Evaluating business coverage with insurance companies in Wichita, KS

by | May 16, 2016 | Insurance

Kansas business owners need to assess their insurance requirements. These requirements are based on choices they make about their company. This includes whether they choose to set up a business location outside of their home and if they choose to hire workers. Local insurance companies in Wichita KS helps these owners make choices about insurance coverage.

Protection for the Location

The business owner needs protection for their company location. The business coverage provides protection for structural damage and a total loss. The policy provides funds for rebuilding and repairing the damage. The owner should evaluate the total value provided by the policy to acquire the right level of protection.

Coverage for Equipment Used for the Business

All equipment used for the business is covered under the policy. However, the policy may provide a predetermined amount for these items. The owner must evaluate this value to determine if it provides enough coverage. If necessary, they may need to add a rider for high-valued equipment and machinery. This could help them gain full replacement value for these items.

Worker’s Compensation Insurance

Worker’s compensation insurance is required by law if employees are hired. The insurance pays for medical expenses for on-the-job injuries. They also provide monetary benefits to replace the employee’s wages. Typically, they receive sixty percent of their wages through these benefits. However, if the employee sustains a permanent injury or disability the insurance provides a larger settlement.

Home-Based Business Coverage

A home-based business needs coverage as well. The owner acquires a certain level of coverage through their homeowner’s policy. However, this doesn’t protect the company entirely. It doesn’t cover business-related equipment, inventory, and certain liabilities. The business owner needs to evaluate these additional requirements with an agent. This gives them a fuller picture of risks associated with their business.

In Kansas, business owners should identify all risks associated with their company. This risk assessment determines what policies they need to protect their company fully. Among these requirements are worker’s compensation, general liability, and structural protection. Business owners who need a policy from insurance companies in Wichita KS should browse our website for further details today.

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