Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Mobile Home Park Owner Insurance Kentucky
Mobile Home Park Owner Insurance Kentucky. If you own a manufactured or mobile home park, then you must protect your business. With the rapid growth in this industry, you must ensure your business is covered from the different risks and liabilities you face. Having insurance for your mobile home park business prevents you from devastating financial loss in the event of a lawsuit. In this post, we'll discuss the different types of mobile home park owner insurance Kentucky you can consider getting to protect your business.
Mobile home parks or courts provide lot space for mobile home residents. Some may rent lots and hook-ups to utility services on either a long-term or an overnight basis. Others offer mobile home transport services, tie-down services, repair services, skirting services, or sales or rental of owned mobile home units.
Mobile home parks or courts can have buildings for laundry or recreation. They may have a swimming pool, retail convenience or grocery store, tennis courts, playground or other recreational facilities. Some parks occupied on a seasonal basis permit mobile homes or campers to be left on premises for storage in the off-season.
Mobile home park owner insurance Kentucky protects your property from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Why Insurance Is Important For Mobile Home Park Owners?
Renting land to KY manufactured home owners, mobile homes or traditional trailers means you must have insurance almost identical to that of a landlord. The people who own homes in your park must protect their property with insurance. Your responsibility is to cover the areas that make a home park, a place for people to live in.
Finding mobile home park owner insurance Kentucky at the typical insurance company might prove difficult when owning a mobile home park. Most insurance companies rather not take on the risk of insuring a home park. Luckily some insurance companies specialize in this type of insurance. Working with an insurance company like this can help you to put together a package to sufficiently cover your mobile home park. An experienced insurance agent can help you to figure out what you need for your business to keep it protected.
Keeping Your KY Mobile Home Park Business Property Safe
Being the owner of a home park does not make you responsible for covering the homes or the contents of the homes that rent from you. Although this is the case, there are other parts of your business you want to be sure are covered. Some of these include:
- Underground utility lines and utility pedestals
- Electrical distribution equipment
- Central office buildings and their contents
- Roads and walkways
- Appliances on property
- Homes on your property that you lease out as a part of your business
Protect Your Manufactured Home Park With The Right Liability Insurance
When you own a KY mobile home park, there are many liability risks you face. For this very reason, you must have protection. Owning a home park means at any given time there could be lots of people on your premises which put you at an even higher risk of liability lawsuits. If a person is injured while on your property, you could face the financial costs that come with it.
The good news is with commercial property liability insurance included in your premise liability coverage you are covered from most risks. With this coverage, you're covered from legal fees, court costs, medical treatment and other financial damage that happens because of negligence on your property. Here are other types of mobile home park owner insurance Kentucky coverages you can include in your business insurance portfolio for maximum protection:
Auto Liability Insurance: Having this coverage for your business covers the vehicles you use for business operations. If your employees use their vehicles to conduct errands for your company, then you may need to get for-hire or non-owned coverage to keep your employees safe. If a vehicle used for your business causes damage to a third party or their property you are covered with auto liability insurance.
Employee Practices Liability Insurance: This insurance, protects you if an employee or a former employee sues your business for wrongful termination or perceived discrimination. Any costs as a result of this type of lawsuit are covered when you have this insurance.
Workers Compensation: In most states, you must have this insurance for your business if you have an non-owner employees. With this insurance you are protected if an employee is injured while on the job. If an employee is injured and has to go to the hospital, then they will be covered if you have this insurance as a part of your business' insurance portfolio.
KY Mobile Home Park Owner's Risks & Exposures
Premises liability exposures can be high due to the number of mobile home residents and guests visiting the property. Water purity is a particular concern if the park is responsible for the water supply. To prevent slips, trips, or falls, all premises must be well maintained with floor coverings in good condition.
Security is rapidly becoming the responsibility of the owner or operator of the premises. There should be adequate interior and exterior lighting. Parking lots, sidewalks, and access roads need to be in good repair, with snow and ice removed, and generally level and free of exposure to slip and fall. If the operation owns and rents mobile homes, all units should meet life safety codes and be in compliance with codes on smoke and fire detection, fire extinguishers, and carbon monoxide detectors. If there is a community building, laundry, playground, or other amenities, they must be properly maintained and limited to tenant use only.
If the facility is located near water, such as a lake, warning signs should be posted. Personal injury losses may occur due to alleged wrongful eviction, invasion of privacy, or discrimination. Clear guidelines for tenant acceptability are important.
Property exposure consists of the rental office and other community buildings such as laundry and recreational activity buildings. Housekeeping is critical if there is a central laundry area. Washers and dryers must be properly maintained. There may be owned rental mobile homes. These must be in good condition with heating and wiring up to date. There should be a smoke/fire detector in each owned unit.
If alarms are battery-powered, there must be documented records of periodic maintenance. Since mobile homes are particularly vulnerable to windstorm loss, all owned units should be securely tied down. Items provided by the building owner, such as kitchen or laundry appliances, may be stolen by tenants or outsiders. Seasonal parks with unoccupied mobile homes and campers must have procedures to guarantee regular checks on the units.
Workers compensation exposure hazards are normally service, janitorial, or maintenance-related. Back pain, hernias, sprains, and strains from lifting and working from awkward positions are common injuries. Interaction with tenants can be difficult. Employees should be trained in dealing with difficult situations. Animals owned by tenants can bite, scratch, or kick workers. Employees connecting, disconnecting, or transporting mobile homes can be injured by falling objects, contact with electrical wiring, or in automobile accidents.
Crime exposure is from employee dishonesty and money and securities. Background checks should be conducted on all employees. Rents are generally collected the first of the month, and there may be large amounts of cash on hand due to the high risk of accepting bad checks. Deposits should be made promptly with appropriate security provided. Receipts must be given when rent is paid, and the money received must be reconciled with the receipts given. Ordering and disbursements should be handled by separate individuals. If units are owned, locks should be rekeyed when there is a change in a tenant.
Inland marine exposure includes accounts receivables for rents due, computers and valuable papers and records for (leases, mortgages, and tenant's information). Contractors' equipment coverage may be needed for items used to maintain and repair the property. All data should be duplicated and kept off site for easy replication following a loss.
Commercial auto exposure is generally limited to hired & non-owned for employees running errands. If there are owned vehicles, such as those used for servicing, any driver must have a valid driver's license and acceptable MVR. Routine maintenance on owned vehicles should be documented. In the event the insured assists in the transport of mobile homes, special permits and licenses may be required. Any such driver must have special training and follow the criteria for this type of transport.
KY Mobile Home Park Insurance
Protecting your business is important. Failing to protect your business puts you at risk. If you are the owner of a mobile home park business, then you must protect your business with the right insurance. The next step is getting in contact with an experienced insurance agent to determine the insurance needs of your business.
Kentucky Economic Data And Business Insurance Requirements
In order for a business to succeed, it's important to have a firm understanding about the economic status of the state that the organization is going to be established in . It is also important for business owners to know what type of commercial insurance they are required to carry in KY.
If you are thinking about opening or moving a business in Kentucky, keep on reading to find out some key information about the economic status of the state, as well as the KY commercial insurance requirements.
Business Economic Trends In The Commonwealth Of Kentucky
As per recent reports from leading economists, the economic outlook for Kentucky is looking bright. More jobs have been added in recent years, which is evidenced by the declining unemployment rate, and it is expected that more jobs will be added in the year 2019.
The goods and services industries are the two areas that are really expected to add significant gains to the economy of Kentucky. Industries in this sector are flourishing, with new companies being added during the 2019 calendar year. It is also expected that more jobs will be created in this sector in the upcoming years.
While technology is taking over the manufacturing sector in many other parts of the nation, in Kentucky, this industry is growing; but, it is growing at a slower rate than usual, as technology is also having an impact in KY. It is also predicted that the healthcare firms will continue to be added in Kentucky and will provide ample opportunities for employment, creating more jobs than manufacturing.
There three key areas in the Kentucky that are contributing the most to the economy, and these include Lexington, Northern Kentucky, and Louisville.
Commercial Insurance Requirements In KY
The Kentucky Department of Insurance regulates insurance in KY. Like most other states, business owners are required to carry workers comp insurance in Kentucky. In the Commonwealth, if you employ a staff of hourly or salaried employees, you must carry this type of coverage, even if your staff only consists of one person.
Commercial auto insurance is also mandate in Kentucky, so if you use a vehicle for business-related reasons, you must have this type of coverage.
You are not required to carry commercial liability insurance; however, it is a wise idea to invest in a policy. It will protect you from any legal issues that might arise, such as slips and falls or property damages.
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
- Mobile Home Park
- Non-Residential Building Operators
- 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.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.