Overland Park Business Insurance

The Complete Overland Park, KS Business Insurance Guide

Find the right business insurance policy for you.

Overland Park is the second most populated city in Kansas. In this hub for small businesses, you’ll enjoy easy access to major highways, a thriving local economy and more than 1,800 acres of parks, where you can unwind after a busy day at work. Overland Park, KS is home to the Sprint world headquarters, and it’s also a haven for small startups and budding entrepreneurs. In 2014, there were 244,273 small businesses in Kansas, providing employment to 595,048 people. Of course, owning a business also carries serious risks. In 2014, loss payouts to Kansas businesses totaled $3,325,967. Trusted Choice® Independent Insurance Agents help small businesses minimize their risks by providing customized Overland Park business insurance solutions.

The growing number of liability lawsuits keeps many small-business owners up at night. Liability is the single greatest threat to Overland Park businesses. According to the 2015 Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and more than 30% said they felt the least prepared to handle this issue. If you own a business in Overland Park, it’s crucial to think through the potential consequences of a liability lawsuit and safeguard your company with general liability insurance.

  • Product Liability: According to a national study, 71% of product liability awards by the courts amounted to $1 million or more. This massive financial strain leaves many businesses unable to stay afloat, leading to bankruptcy. Even if you take careful measures to enforce quality control, a defective product could escape your notice. If someone is hurt or the product damages a customer’s home, you could be responsible for the damage. You can avoid this nightmare by investing in product liability coverage. This commercial coverage steps in to pay for legal fees, protecting your business from going under if you are sued.
  • Errors & Omissions/Professional Liability: Consultants in Overland Park oftentimes think they are immune from liability threats, but that’s not the case. Whether you’re a marketing consultant, a financial adviser or a contractor, you could be sued over errors, omissions or perceived negligence. Professional liability insurance protects businesses in the service sector and provides financial support in case of lawsuits.

Business Interruption Insurance for Overland Park Businesses

  • Gross domestic product in 2014: 2.2%
  • Kansas gross state product in 2014: 1.9%
  • The 2014 GSP increase was 0.3% less than the 2014 GDP increase

Most small businesses rely heavily on daily revenue to stay afloat, especially in the first few years. If a fire breaks out in your office and causes extensive damage to the building, you have to shut down and make repairs. During this downtime, your revenue will suddenly stop, leaving you unable to meet financial obligations for your company. Business interruption insurance is designed specifically for this situation, offering compensation for lost revenue when you are forced to shut down operations due to a catastrophe or natural disaster.

Property Insurance for Overland Park Businesses

  • Number of natural disasters in 2014: 119
  • Only 61% of losses from natural disasters were covered
  • Total uncovered property damage in 2014: $9.7 billion

Severe weather is a routine part of life in Overland Park, but the weather can create a financial nightmare for small businesses. With an average of three tornadoes per year, this city’s businesses are at constant risk for property damage. That’s why it’s critical to invest in commercial property insurance. This insurance pays for the cost of repairs if your business is damaged in the next big storm.

Workers' Compensation for Overland Park Businesses

Work-related injuries are not uncommon, and they can place an expensive burden on small businesses. Workers' compensation insurance protects Overland Park businesses by paying for medical care and lost wages after work-related accidents or injuries. This insurance not only takes some financial pressure off your business, but it also protects you from some lawsuits related to employee accidents.

Employee Coverages for Overland Park Businesses

  • Total 2013 spending on premiums in Kansas: $387,384
  • Ranked 19th for highest premiums in the U.S.
  • Annual cost of health care for small businesses in 2013: $5,583/person or $15,658/family

Most employers want to provide health and life insurance benefits, but these employee coverages seem to get more expensive each year. Trusted Choice agents specialize in matching Overland Park businesses with the lowest rates on health insurance, providing quotes on multiple policies so that you can select the plan that works best for your company’s budget.

Cyber Crime Insurance for Overland Park Businesses

  • 1,892 identity theft complaints in Kansas in 2014
  • Ranked #35 highest for identity theft complaints in the U.S.

Identity theft and cyber attacks are a growing problem across Kansas, and Overland Park is no exception. Even though most local businesses rely heavily on technology for daily operations, studies show that only 22% of businesses have a response plan in place to deal with cyber crimes. If your company uses the internet, you could be vulnerable to an online attack. Make sure you’re prepared by adding cyber crime coverage to your Overland Park business insurance plan.

Choosing the right Overland Park commercial insurance policy can make a big difference in whether your small business will succeed. Trusted Choice Independent Insurance Agents offer personalized support to business owners, taking time to answer questions, explain coverage options and provide multiple rate quotes. If you’re looking for a business insurance policy to minimize the threat to your business, contact a Trusted Choice agent for a free quote today. 

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