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Kansas City Commercial Insurance Definitions and Basics

kansas city commercial insurance
Have you ever felt like it’s even harder to understand commercial insurance after you talk to an agent? All of the little details and options can blur together and get confusing. But Kansas City commercial insurance doesn’t have to overwhelm you. Here is an easy breakdown that will help you understand the definitions and basics.
 The Main Kansas City Commercial Insurance Types You Need

You can understand your needs in terms of thinking about all the risks you face as a business owner: property damage, liability (or in other words, getting sued), and Missouri-mandated insurance. Let’s go over those one-by-one.

Property Insurance. If there is a fire, natural disaster or other loss, property insurance will take care of the physical damage. Further coverage will take care things like loss of income and computer damage that results from the incident.

Commercial Auto Insurance. Commercial auto insurance needs to comply with certain Missouri and Department of Transit laws, which is where having a good agent comes in. You will have more basic requirements if you are a small business owner.

Your plan will look a lot like regular auto insurance, covering damage to the car and liability in the case that you are fault. Uninsured and underinsured motorist coverage will take care of damage when someone else is at fault.

If you operate a fleet of trucks or transport cargo, coverage will get more technical and varied. You will need to prove financial responsibility and turn in certain paperwork. This coverage can also get very expensive if you aren’t cutting the right corners. Drug testing drivers and maintaining your trucks will go a long way in saving you thousands of dollars each year.

Liability. Liability insurance is a big deal for Kansas City business owners because even the legal defense of a lawsuit can be staggering. General liability takes care of many different things, whether someone slips in your building or claims that you stole their intellectual property.

From there, you may need professional liability if you provide professional services such as veterinary care or IT support. This is also called Errors & Omissions (E&O), and covers the legal costs of claims that you didn’t do your job—or did it wrong.

Workers’ Compensation. Missouri requires that you have workers’ compensation for five or more full or part-time employees. Easily cut down on costs with on-the-job training and by making sure you pick the carrier who will give you the lowest rate.

We provide complete commercial insurance packages to Kansas City businesses, as well as those in surrounding areas. Insurance doesn’t have to be frustrating or expensive—we will make everything as simple and affordable as possible. Please get a Kansas City business insurance quote today.

photo by calebdzahnd