Kansas Fire And Water Restoration Contractors Insurance

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Kansas Fire And Water Restoration Contractors Insurance Policy Information

KS Fire And Water Restoration Contractors Insurance

Kansas Fire And Water Restoration Contractors Insurance. There is nothing much more devastating to a property owner than learning that his or her home or business has been damaged by a fire or water. These types of disasters can completely uproot lives and cause tremendous heartache. Recovering from fire or water damage can be extremely difficult. It requires the expertise of a professional to ensure that the job is done the right way, and safely.

As a fire and water restoration contractor, you take great pride in being able to help the victims of disasters recover. You also do your very best to provide the absolute best services possible. However, despite your best intentions, there is a chance that you could face legal problems. A client could claim that you did further damage to their property while you were restoring it, someone could sustain an injury as a result of faulty equipment, or one of your worker's could be involved in an accident while working.

Because of the risks that are associated with being a restoration contractor, it's important for you to carry the right type of Kansas fire and water restoration contractors insurance coverage. Without insurance, you could face tremendous financial strain that could jeopardize your business and put you in financial distress personally.

Kansas fire and water restoration contractors insurance protects your business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.

Why Insurance Is Important For Fire & Water Restoration Contractors

As mentioned above, fire and water restoration contractors face certain risks. If someone files a claim against you, you, your business, and even your family could be in serious danger. The costs of handling legal claims can be astronomical. Lawyer fees, court fees, and settlement fees could cost you hundreds of thousands of dollars, if not millions. Imagine having to pay for those fees out of your own pocket? It could put you in serious financial ruin and force you to close up shop.

Kansas fire and water restoration contractors insurance provides you with the protection you need in the event that someone files a lawsuit against you. It offers coverage for things like legal fees, repairs to damaged property, and compensation that you may be required to make to the party who is suing you.

What Type of Insurance Should KS Fire And Water Restoration Contractors Carry?

As a fire and water restoration contractor, there are a few types of insurance policies that you are going to want to carry. These policies include:

  • Commercial General Liability Insurance: This type of insurance covers the costs that are associated with personal injuries and property damage. If a client is injured as a result of faulty equipment while you a working on a jobsite, your insurance will cover medical costs, legal fees, and any compensation that may be awarded. If you damage a client's property and that client sues you, this type of insurance policy will also cover you.
  • Property Insurance: If you operate your business within a commercial setting, you are also going to want to secure commercial property insurance. If your building or the contents are damaged or destroyed, commercial property insurance will protect you.
  • Business Auto insurance: If you use vehicles for your business, even if they aren't company owned, it's still a wise idea to make sure that you purchase commercial auto insurance. If an accident occurs with a vehicle, your policy will cover the cost of any medical care that is required, lawsuits, settlement and legal fees, as well as lost or damaged property.
  • Workers Compensation Insurance: Do you employ other people? If so, you are going to want to make sure that you have workers' compensation insurance. In fact, depending on what state you operate your business out of, you will be required to carry this type of coverage if you have any non-owner employees. Workers' compensation offers coverage for employees when they are involved in a work related accident that results in an injury, or if they sustain a work-related illness. It covers the cost of medical care and lost wages, as well as accidental death.

How Much Coverage Do You Need?

The amount of coverage you will need as a KS fire and water restoration contractor depends on several factors; The size of your business, the clients you serve, and the types of properties you work on are just some of the factors that will determine the cost of your coverage. To find out more about what type of coverage you need and how much it will cost, make sure you speak to a trustworthy insurance broker.

Kansas Economic Data, Regulations And Limits On Commercial Insurance

Made In Kansas

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:

  • Emporia
  • Kansas City
  • Lenexa
  • Merriam
  • Mission
  • 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
  • Agriculture
  • Aviation
  • Biosciences and health
  • Cattle production
  • Energy
  • 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 Contractors & Home Improvement Insurance

Learn about small business contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your contracting business from lawsuits.


Contractors And Home Improvement Insurance

A contractor that wants to begin or stay in business, liability coverage must be obtained for the premises or operations, off-site locations and products/completed operations exposures. These coverages may be included as a part of a businessowners policy (BOP) or purchased in a commercial general liability (CGL) policy. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to obtain a particular job.

Physical damage coverage for tools, supplies and equipment, both on and off the contractor's premises, is a concern. Liability exposures at the premises of the contractor, and at the premises of the contractor's customer, must be properly addressed along with completed operations. Business insurance is very important as is workers compensation insurance protection for employees.

Contractors may work under a general contractor as a subcontractor in larger construction projects - like a new commercial site or residential subdivision. They can work on smaller projects directly with a home owner, usually specializing in renovations or remodels.

In business insurance speak, often called 'artisan contractors' or 'casual contractors', they are involved in many aspects of construction and contracting work – and include various trades and skills. Carpenters, painters, plumbers, electricians, roofers, tree trimmers, landscaping are just a few examples. They may do roofing, fencing, drywall, tile work and many other trades that involve skilled work with tools at the customer's premises.

An artisan contractor performs a single trade or job, and each has its own specialized liability needs with its own exposures to risk and accidents. Contractors liability insurance can offer coverage for bodily injury, property damage, advertising injury and medical payments.

Most artisan contractors should have commercial general liability at the very least, but many need broader coverages - like an umbrella to increase their limits of liability, inland marine policy to protect their tools, workers compensation if they have employees, and even commercial auto if they use vehicles for business purposes.

Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Contractors' Equipment and Tools, General Liability, Employee Benefits Liability, Umbrella Liability, Automobile Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.

Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Accounts Receivable, Builders Risk, Computers, Goods in Transit, Installation Floater, Valuable Papers and Records, Cyber Liability, Employment-related Practicesand Stop Gap Liability.


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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.

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