As a business owner, the world of business insurance might seem overwhelming. There are a lot of options, many of which are essential to protecting your company. You need to know what your company needs and why it matters to you. This comprehensive guide provides you with a summary of essential coverage and how it can help your business.

At the Saxton Law Firm, we understand the challenges you face in your business. Our team can help educate you about your insurance needs and how to deal with insurance-related issues.  

Types of Business Insurance in Kansas

There are many types of business insurance you must understand and consider to properly protect your business. The following are some of the most important types of coverage you may need.

General Liability Insurance

General liability insurance covers against common risks your business faces. These are best for customer injuries on your premises, damaged customer property, or even libel and slander lawsuits. 

It is primarily intended to protect against financial losses, such as legal bills, medical bills of an affected person, and any other damages that may result from a lawsuit.

Professional Liability Insurance

Professional liability insurance protects businesses that provide professional services, like legal advice, accounting work, and more. It helps cover monetary damages that stem from malpractice, negligence, or inaccurate advice. 

Some businesses must carry professional liability insurance by law, or through the professional association with which they are affiliated.

Product Liability Insurance

Many businesses make their income from the products they create. In some instances, a defective design or manufacturing mistake can create a dangerous product that injuries consumers. A product liability insurance policy helps cover the monetary damages an injured customer could win in a lawsuit.

Commercial Property Insurance

Your equipment, inventory, and even real property all need protection. Commercial property insurance protects these assets in the case of fire, storms, or other disasters. This is especially important to protect high-value business assets whose loss would be financially damaging.

Workers’ Compensation Insurance

Kansas law requires that most employers carry workers’ compensation insurance. This administrative system protects workers if they are injured in the course of their employment. It creates a non-negligence based system so that workers do not have to prove employer negligence, but also limits the damages an employer may have to pay.

Home-Based Business Insurance

More and more companies are based in the home. Your residential home insurance likely does not cover accidents or damages that arise from your home-based business. A separate policy can help keep you safe in the case of an accident.

Business Interruption Insurance

If your business had to close from an incident, such as a flood, business interruption service can help. It covers your lost income during the period you are interrupted for a covered reason.

Cyber Liability Insurance

Cyber liability insurance protects a business in case it or its customers’ data is stolen or disclosed. Cyber insurance can help with monetary damages stemming from these incidents, such as the costs of fixing the issue, recovering data, and paying any penalties.

Commercial Auto Insurance

Many companies rely on commercial vehicles like delivery trucks. Commercial automobiles require a separate policy with higher limits that a typical auto insurance policy.

READ MORE: Can You Argue With Your Insurance Company?

If your business is struggling with an insurance issue, our experienced insurance litigators know how to help. We can help file a claim or fight back against a claim denial. Contact Saxton Law Firm for a FREE case review!