Having a business insurance policy is one of the most important decisions that you will have to make when starting your own business. It’s crucial to ensure that your assets are protected and you have a safety net in the event that something goes wrong and you experience an unforeseen event. But with so many policies, it can be hard to know what type of business insurance you need.
Coverwallet began its journey in New York City in 2015 operating under the
Aon Insurance banner. At Coverwallet, you can access everything you need to
keep your company well-protected at an unbeatable price.
With a 100-year history of insuring businesses, Hiscox is well-known across
America and globally. With more than 500,000 small business customers,
Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by
the year, month, day, or even the job. At Thimble, the process to getting
the right business insurance is simple, scalable, and flexible.
What are the requirements for business insurance in Kansas?
In Kansas, there are several types of business insurance that are needed by law to operate. The most common types of business insurance in Kansas are general liability insurance and Workers’ Compensation insurance. Other types of business insurance that may be needed include health insurance, property and auto insurance, and professional liability coverage.
What are the types of business insurance in Kansas?
Let’s talk about the different types of insurance policies and what they cover:
Property insurance
Property insurance covers damage to your business property, such as buildings, equipment, and inventory. Some policies include liability insurance that protects you from lawsuits.
Business interruption
Business interruption insurance helps cover loss of income if your business is closed due to a natural disaster or other catastrophic events (hurricane, tornado, arson, etc.).
General liability
Commercial general liability insurance covers financial losses resulting from a lawsuit filed against your company arising out of an incident at work (or while on business), including bodily injury and damage to property. It would be used if you accidentally injured someone at work or damaged property in the course of your job.
Here are some examples of claims that aren’t covered:
Personal injury or property damage claims.
Claims against legal liability protection policies.
Claims relating to employees’ employment contracts
Workers’ compensation
Workers’ compensation insurance protects the employer from paying out money if a worker gets hurt on the job (or at least does not have to pay for medical expenses). There are some differences between state laws regarding workers’ comp coverage. The most common exclusions are:
Workers’ compensation claims related to false advertising, fraud, embezzlement, or similar acts committed by your company or employees
Claims based on personal injury arising out of the employment relationship or work-related activities
Employer liability insurance
Employer’s liability insurance covers financial losses resulting from injuries to employees or third parties (customers) caused by the negligence of others who work for you.
Commercial auto insurance
Commercial auto insurance covers damage caused to a customer’s vehicle while in the care or possession of your business. This type of coverage might also include legal expenses if someone sues you over an accident involving one of your vehicles.
How much does business insurance cost in Kansas?
Every business is different, and the specific types of coverage you need depend on your industry and your company’s unique risk profile. But no matter what type of business you run, you can expect these factors to affect how much your policy will cost:
Size of your business. Larger businesses tend to pay higher premiums than smaller ones do. That’s because larger businesses often have more assets to protect, and because they tend to have more complex operations.
The number of employees. Businesses with more workers may pay higher premiums because they’re at greater risk of being sued as a result of an employee injury or dispute.
Location of your business. Businesses located in high-crime areas might be charged higher premiums than those in safer neighborhoods. That’s because the risk of theft is greater in cities with high crime rates.
Severity and frequency of claims in your industry. Industries that are prone to accidents, injuries, or lawsuits will typically pay more for insurance than companies in less risky industries will.
Your history. If you have no claims against your business or other incidents that would raise red flags with an insurance company, you’ll likely get lower rates than if you’ve had multiple claims in the past.
How to choose the best business insurance in Kansas
Before you shop for business insurance, take these steps:
Know what you need: The type of insurance your business needs depends on the type of work you do. For example, if you rent out your commercial space, you need property insurance to protect against fire or storm damage. If you have employees, workers’ compensation insurance is a must. If you’re selling products, product liability insurance can protect your business from lawsuits if someone claims harm from one of your products.
What kind of risks do you face?
After determining how much insurance you require, the next step is to figure out what kind of risk your business faces.
For example, if your business has employees, workers’ compensation insurance may be required by law. If you provide services that could lead to lawsuits over shoddy workmanship or failure to complete a job, liability coverage is a must. If your company relies on computers and technology, protection against cybercrime is vital.
Choose an experienced agent: An experienced agent will take the time to find out what’s important to you and then find coverage that meets your needs and budget.
Don’t go it alone: Working with an agent who understands the ins and outs of commercial insurance can help make sure that valuable assets are protected, even when unexpected things happen.
Get quotes from several companies: Contact several insurers that sell business insurance policies and ask for price quotes. Use the same liability limits and deductible amounts for each company so you can do an apples-to-apples comparison of costs. Also, be sure to check on discounts — often you’ll receive one if you buy more than one type of insurance from the same company, such as general liability plus auto or workers’ compensation.
