Kansas City Business Insurance: Details and Coverage

Typically, a small business consists of a company with approximately 500 employees or less. These small businesses are crucial to the economic growth of Kansas, with almost 98% of the population categorized as state employers. Of the documented almost two hundred forty thousand small businesses since 2008, roughly 59,000 of them are small employers. Overall, that’s 54% of Kansas’ private-sector jobs. Whereas almost 180,000 of them are one-man business operations with no hired staff or workers.

Commercial liability insurance is a type of coverage that safeguards any Kansas business – big or small from any financial loss that may arise from claims of lawsuit, damage, or bodily injury caused by others to them or their workers. Insurance coverage like this would cover:

  • Property Damage Insurance

Damages that are done to a person’s personal property by an employee, you, or a third party in the course of business.

  • Advertising Injuries Insurance

Losses or injuries which may have been caused by advertising.

  • Bodily Injury Insurance

Physical harm or damage to a person other than the employee at the place of work and any injuries caused by an employee or you at the customer’s home or business premises.

  • Law Suits and Defences Insurance

The cost of lawsuits and defenses against any judgment or suits that have been lodged against you, your employees, or your business. This is not only limited to punitive damages but also any misconduct. You can have a quote sent to you by phone or fax for more information.

Kansas City Minimum Business Insurance 

A business insurance or commercial liability insurance is not required for all businesses that operate in and around Kansas City. Kansas business is regarded as a modified comparative level and no negligence or no-fault state. Hence, plaintiffs can demand up to 49% of the insurance coverage if at fault. The damages that can be claimed are limited to up to the extent of $250,000 in a personal injury lawsuit. 

The statute of limitations for any general personal injury is one year for intentional conduct, two years for negligence, and not more than ten years from the time of discovery. The product liability is set at two years in cases of negligence. Accidents are inevitable wherever you are even in overland park, Lawrence, or toggle navigation, especially in Kansas, and so are lawsuits so you have to be prepared. If you happen to own any property, have valuable assets, then it will be very wise to invest in appropriate business insurance for your Kansas businesses. 

Insurances To Consider For Your Kansas Business

Optional Coverage:

• Errors and Omissions

• Employee Disability Insurance

• BOP or Business Owner’s Policy

• EPLI or Employment Practices Liability Insurance

• Commercial Property Insurance

• Product Liability

• Professional Liability

Mandatory Coverage

In Kansas, it is mandatory for anyone who has in their employ 1-2 persons, part-time or full time, to have worker’s compensation insurance policy. But, those who are sole proprietors and have no employees are not required to obtain this kind of coverage or any life insurance. 

Also, Kansas mandates that all drivers possess minimum commercial auto insurance. If you use your vehicle for work, it is strongly recommended that you secure a commercial vehicle insurance policy too.

Premium Assessment

The premiums are often based on the number of factors such as the kind of product or service you render to the public, the employees you have, how long have you been in business, and any claims lodged against your business. The coverage is often set at a specific amount for a particular policy period.

How Much Liability Insurance Coverage For Your Kansas Business? 

Every case is distinct, however as a whole, the kind of business you run and the products you manufacture will determine the level of commercial liability insurance you will need. As a general rule for many small businesses, you can obtain a policy ranging from one million to half a million to cover your business. But, if your small business is of a high-risk nature or where you have high public interaction such as retail or restaurant business, you must consider increasing your liability insurance coverage. If you operate at home, bear in mind that your homeowner’s insurance (or renter’s insurance) comes with limited coverage for business loss, damage, or liability.

It also does not hurt to ask for quote, either by phone or fax, for additional life insurance. Most companies now give this as benefits for their workers.