When buying business insurance in Wichita KS, there are a couple of important things to know about. Perhaps the most important of these things is that every business insurance policy can be different. In most cases, business insurance coverage is specifically structured for the specific company’s needs, so everything from the coverage limits to the type of coverage can vary quite a bit. One thing that any business policy needs to have is a liability.
Liability insurance is always a component of a business insurance in Wichita KS for several reasons. In many instances, it is required by law. Most mortgage lenders require any business that has a mortgage with them has liability coverage. This coverage protects the business owner from litigation in situations where an individual is hurt on their property, or when a person is hurt because of their products. Liability coverage is a very minimal type of coverage when it comes to the actual property, however.
To make certain that the business property is actually covered for situations like damage and loss, it is important to have building and contents coverage. Many mortgage lenders also ask their business borrowers to hold these kinds of coverage, as well. Building and contents coverage will provide insurance coverage for the building, and virtually all of the business property kept within that building. In some cases, only a certain amount of business equipment can be covered. If this is the case, it is possible to request an insurance addition called a rider. The rider can cover nearly any specific type of business property that is not included within the standard coverage.
There is also a variety of other riders that business owners can purchase. For example, loss of business/interruption of business coverage will reimburse the business owner for any business lost during periods of business closure if the closure is due to damage or loss that is otherwise covered within the policy. There are also riders for situations such as debris damage. If the property is covered in debris like branches and trash after a major storm, the policy can cover professional cleanup. If you are interested in business insurance in Wichita KS, you can contact the Andy Woodward Insurance Agency to get some policy quotes today!
