Find the Best Business Insurance Options in Kansas
Businesses of all kinds and sizes in Kansas need business insurance. With the right coverage, your business can get reimbursed after devastating incidents like break-ins, fires, and more. Though starting a business in Kansas is attractive for many folks, it's not without risks.
Kansas is home to nearly 254,300 small businesses. The 604,215 small business employees working in Kansas are at risk of getting injured or ill on the job, which creates the need for workers' compensation. An independent insurance agent in Kansas can help your unique company get set up with all the coverage it needs to stay afloat. But for starters, here's a behind-the-scenes look at business insurance in Kansas.
Best Business Insurance Companies in Kansas
Business insurance is available from many different Kansas insurance companies. However, not all policies are equal in terms of coverage and cost. That's why we've researched only the top business insurance companies in Kansas for you. When it's time to get your business covered, check out these top-rated Kansas business insurance companies first.
- Liberty Mutual: Liberty Mutual sells a lot of business and personal insurance products. It's also known for being a Fortune 500 company, having excellent ratings through AM Best and the Better Business Bureau (BBB), and offering 24/7 claims reporting.
- Progressive: Progressive sells many insurance products, including business insurance. It has excellent financial strength ratings, offers many discounts, and provides 24/7/365 customer service.
- Nationwide: Nationwide sells business insurance along with many other insurance products. It also has excellent ratings by both AM Best and the BBB and offers 24/7 claims reporting.
- Travelers: Travelers sells business insurance and many other types of insurance. It also offers top-rated customer service, has many positive reviews, and offers a lot of discounts.
A Kansas independent insurance agent can help you shop for business insurance from one of these outstanding local carriers.
Kansas Business Insurance Requirements
With limited exceptions, workers' compensation insurance is required by state law in Kansas for any business with employees. This is the only coverage mandated by state law. But your company could greatly benefit from having more types of business insurance, including commercial auto insurance, to protect any company vehicles. Having commercial property insurance is also crucial to allow your business to be able to repair, replace, or rebuild company property after a disaster like a fire. But Kansas only requires your business to have protection for its workforce by law.
Businesses with any number of part-time or full-time employees, with only a couple of exceptions, must have workers' comp by state law in Kansas. So Kansas's only mandated business insurance coverage is:
Optional business insurance coverages in Kansas:
- Cyber liability insurance
- Commercial general liability insurance
- Business income insurance
- Professional liability insurance
- Commercial auto insurance
- Commercial property insurance
A Kansas independent insurance agent can help you assemble the business insurance policy that includes all the protection your company needs.
What Business Insurance Covers in Kansas
Since a business insurance policy in Kansas isn't standard, what yours covers will depend on what you put into it. Aim to build a business insurance policy that at least includes workers' comp, liability coverage, commercial auto, cyber liability, and business income. Having business income or business interruption coverage can provide crucial reimbursement for company payroll and regular income if you must temporarily shut down after a disaster. A Kansas independent insurance agent can help advise you on which coverages your specific company needs.
Liability Coverage Options for Small Businesses in Kansas
Your Kansas business will need to be guarded by commercial liability insurance for a start, but it may also require other forms of liability protection. You may need extra coverage depending on the nature of your business's operations. These are some of the most common types of liability coverage:
- Commercial general liability insurance: Covers lawsuit costs if your business gets sued by a third party for claims of bodily injury or personal property damage.
- Professional liability insurance: Covers lawsuit costs if your business gets sued by a third party for claims of some injury or loss due to improper advice or services performed.
- Cyber liability insurance: Covers incidents of data breaches and other cyber threats that can lead to the distribution of sensitive data and other issues.
A Kansas independent insurance agent will help your company get set up with all the liability coverage it needs.
Property Coverage Options for Small Businesses in Kansas
Your Kansas business must also be covered by property insurance if you have any physical inventory or buildings.
- Commercial property insurance: Covers damage, theft, or destruction of your business's property from covered incidents like fire, vandalism, etc.
Your Kansas independent insurance agent can help get your company equipped with the right kind of commercial property insurance.
Other Insurance Options for Small Business Owners in Kansas
Your business might still need extra protection. Here are even more business insurance options to consider for your business in Kansas:
- Business income insurance: Replaces lost income or employee payroll during temporary covered closures, such as due to a fire.
- Commercial auto insurance: Covers incidents involving company vehicles like delivery vans, including lawsuits, theft, and more.
A Kansas independent insurance agent will help ensure your business gets all the coverage it needs.
Average Cost of Business Insurance in Kansas
The cost of your Kansas business insurance will depend on several different factors. The kind of business you operate and its industry, for starters, impact the cost of coverage. Larger, riskier businesses need more coverage and will pay much more for it than smaller companies. The exact location of your business can also impact premium rates, such as if your town is at risk of tornado damage. The more employees your business has and the more coverage it needs will also drive costs. Basically, the more of a risk your business is to insure, the higher you can expect its business insurance premiums to be.