If you are thinking about starting your own business in Kansas, you should have some type of insurance. If you don’t know anything about types of insurances or how it works, this is the right article for you. Most businesses need to buy leastwise the following 4 types of insurance:
- Property insurance
- Liability insurance
- Workers compensation insurance
- Business auto insurance
If the property you use in your business is damaged or lost as the result of different types of common risks, such as thief or fire, property insurance compensates you. This type of insurance is not covering just a structure of building but also what insurances name “Personal property” meaning office furniture, computers, machinery, raw materials and other things crucial for your business. Additionally, property insurance is not only protecting your physical goods. It may also secure operating funds when you have a catastrophic loss and you are trying to return to the right business path. Depending on the kind of policy you have, property insurance can calculate coverage for fitment collapse, removal of wreckage after a fire or other damaging event, different sort of water losses and other damages.
Any firm can be accused. Someone may contend that your company caused the damage as the result of, for instance, improper product, service error or negligence for another person’s property. Or a claimant can declare that you created a dangerous environment. Your liability insurance pays harm for which you are found responsible, as well as lawyer’s fees and other law defense costs. If any person is injured by your business, liability insurance pays the medical bills.
Business auto insurance
If you are using your own automobile for business intent, consider this with your agent. Many private car insurance policies turn off coverage if the automobile involved in an accident is used mostly for business. A business car policy ensures coverage for vehicles owned by a business. This insurance pays any expenses to third sides created from property breakdown or bodily injury for which your company is legally responsible, up to the policy limits.
Workers compensation insurance
In all counties, except in Texas, an employer must have workers compensation insurance if there are more than a certain number of workpeople (from 3 to 5, it depends on the state). Workers compensation insurance is paying for medicinal care and replaces a part of lost salaries for a worker who is injured during work, regardless of who was guilty of an injury. If an employee dies because of injuries which he obtains during work, the insurance secures compensation to the worker’s family.
These four types of insurance are elementary and you need them if you want to start your business in the United States, but especially in Kansas. As you see, insurance covers the most basic cases and if you want to be protected and secured, before starting your business activities, read this article. We hope it will help you.