy data from TechInsurance customers in Arkansas, the average premiums are:
General liability: $42 per month
Workers' compensation: $59 per month
Professional liability / E&O: $104 per month
Factors that influence the cost of business insurance include:
- Type of business
- Business operations
- Number of employees
- Location, such as Fayetteville or Little Rock
- Policy limits and other coverage options
- Claims history
Why Arkansas business owners choose TechInsurance
Gain financial protection
The costs from a lawsuit or data breach can overwhelm a small business. Protect against common risks with the right business insurance coverage.
Find insurance policies for your small business in Arkansas
Whether you need coverage to sign a contract, rent an office, or get a license, TechInsurance can help you find the right business insurance policies. Our insurance agents are licensed in Arkansas and can help you find affordable policies from top-rated insurance companies.
Get started today by filling out our easy application. You can chat with an agent about your business insurance needs and get answers to any questions. When you're ready, pay for a policy online and get a certificate of insurance (COI) immediately to show clients that your business is protected.
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