Inland Marine Insurance Kansas Policy Information
Inland Marine Insurance Kansas. Most people have never heard the term "inland marine insurance," so if you're unsure what it is, you're not on your own. Although its name might suggest otherwise, inland marine insurance is not insurance for a boat. It is insurance that protects the inventory you transport from place to place over land. It covers personal property and valuables stored in your business. In some instances, it may also fill in any gaps that your homeowner's policy leaves behind.
In addition, inland marine coverage Kansas also protects your valuables if you ship them and they become lost or if the value of your shipment exceeds the declared limit value that is provided by your shipper. This is usually a very small amount, sometimes as little as $50. Anytime you have valuables being shipped or in transit, this coverage can save you thousands of dollars if a loss occurs.
Inland marine insurance Kansas protects your property from theft, damage or loss with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
What is the Difference in Inland Marine and Ocean Marine?
If you have goods shipped or transported via a vessel on the open water, then ocean marine insurance is the coverage you need. For protection of your items and inventory when they are offloaded from a sea-faring vessel, inland marine coverage Kansas is the protection to buy.
This type of insurance gets its name from its origin; it was originally meant to provide protection for goods that moved through inland waterways from a shipper to a receiver. However, the definition was later expanded to encompass other types of inland transportation, including the use of planes, trains, and autos to haul goods or for goods being housed in warehouses or docked in bays.
Some examples of materials that require inland marine coverage Kansas coverage include property in transit, contractor's equipment, mobile medical equipment, and property that is held by a bailee.
Why Choose Inland Marine Coverage?
The most typical method of hauling goods from one point to another within the United States is via truck, followed by surface mail and rail. In most cases, a typical business policy never covers the shipping process for goods, and it's not in a shipper's best interest to trust the protection affording by the shipping carrier. This is particularly true of goods that are valuable or even irreplaceable.
Major shippers usually have many exclusions when shipping valuables. For instance, UPS does not provide protection for coins, precious stones, or cash. Fedex limits the declared value of packages to $1K. This can leave a wide gap in coverage; for example, if you sell a 4K TV that retails for $2,500, and the TV becomes subsequently damaged by Fedex in transit, then you're on the hook for $1,500.
Inland Marine for Insuring Personal Property
Inland marine coverage Kansas coverage doesn't just protect business property; it also protects personal property while it is in transit. This can be a valuable addition to your homeowner's policy. This protection is available whether your goods are being transported or not. Some of the items that it can cover include jewelry, furs, silverware, cameras, golf clubs, computers and electronics, stamp collections, fine art, musical instruments, and other valuable merchandise.
Inland marine coverage Kansas coverage usually features a low deductible or even no deductible, which makes it possible for you to easily replace lost, damaged, or stolen items.
Commercial Uses for Inland Marine Coverage
For both small and larger businesses, inland marine coverage Kansas can be a valuable asset. It protects your goods in a variety of scenarios, such as when you send a shipment as a supplier that's going to an end user, when you ship a private shipment to another party, when a shipment moves from your warehouse to a retail store, or when you ship samples to your sales force. It covers the shipment of all sorts of off-site equipment and your customer's or client's property while you are in charge of it or in possession of it.
With inland marine coverage Kansas coverage, protection is afforded on all movable property and business equipment as it moves between locations. Protection is usually afforded at a full level regardless of where the damage or loss occurs. This might include tools and equipment, lift trucks, pet grooming supplies, vending machines, carnival-type rides, and more.
Choosing Inland Marine Insurance
When you're ready to purchase your inland marine coverage Kansas coverage, be sure to speak with an commercial agent to get the best possible rates. Your agent can compare rates with top companies and help you find the right level of protection for your needs. Your agent can also review your business' particular situation to find a policy that meets your requirements and your budget.
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 Commercial Property Insurance
Read up on small business commercial property insurance, including how business property insurance protects your company's building's and/or their contents from damage, destruction, theft and vandalism.
- Apartment Building
- Business Interruption
- Commercial Flood Insurance
- Commercial Property
- Condo Association
- Equipment Breakdown Protection Insurance
- Homeowners Association Insurance
- Inland Marine
- Manufacturing And Mercantile Rental Property
- Mobile Home Park
- Non-Residential Building Operators
- Office Buildings
- Safeco Landlord Insurance
- Shopping Center & Strip Mall
- Vacant Land
- Vacant Property
Rental property owners, real estate developers and property managers should keep an accurate survey of each property they own or that is in their care. This survey should include inventories of furnishings and equipment at those properties. These documents establish the extent of their insurable interest, facilitate the arrangement and placement of insurance and minimize controversy and confusion if a loss occurs.
Insurance coverage on property, general liability and professional or errors and omissions liability should be arranged and placed for every real estate and rental property risk.
The main goal of any commercial property insurance program is to protect the insured's real and business personal property. Buildings and their contents property usually represents a significant portion of its total assets, regardless of the size of the business. A commercial property program can provide the coverage you need if a loss should occur.
The ISO Commercial Property Building and Personal Property Coverage Form is an insurance industry standard that provides this needed coverage. As a result, it should always be reviewed and used as a benchmark for comparison when evaluating any commercial property coverage form.
This policy treats business personal property as more than just the contents of a building. When there is a limit of insurance on the declarations, property can be covered if inside the building or structure or within 100 feet of the building or premises and either in the open, or even in or on a vehicle.
There are many endorsements available to tailor the ISO Commercial Property Coverage Forms. Some are mandatory for all policies while others are mandatory for specific classifications and types of business. Others are optional and permit a standard form to be customized to meet a specific risk's coverage needs. Endorsements broaden, restrict, delete, modify, or add coverage.
These policies can provide the following additional coverages for small specific limits of insurance: debris removal, preservation of property, fire department service charge, pollutant clean up and removal, increased cost of construction and electronic data.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Signs, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Contractors' Equipment, Fine Arts, Cyber Liability, Employment-related Practices, Automobile Liability and Physical Damage, and Stop Gap Liability.
Request a free Inland Marine Insurance Kansas quote in Abilene, Andover, Arkansas City, Atchison, Augusta, Baldwin City, Basehor, Baxter Springs, Bel Aire, Beloit, Bonner Springs, Burlington, Chanute, Clay Center, Coffeyville, Colby, Columbus, Concordia, De Soto, Derby, Dodge City, Edwardsville, El Dorado, Ellsworth, Emporia, Eudora, Fairway, Fort Riley, Fort Scott, Frontenac, Galena, Garden City, Gardner, Garnett, Girard, Goddard, Goodland, Great Bend, Hays, Haysville, Hesston, Hiawatha, Hillsboro, Holton, Hugoton, Hutchinson, Independence, Iola, Junction City, Kansas City, Kingman, Lansing, Larned, Lawrence, Leavenworth, Leawood, Lenexa, Liberal, Lindsborg, Louisburg, Lyons, Maize, Manhattan, Marysville, McPherson, Merriam, Mission, Mission Hills, Mulvane, Newton, Norton, Oaklawn-Sunview, Olathe, Osage City, Osawatomie, Ottawa, Overland Park, Paola, Park City, Parsons, Pittsburg, Prairie Village, Pratt, Roeland Park, Rose Hill, Russell, Sabetha, Salina, Scott City, Shawnee, Spring Hill, St. Marys, Tonganoxie, Topeka, Ulysses, Valley Center, Wamego, Wellington, Wichita, Winfield and all other cities near me in KS - The Sunflower State.
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.