Topeka Business Insurance

Your Complete Guide to Topeka, KS, Business Insurance

Do you have the proper amount of coverage?

Topeka Kansas business insurance

Business insurance is a necessity to protect your business from heavy financial losses, especially when you own commercial or retail property. What business insurance options are available for your business? Would you like to add additional property coverage to your business insurance policy? If you want to know the answer to either of those questions, then stick around.

In Kansas in 2019, there were over 254,000 small businesses employing over 600,000 people, and occasionally business insurance claims do occur. In fact, in 2019, the total amount of business claims paid out was over $4 million, making business insurance crucial to the protection of your business.

Building a comprehensive business insurance policy can present some difficulties, but you are not alone. Independent insurance agents in Topeka, KS, can help by identifying your business’s particular risks and recommending appropriate policies to cover against them.

How Does Business Property Insurance Protect My Topeka, KS, Business?

Being a major part of your business owners policy, business property insurance is a necessity. It protects your structure, its contents, and any outdoor features, such as signs or furniture. Furthermore, business property insurance protects your business from other damage from theft, liability, and employee injuries.

If your business does suffer substantial property damage and you do not have enough business insurance, you might find it tough to recover from heavy financial losses. Therefore, make sure you purchase the right amount of business insurance to protect your business.

Every business has its own particular risks, and they all require different business coverage options. Thus, it is essential to identify the particular challenges your business faces and find ways to reduce them.

Does My Topeka, KS, Business Really Need Liability Insurance?

Another valuable part of your business insurance policy is business liability insurance and is meant to cover your business’s financial damages, court costs, and legal fees in case of a pending lawsuit. However, even if the court does not find you liable, these legal fees can be expensive.

It is also essential that you purchase the right types of coverage for your business liability insurance. Below are some of the business liability options available to you:

  • Premises liability insurance: This option covers damage occurring to a third party due to a mishap on your business property. 
  • Commercial vehicle liability insurance: This coverage is required if your business owns and operates automobiles. It covers your business's added liability risks in case one of your employees causes an accident which results in damage to a third party.
  • Pollution liability insurance: This optional insurance covers the cleanup costs and losses if your business is liable for an incident leading to the pollution of the air, ground, or water.
  • Cyber liability insurance: This option covers financial losses and liabilities if hackers gain access to your computer systems and steal sensitive customer data.
  • Product liability insurance: This option covers damage occurring to a third party caused by faults in goods your business produces, sells, or promotes.
  • Employment practices liability insurance: This option covers claims related to accusations of unlawful employment practices such as discrimination, a breach of contract, harassment, and wrongful termination.

What Other Business Insurance Options Are Available for My Topeka, KS, Business Property?

If your business is situated near waterways, specifically, the Kansas River, you are more at risk for flooding, so business flood insurance would be a really good idea.

In Topeka, KS, your business property is most likely to endure property losses or damage due to the following threats:

  • Severe storms and lightning damage
  • Flooding and water damage
  • Tornados
  • Wildfires and residential fires
  • Burglary and other property crimes

Almost all the above-mentioned threats are covered by your business property insurance, which is a standard part of all business insurance policies. It is constructed to include your business-owned property and covers your furniture, computers, inventory, and other merchandise.

Sometimes you may find it necessary to add specific business insurance options to your business insurance policy. Your independent insurance agent may suggest adding one or more of the following insurance options:

  • Flood insurance: Note that business property insurance does not cover flood damage, even if a covered hurricane damages your business property.
  • Equipment breakdown insurance: This option covers repairs or replacement of damaged equipment and any losses related to equipment breakdowns.
  • Bailee's insurance: This option covers other people’s property when in your business’s care, such as when you are doing repairs or upkeep on it.
  • Inland marine insurance: This option covers your movable business property during transfers or if you store it away from your place of business.

You should also make sure your business insurance options are adequate to allow you to rebuild, repair, or replace if needed.

Why Should I Buy Business Interruption Insurance in Topeka, KS?

When severe storm hits and the damage is enormous, your business may have to close for a prolonged period while repairs are being made. Below is data on past declared disasters in Kansas:

  • Number of federally declared disasters in KS since 1953: 79
  • Most common reasons for declared disasters: Severe storms/38
  • Average number of tornadoes in KS per year: 96

If your business does have to close for a prolonged period, it can be devastating financially, especially if you own a small business. Business interruption insurance provides your business with an income until your business can carry on with regularly scheduled activities. This allows you to pay routine monthly bills such as utility bills, loan payments, and employee wages when your business is currently not able to generate an income.

Does My Topeka, KS, Business Need to Carry Workers' Compensation Insurance?

All Kansas business owners are required to provide safe working conditions for your employees to carry out their duties. But accidents do happen and even when all safety precautions are taken, employees do get hurt or become ill on the job. Furthermore, when you own a business in Kansas you must cover your employees’ financial losses in case they become ill or hurt on the job.

Insurance companies base their workers' compensation rates on the kinds of jobs your employees do and the prospect they will get hurt or ill on the job. As a result, it is especially important to be appropriately insured with workers' compensation insurance.

What about Insurance Options for Employee Benefit Packages?

Healthcare coverage rates can be high, and they tend to vary depending on the options you choose. However, if your business offers subsidized health coverage to your employees, it can positively impact your business. Human resource personnel have studied and found that businesses offering a good quality employee benefits package have much better odds of enticing and retaining good employees.

There are several different health, car, and life insurance options available for you and your employees to choose from, so it can be tricky to figure out the right options for your business. This is where expert advice from an independent insurance agent can come in very useful.

Why Should I Work with an Independent Insurance Agent in Topeka, KS?

In the insurance market, insurance companies know that every business is distinctive and that it has its own particular dangers. Knowing this, they allow business owners to customize their business insurance options.

A TrustedChoice.com independent insurance agent can go over the advantages and disadvantages of each business insurance option so you can make an educated choice.

Find an independent insurance agent with an office in or near Topeka, KS, to discover more.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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