As a business owner in Kansas, it’s important to know about the commercial insurance options you have for your business.

1. What Is Commercial Insurance?

Commercial insurance will help you cover different aspects of your business. This can include general liability, property insurance, and workers’ compensation. Different policies, such as a business owner’s policy, combine various insurance types for your needs.

2. Is Commercial Insurance Required?

In Hutchinson, KS, and other areas in the state, commercial insurance, including workers compensation insurance, is not required. Still, different types of insurance will be required depending on the type of business you run. At a minimum, you want to have general liability insurance to protect you from several different lawsuits. However, there is no one-size-fits-all approach when it comes to commercial insurance. An agent at DJ Kauffman Agency can help you decide which is the best type of insurance for your business and whether it’s required or not.

3. Is Commercial Insurance Deductible?

Commercial insurance can be deducted from business expenses if it covers your business operations or trade. However, you cannot deduct it if it covers loss of business earnings or a self-insurance reserve fund.

4. What Determines the Premiums for Commercial Insurance?

Your commercial insurance will be dependent on several factors, such as your industry, number of employees, payroll size, and claims history.

5. When Should You Review Commercial Insurance?

Commercial insurance is usually a 12-month contract, and it’s not recommended to jump from one carrier to another while you are in the middle of a term. At the end of the term, it’s always a good idea to evaluate your coverage and see if your circumstances have changed and if that would require you to update your coverage.

Contact DJ Kauffman Agency to get a quote on commercial insurance.