CGL Insurance Kansas Policy Information
CGL Insurance Kansas CGL (commercial general liability) insurance will protect your small business from financial losses. These can range from property damage, lawsuits, advertising injury, or any other liabilities your company might have which relates to personal loss for a client or employee.
Non-professional negligent acts are covered under your CGL policy, so as a business owner you should understand what it covers, and how a CGL insurance Kansas policy can protect your business.
CGL insurance Kansas protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Do I Need CGL Insurance For My Business?
You can be responsible for a number of occurrences during the normal course of business, which could result in varying degrees of financial loss. This is where CGL insurance Kansas can help. From medical bills, to malpractice claims, to personal injury claims, you could be liable for these, as well as punitive and compensatory damages if you are found liable. Some potential issues might stem from:
- Slip and fall cases or a custom tripping and falling on damaged flooring within your commercial space.
- An employee which leaves water running and causes damage to a client's home.
- Misleading advertising, or class action lawsuit against your business.
These are a few of the many instances you can be found liable as a KS business owner.
What CGL Covers
Basically your legal defense and coverage of damages which stem from injuries or loss, should be covered by your CGL insurance Kansas policy. Not only will this protect you financially, but will also protect your company in the event of a lawsuit. A basic policy will cover:
1. Coverage A - Bodily Injury and Property Damage: The property damage or bodily injury which stems from non-professional negligent acts, are covered under this section of your CGL insurance Kansas policy. Mental injuries or distress claims might also fall under this category, even when physical injuries aren't present. KS worker's comp and employment practice liability are excluded under this clause. You can however purchase additional coverage for these protections. Pollution liability is also excluded.
Any high risk business entity should consider purchasing this limited coverage to protect themselves financially. Liquor, professional, and other liability risks might also be excluded (check with your insurer). An broker can assist you in choosing coverage options.
2. Coverage B - Personal and Advertising Injury Protection: Insured businesses are protected from personal or advertising injuries caused by their business; somethings which are covered include:
- Libel and slander claims.
- False arrest.
- Copyright claims.
- Entry/evasion of property or wrongful eviction claims.
3. Coverage C - Medical Payments: Personal injuries sustained by non-employees are covered with this coverage option. If an accident occurs in the business place, your company is protected to your coverage's extent. Even in the event of settlements you are covered, so this can limit litigation and attorney fees for your business.
You are covered for all necessary medical, ambulance, or surgical/medical care necessary for the injured party. No defense or legal liability coverage is afforded under this section of the CGL insurance Kansas policy(as is the case with coverage A and B).
Choosing & Purchasing Commercial General Liability Policy
CGL insurance Kansas can be purchased on its own or with a BOP policy or CPP (commercial package policy) insurance. It is best to discuss your options with an insurance agent prior to deciding. And, in the event CGL, BOP, and CPP aren't sufficient, umbrella (excess liability) policies are also available for businesses to consider.
Additional Coverages To Consider
Depending on the line of business, risks, and other factors, you might require additional coverage:
1. Director/Officer Liability - Past, present, and future directors and officers are protected with this coverage option. Wrongful acts committed by these persons in a profit or not-for profit business are protected. Whether it is an actual or alleged error, your coverage shields your business from liability. Misstatements, omissions, errors, or breach of duty, are all covered under policy coverage.
2. Liquor Liability - Covers your business from loss or damages which are claimed in the event your patron/client is intoxicated, and either injure themselves or another person. If your company sells or furnishes liquor, this is a policy coverage option you should invest in. You can purchase as an add-on or stand alone policy, but if not added, your general liability protection won't cover these damages.
3. Pollution Liability - Industrial, agricultural, and commercial property owners, managers, or developers, are protected with this form of coverage. Gradual as well as accidental pollution claims are protected, and assets from unforeseen environmental exposure which could affect earnings, are also protected. Pollution hazards which can lead to bodily injury or harm, are also covered under this optional coverage prong, as are clean up costs.
KS CGL Insurance
There are additional types of insurance that may be a good fit for your business. Your agent can then help you find the right coverage to protect you against those specific risks.
Kansas Economic Data, Regulations And Limits On Commercial Insurance
Whether you're an experienced business owner who has successfully started several companies or you're a novice who is looking to establish your first startup, selecting the right location for your operations is extremely important.
It doesn't matter how stellar the products and services you offer are, if the location where your business is located doesn't offer a favorable climate, it's more than likely you aren't going to succeed.
With that said, if you're thinking about starting a new business or opening a division of your existing company in the state of Kansas, having an understanding of the economic data of the state is crucial.
Additionally, you it's also a good idea to know what type of commercial insurance policies you'll need to invest in if you operate a business in the state. Below, we provide an overview of this information so you can determine if the Sunflower State is the right place for your business endeavor.
Economic Trends For Business Owners In Kansas
In regard to job growth, the state of Kansas exceeds the national average. As of December, 2019, the unemployment rate was 3.2%, reports the Bureau of Labor Statistics; that's 0.3% lower than the national unemployment rate, which was 3.5% at the same time.
The rate has remained relatively steady, as it was 3.3% in December of 2018 and 3.5% in January of 2018; in fact, it has slightly improved. As per economists, the workforce and the economy is considered to improve or at the very least, remain steady, in upcoming years.
The state of Kansas, overall, is considered a good location for business owners; however, there are specific areas that provide better opportunities than others. Generally, these areas are the state's largest metropolitan regions and the suburbs that surround them, including:
- Kansas City
- Overland Park
Not only are these cities seeing an increase in the number of new businesses, but they also have an ample workforce, as well as a higher median income, than other areas in the state.
While there are several industries that thrive in KS, there are particular sectors that tend to do better than others. These include:
- Advanced manufacturing
- Aerospace engineering
- Biosciences and health
- Cattle production
- Food processing
- Logistics and distribution
- Non-fuel industrial minerals
Commercial Insurance Requirements In Kansas
The Kansas Insurance Department regulates insurance in KS. Kansas mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Kansas requires you to have worker's compensation insurance if you hire even one employee on a regular basis unless your business is involved in certain agricultural areas or has a gross annual payroll of less than $20,000. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Kansas also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Small Business Insurance
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
- Small Business
- Business General Liability
- Business Interruption
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Crime
- Commercial Package Policy
- Commercial Umbrella
- Comprehensive General Liability
- Directors and Officers Liability
- Cyber Liability
- Employers Liability
- Employment Practices Liability
- Event Cancellation
- Fiduciary Liability
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Ocean Marine
- Professional Liability
- Workers Compensation Insurance
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
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Also find Kansasa insurance agents & brokers and learn about Kansas small business insurance requirements for general liability, business property, commercial auto & workers compensation including KS business insurance costs. Call us (620) 205-2115.