Kansas Commercial Flood Insurance Policy Information
Kansas Commercial Flood Insurance. Your business is one of your most prized possessions. You invest your time, money, blood, sweat and tears that you put into it. Because of this, you should take all the necessary measures to ensure that your business is covered against loss from the different types of risks. Getting a commercial property insurance is a great start. However, did you know that KS commercial property insurance does not cover damage from a flood?
Kansas commercial flood insurance. Given that floods are naturally occurring and more often than not come without notice, it is essential to have business flood insurance for your commercial property depending on its location. As you look into the insurance provider options that you have, some of the vital information that you should know includes:
Does your business need Kansas commercial flood insurance? Commercial property insurance does not include flood coverage, so if your business located in or near a flood zone you should strongly consider it.
Who Provides Commercial Flood Insurance?
Flood insurance is mostly provided by the federal government through the National Flood Insurance Program (NFIP). The insurance policy by the NFIP will cover all types of floods including flash flooding, storm surges, mudslides or snowmelt.
NFIP is provided by insurance professionals on behalf of the federal government. Apart from the NFIP, there are private insurers who offer coverage against loss occasioned by floods. Therefore, you can look into both options then get to determine which insurance provider will meet the needs of your business.
FEMA usually requires a 30-day waiting period for new KS business flood insurance policies. That means it's important to buy a commercial flood policy before a possible flood event is headed in your direction.
What Is Covered By Business Flood Insurance?
Generally KS commercial flood insurance covers damage to your building and contents caused by flood. This includes losses resulting from water from over flowing rivers or streams, rain, storm surge, snow melt, blocked storm drainage systems, broken dams or other like causes. To be considered a flood, waters must cover at least two acres or flood at least two properties.
Both the building and its contents can be covered for up to $500,000 For primary coverage on buildings, the coverage would includes repairing or replacing things such as a damaged air conditioning, water heaters or electric systems. On the other hand, the contents in the building that will be replaced include machines on the property, inventory, and also merchandise.
How Much Does Kansas Flood Insurance Cost?
Flood insurance premiums are determined by the chances of your business being flooded and how much flood damage can be done - up to the policy limits. The biggest factor in the premium is what KS flood zone your business is in, followed by how much you want to insure. Flood insurance pricing is complex and you need to speak with an agent to get an accurate quote.
The actual amount that will be covered depends on the value of the property and the extent of the loss. Those who are in low-risk flood areas end up paying lower premiums for Kansas commercial flood insurance, while those in high-risk areas pay more. Also, the premiums can also be affected by factors such as the age of the building, number of floors and also the location of the contents in the building.
In instances where one's business needs a cover of more than $500,000, they can opt to have extra coverage. Such would mean that you purchase an excess flood insurance policy which covers up to $1 million for more premium.
What Isn't Covered By Business Flood insurance?
Beyond knowing what your insurance will cover, it is also necessary to know what is not covered by your Kansas commercial flood insurance policy. Most of flood insurance does not cover the loss of property outside your building. To add on that, if you take an insurance coverage provided by the NFIP, they do not offer Business Interruption coverage. This means that the insurance will not compensate you for the income losses suffered when the business was closed down.
The good news is there are private insurers who provide Business Interruption coverage. Also, one can opt to purchase the excess commercial flood coverage. This coverage includes compensating the business for the time period which they did not operate.
Who should consider taking out flood insurance?
Commercial flood insurance can be purchased by anyone who has a business in a commercial location. In some instances, business flood insurance is mandatory. Some businesses are located in high-risk areas or have a mortgage which is federally regulated by an insured lender must have flood insurance.
You find out if your business is in a high-risk area by looking at the FEMA Flood Map Service Center Flood Map. Use this link to find your official flood map, access a range of other flood hazard products, and take advantage of tools for better understanding flood risk.
The map highlights places which are more prone to experience floods. This helps businesses tell if they need to get a commercial flood insurance policy and which type of coverage they should get.
The Bottom Line On KS Commercial Flood Insurance
Natural disasters can be devastating to a business. Damage caused by some types of natural events like lightning or wind will usually be covered by a commercial property insurance policy. But your business needs a special commercial flood policy if you want protection from damages from flooding. It ensures that you are covered against losses or damage, to your building or the contents in it, following a flood.
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 Kansas Commercial Flood Insurance 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.