Choose The Hartford for Your Arkansas Business Insurance Needs
Arkansas, the Natural State, is home to 247,018 small businesses, making up 99.3% of companies in Arkansas, as of 2018. Those small businesses employ 479,727 employees. Small businesses in Arkansas are defined as businesses with fewer than 500 employees.1 Business insurance from The Hartford can cover Little Rock businesses, Fayetteville businesses, Springdale businesses, and more. Arkansas companies have been protecting themselves with business insurance from The Hartford for hundreds of years. Learn more about Arkansas small business insurance, Arkansas workers' compensation insurance, and Arkansas data breach insurance from The Hartford.
Types of Arkansas Business Insurance Offered
Arkansas Business Owner’s Policy Insurance
An Arkansas Business Owner’s Policy is a single insurance policy that combines business property and business liability insurance for your small business in Arkansas. A Business Owner’s Policy, commonly referred to as a BOP, helps protect your Arkansas business from costs of damages from things like fire, burglary, or other disasters. BOP coverage also helps your business cover the costs related to claims of property damage, bodily injury, and personal and advertising injury that could arise during the day to day operations of your business.
Businesses in AR can tailor a BOP to help meet their unique business needs by adding additional coverages like workers’ compensation insurance, and more. Purchasing a Business Owner’s Policy is smart and straightforward. It clarifies insurance coverage needs by including both business property insurance and business liability insurance into one policy. These are two unique insurance coverages that are crucial for your business.
Consider a BOP for your business if:
- Your Arkansas business has a physical location. This can be your home office, a rented/owned office or another place where you do business.
- Your Arkansas business has the potential to be sued. For example, a customer gets hurt in your place of business and goes to the hospital for his injuries and sues you for the costs.
- Your Arkansas business has physical and digital assets that can be damaged or stolen, digital hardware and software, tools, inventory, furniture, customer information, and other data.
Arkansas Workers Compensation Insurance
Arkansas workers’ compensation insurance, also known as workman’s compensation insurance, provides benefits to Arkansas employees for work-related injuries or sicknesses contracted on the job. Most employers in Arkansas with three or more employees are required by law to have workers’ compensation insurance coverage for their employees.2 Workers’ compensation insurance coverage includes medical care, wages from lost time at work, and more. If the family of an employee decides to sue your Arkansas business, workers compensation insurance may even help cover the legal fees.
Workers’ Compensation Insurance coverage can help protect your AR business and employees from the costs of accidents such as:
- Your employee, a chef, injures himself in a kitchen disaster. His arm and leg require treatment in the hospital as well as seven weeks of recovery time.
- A employee is driving to the office after a trade show and is hurt in an auto accident. They require a ride to the hospital and immediate medical attention.
- A retail employee injures her foot moving furniture around in the breakroom and requires a doctor’s visit, medication, and time off to recover.
Arkansas General Liability Insurance
Arkansas General Liability Insurance coverage can help protect your Arkansas business from claims like bodily injury, property damage, and personal and advertising injury that may put your business at risk. Consider The Hartford for your General Liability Insurance needs as it offers some of the broadest business insurance coverages available today.
Commercial General Liability Insurance, also known as Business Liability Insurance (General Liability Insurance) provides coverage for customer injuries, lawsuits against your business, and damage to property owned by others. It can also help cover medical expenses and legal costs if an incident results in a lawsuit.
Commercial Liability Insurance typically includes coverage for:
- Damage to rented property – if the property you rent is damaged by things like an explosion, fire, or lightning.
- Bodily injury or property damage – for claims that your business in Arkansas caused someone bodily harm or damaged their property.
- Advertising errors – for claims of copyright infringement.
- Reputational harm – to help cover the cost of claims of libel, malicious prosecution, slander, wrongful eviction, and more.
- Medical payments – to help defray the costs of medical expenses if someone is injured at your business.
Arkansas Commercial Umbrella Insurance
Arkansas Commercial Umbrella Insurance provides businesses with liability coverage to help protect them against the costs of claims, which can potentially destroy a company in Arkansas. Significant assets can be at risk when companies are the target of lawsuits. If the cost of a claim is higher than a business’s underlying primary insurance policy, Commercial Umbrella Insurance extends liability coverage for another layer of insurance to further help protect business assets. Without Commercial Umbrella Insurance, business owners in Arkansas could be required to pay out of pocket for not only legal fees but also for medical bills and damage expenses that exceed the limits of their underlying primary business insurance coverages.
A Commercial Umbrella Insurance policy can help protect your business when accidents occur, such as:
- An advertising error results in significant lawsuits against your company with costs that far exceed your primary business liability insurance coverage limits.
- A customer trips on the flooring in your office and hurts himself. The medical costs of his injuries exceed your general liability policy’s limits.
Arkansas Minimum Business Insurance Requirements
Most employers in Arkansas with three or more employees are required by law to have workers’ comp insurance coverage for their employees. However, there are exceptions to the three-or-more requirement. Employers with fewer than three should check before assuming they do not fall under the workers’ compensation laws. Employers in doubt may contact their agent or the Commission's Information Officer, its Operations/Compliance Division, or the Legal Advisor Division.3
The Arkansas Secretary of State Office is responsible for the collection of the state’s mandatory franchise taxes. Companies who conduct business in Arkansas are required to pay this annual tax, with the first $8 million placed into the state’s general fund and the remaining balance into the Education Adequacy Fund. This fund provides funding to public schools and higher education.4
Additional Arkansas Business Insurance Links
- Commercial Auto Insurance
- Business Income Insurance
- Commercial Flood Insurance
- Commercial Property Insurance
- Management & Professional Liability
- Surety & Fidelity Bonds
- Home-Based Business Insurance
- Employment Practices Liability
- Loss Sensitive (Deductible) Solutions
Get a quote on Small Business Insurance for your business today.
1 “2018 Small Business Profile,” U.S. Small Business Administration, https://www.sba.gov/sites/default/files/advocacy/2018-Small-Business-Profiles-AR.pdf
2 “Basic Facts About Workers’ Compensation in Arkansas,” Arkansas Workers’ Compensation Commission, http://www.awcc.state.ar.us/employerbasicfacts.html
3 “Basic Facts About Workers’ Compensation in Arkansas,” Arkansas Workers’ Compensation Commission, http://www.awcc.state.ar.us/employerbasicfacts.html
4 “Business and Commercial Services,” Arkansas Secretary of the State Mark Martin, https://www.sos.arkansas.gov/business-commercial-services-bcs/franchise-tax/