Owning a business is a lot of responsibility. You need to be prepared for any eventuality, including unfortunate events such as fire, loss of your premises, and dealing with natural disasters. Business insurance can help protect you against these potential issues, if you have the essential coverage you need. Too many business owners have no insurance or inadequate coverage to handle what might happen.
At the Saxton Law Firm, we know what it takes to protect your business. Here, we explain the essential coverage you need for your Kansas business. We consult with business owners on insurance issues and help if your insurance company refuses a claim.
Common Types of Kansas Business Insurance
There are a great many different types of business insurance options out there. Here, we address some of the most common to help you understand what you need to protect your company. Many small and medium-sized businesses start with a Business Owner’s Policy (BOP). This insurance plan typically combines three of the most essential types of coverage related to normal operations. This includes:
- General Liability Insurance
- Commercial Property Insurance
- Business Income Insurance
General Liability Insurance
General liability insurance typically covers claims against your business, such as for:
- Bodily injury sustained as result of your business operations
- Property damage to your company’s or another party’s belongings
- Libel or slander actions
- Other personal injury or tort claims
General liability insurance can help with a wide variety of issues. For example, it could help with a slip and fall claim where a customer sues after slipping in your store.
Commercial Property Insurance
Commercial property insurance focuses on your business’ real property and tangible assets. It may protect your business premises, manufacturing sites, vehicles, and so much more. What your business needs to protect will depend greatly on your unique situation.
This insurance coverage may also include specific coverages related to disasters, such as:
- Fire damage coverage
- Flood coverage
- Tornados or other weather events
- Defacement, theft, or other criminal activity
Business Income Insurance
Business income insurance helps cover the gap after a covered incident. For example, if your premises catch fire, it will take time to repair your building and get back to doing business. During this time, you are losing business income.
This coverage will often pay a partial or total amount that you would have earned had you stayed in the regular course of business. Many business owners find out too late how important this essential coverage is after a disaster or incident.
Other Essential Business Insurance Coverage in Kansas
In addition to those listed above, there are several other essential policies your company should have in place.
Workers’ Compensation Coverage
Kansas law requires businesses to carry workers’ compensation coverage. This helps pay for expenses related to employee injuries that occur while on the job. Businesses that fail to carry this coverage can face steep penalties, such as high fines, lawsuits, and even the loss of business licenses.
Professional Liability Coverage
Any Kansas business that provides professional services should carry professional liability coverage. Businesses such as law firms, accounting firms, and many others need coverage for:
- Negligence or inaccurate advice
- Failure to perform services
- Libel or slander
- Misrepresentation
- Failure to protect personally identifiable information
Cyber Insurance
Businesses are increasingly concerned about their cyber security. In addition to investing in protecting their data, businesses should also consider insurance coverage for when a breach occurs.
A business may lose valuable data, or customers may sue if their data is leaked. Cyber insurance can help cover these potential losses.
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You should carry at least the essential coverage you need to protect your business. We can help advise you on your business insurance needs, and help you handle any claim denials you face. Contact Saxton Law Firm for a FREE case review!