On the banks of the Arkansas River, Wichita is a beautiful community serving as an industrial hub for Kansas. CNN Money ranked Wichita as No. 9 among the top 10 best cities to live in the country. Known as the “Air Capital of the World,” Wichita, KS is home to the nation’s largest aircraft production industry. You’ll also find numerous shops, museums and restaurants scattered across the city. All things considered, Wichita is a wonderful place to own a business – and you'll need business insurance.
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. TrustedChoice.com Independent Insurance Agents can help you minimize your risks as a business owner by matching you with reliable Wichita business insurance solutions.
Liability lawsuits are a constant cause for worry among small businesses in Wichita. 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. As a business owner, you need to take precautions to safeguard your company with general liability insurance, from the start.
- Product Liability: According to a national study, 71% of product liability awards and 53% of medical malpractice awards by the courts amounted to $1 million or more. Even if you take great care with quality control, defective products can slip by unnoticed. If a customer steps forward with accusations that your product was harmful or damaging, you could suddenly be wrapped up in a multimillion-dollar lawsuit. Product liability insurance protects Wichita businesses from potential financial fallout by covering fees associated with a lawsuit.
- Errors & Omissions/Professional Liability: Wichita’s consultants, contractors, financial advisers and customer service providers are also at risk for liability lawsuits. E&O policies protect specifically against allegations of errors and omissions. If a disgruntled client sues claiming negligence or bad advice, this policy safeguards your company finances and covers legal expenses.
Business Interruption Insurance for Wichita 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
Small businesses rely on daily profits to keep the bills paid, and even a small interruption in income can lead to serious financial strain. Business interruption insurance is a lifesaving option for new and struggling small businesses. If a fire or flood damages your business space and you have to close down to make repairs, this policy pays back the money you lose during the closure. By compensating you for lost profits, business interruption insurance keeps you on steady financial footing in the face of an unexpected disaster.
Property Insurance for Wichita 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
Wichita has a long history of devastating tornado activity, with 233 tornadoes on record since 1950. Many of these storms cause damage or complete destruction of small businesses, making commercial property insurance nonnegotiable if you want to do business in this city. If a tornado rips the roof off your business, you file a claim and then the property insurance company pays for the new roof without putting a strain on your business bank account.
Workers' Compensation for Wichita Businesses
An employee's on-the-job injury can take a massive financial toll on a business and even lead to legal action. Workers' compensation insurance gives Wichita companies an added measure of protection, stepping in to pay for medical bills and lost wages when an employee sustains a work-related injury.
Employee Coverages for Wichita 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
Health insurance rates continue to climb, placing increasing stress on small businesses that already struggle to provide these benefits to employees. Trusted Choice agents can help you reduce the strain by shopping for rates on employee coverages on your behalf and finding the most affordable health and life insurance options in Wichita.
Cyber Crime Insurance for Wichita Businesses
- 1,892 identity theft complaints in Kansas in 2014
- Ranked #35 highest for identity theft complaints in the U.S.
Hackers can do serious damage to a small business, yet most companies fail to prepare for this threat until it’s too late. Only 22% of small businesses have a response plan in place to deal with cyber crime and data breaches. Don’t leave your business assets vulnerable to nefarious hackers. Add cyber crime coverage to your Wichita business insurance plan to safeguard your company’s bank account in case a hacker targets you.
Shopping for Wichita commercial insurance can feel like an overwhelming feat, but Trusted Choice Independent Insurance Agents make it simple. Our experienced agents take the guesswork out of buying business insurance by providing rate quotes on multiple policies and helping you build a customized plan to safeguard your business from the most worrisome threats. Contact an agent today to get a free quote on commercial insurance for your Wichita business.