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Types of Commercial Insurance

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When insuring your business, there are many types of commercial insurance in the market to secure your business. From covering theft, employees, equipment, and company vehicles, each element of your business needs specific coverage. At Marla Williams Agency of Kansas, we understand businesses have different needs, so we have outlined the different types of commercial insurance.

General Liability Insurance

Most entrepreneurs that have just opened a business and are still starting to learn what risks their businesses are exposed to should consider this type of insurance. It covers many risks like bodily injury, property damage, and medical expenses. If your company is found liable for property damage or bodily injury to a third party on your premises, it can help cover the resulting damage.

Business Interruption Insurance

This type of commercial insurance covers the financial loss a business suffers when they have to shut down a business temporarily due to a disaster. For instance, a major power outbreak can impact your fridge and freezers, or a road repair can cut traffic access to your business, making it impossible for you to run the business for a few days. This insurance helps cover the lost income for the period business was interrupted.

Workers Compensation Insurance

This insurance helps protect both you and your employees in case your employee suffers a work-related injury. Workers’ compensation insurance helps cover medical expenses, including the cost of ongoing care if your employee needs it. Also, in an unfortunate event that your employee dies due to an injury related to work, this type of insurance covers the funeral expenses.

Cyber Liability

If you have a business dealing with a lot of customer data, then it is essential you protect your business and clients from data theft. If the data is breached, cyber liability offers you coverage if you are sued.

Whether you own a big or small business in Kansas, reach out to us at Marla Williams Agency. We will ensure you get an appropriate policy for your business.

What is covered by Landlord Insurance?

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Landlord’s insurance can be your best friend in need, and folks at Marla Williams Agency put together helpful policies for such times of need. When things are going well, it is easy to view the insurance payment as an expense. Still, when things go wrong, for instance, when your rental property is damaged by a tornado (common in Kansas), vandalism, or someone steals all the copper pipes from your property, the landlord’s insurance policy will help you cover the cost of rebuilding and replacing damaged items. It will also protect you against damages caused by the tenants. For instance, if the tenant starts a kitchen fire and your property is damaged, you can claim to offset the cost from your pocket.

Landlord’s insurance also carries a liability component. If a liability claim is filed against you because your tenant sustains a bodily injury or their possessions are damaged on your property, the policy will help you cover any medical bills, legal fees, as well as any judgment and settlement costs.

In the event, your property is damaged to such an extent that it becomes uninhabitable, and it will take a couple of months to repair and fix the damage, the landlord’s insurance will compensate your lost rental income. The rental reimbursement component ensures that you continue to receive the rent payment as usual.

In addition to the standard items listed above, you may need more comprehensive coverage that includes damage from natural disasters, a rent guarantee insurance, or landlord’s contents insurance that pays for your damaged personal property in a rented space. At Marla Williams Agency in Kansas, agents will professionally advise you about priority risks to include in your personalized policy to ensure that you are protected against any unforeseen loss.

How To Know Your Flood Risk Level

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Experts always say no one is really ever safe from floods, but how bad is your situation? Learning about your property’s risk level helps you prepare for flooding events while minimizing financial losses. Fortunately, there are many ways to know whether you’re in a low, moderate, or high-risk area, whether you’re in Kansas or any other part of America. Here are a few ways to find out:

Get a Flooding History Report For Your Property

If you are not the first person to live in your property, your previous owner must have a good history of the property. If you cannot reach them, your neighbor can help you crack it all up when you check their flooding history. Marla Williams Agency experts also recommend searching your property or other neighboring properties to know their risk level.

Use the FEMA Flood Map

The FEMA flood map shows overlays of unique floodplains and the risk around your property. In addition, you can sport labels such as “0.2 PCT annual Chances of flood hazard”. Check when the labels were adopted in your area. If the date is not too recent, you can head to the dynamic map to see the updated versions.

Keep Track of your Surroundings

Flood zones and floodplain designations tend to change over time due to the new constructions and topography changes. Therefore, if you are living in your home for a long time, be sure to keep track of the changes at least every five years to know whether your flood risk level is deteriorating or not.

Look Into Your and Flood Insurance

Your flood insurance can tell a lot about your property. The policy should contain all the details of the exact location and flood risk level. Remember your insurance provider will need to check the risk level to determine your premiums.

Buying flood insurance in Kansas, but not sure where to start? Marla Williams Agency can help you find a policy that matches your needs. Call us today.

Commercial insurance FAQs

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Commercial insurance can benefit almost every business. It is customizable to your particular business, and you only need to purchase lines that make sense to you. Owning a business is risky, and commercial insurance is designed to mitigate some of that risk. Having an insurance agent who knows you and your business makes it easier to get the insurance you actually need. At Marla Williams Agency in Kansas, we take the time to get to know our clients. 

What are some types of commercial insurance to consider?

Commercial insurance comes in some general categories that, with customization, will be appropriate for almost every business. The most common types are:

  • Commercial property insurance
  • Commercial liability insurance
  • Workers compensation insurance
  • Business interruption insurance
  • Commercial auto insurance

What is a business owner’s policy? 

A Business Owners Policy (BOP) is one policy combining two of the most popular types of commercial insurance. It includes commercial property insurance and commercial liability insurance. Most businesses can benefit from these two types of coverage, and by buying one policy that covers two areas of risk, you can usually save money.  

Are businesses in Kansas required to carry commercial insurance? 

Yes, in Kansas, two types of commercial insurance are required, workers’ compensation and commercial auto insurance. All employers require workers’ compensation with a gross payroll of more than $20,000 except for certain agricultural employers. If your company owns any vehicles, they must have commercial auto insurance in the amount of 25/50/25 and equal amounts of uninsured motorists’ coverage.

If I rent the building, do I still need commercial property insurance? 

Commercial property insurance covers so much more than just the physical building housing your business. It protects your machinery, office equipment, electronics, raw materials, inventory, and even your records. This insurance protects what you need to do business and is vital. 

Contact Marla Williams Agency in Kansas for all your commercial insurance needs. 

Types of Life Insurance

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Basics of Life Insurance

When you purchase life insurance, your policy establishes a contract between you and the insurance company to provide a lump-sum payment upon your death to your beneficiary in exchange for your timely payment of premiums. The Marla Williams Agency of Kansas wants you to understand that within that essential framework, you have many choices, beginning with whether you choose a term or permanent policy.

Those two main types of life insurance cover you for a different time period.

  • Term life: a term policy remains active for the specific time period enumerated in the policy documents. This typically refers to 10, 20, or 30 years.
  • Permanent life: a permanent policy remains active while the policyholder pays the premiums. When the policyholder either dies or surrenders the policy, it ceases to exist.

Term policies

With a term policy, you can pick from a level term or increasing term policy. The former refers to a policy with premiums that always stay the same. The latter refers to a premium that increases as you age.

Permanent policies

Most permanent policies require a monthly or quarterly premium payment. Still, you can purchase a single premium policy for which you pay the entire premium up-front in a lump sum.

You could choose a whole policy with a cash value account that lets you save part of your monthly premium in a money market or investment account. A universal life policy features a cash value account that earns interest. You can adjust the premiums and death benefits during the policy’s life. You might choose a variable universal policy, so you can save in your cash-value account and grow it by investing it, or an indexed universal policy with a cash value account that earns interest or invests using a fixed rate return or an equity-indexed rate of return.

You can also obtain permanent policies without a cash-value account, such as the guaranteed universal policy, which charges lower premiums than a typical whole life policy. If you have a pre-existing medical condition that has precluded you from obtaining life insurance, choose a guaranteed issue policy. It only pays accidental death in the first two years, but after that, you receive coverage for any death type except suicide.

Contact the Marla Williams Agency of Kansas today to obtain the life insurance policy for your situation.

Restaurant Insurance Requirements in Kansas

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If you are the owner of a restaurant, you might be interested in restaurant insurance. If this is the case, you may want to consider working with an agency such as Marla Williams Agency.

If you are a restaurant owner in Kansas, you will need three basic types of insurance. These include property coverage, liability coverage, and employee coverage. Each of these insurance types will come with both general and specific coverages. You will always need general coverage, and the specific coverages are going to be specific to certain types of restaurants.

General property coverage will protect you in giving you replacement value for the loss of either your building or movable property located inside your building, such as chairs and tables. It would be best if you kept in mind that it will generally not cover immovable personal property, such as equipment in your kitchen that may be bolted down.

Commercial general liability insurance is also important, as it will protect your restaurant from the prices of certain problems that might come up with your customers, such as accidents or food-related illnesses. It would be best if you kept in mind that general liability coverage does not cover liquor-related incidents, which is why it is important in some cases to purchase liquor liability as well.

You will also need to purchase employee insurance for your restaurant, as workers’ compensation is legally required. This will pay for medical expenses, lost wages, and rehabilitation expenses when an employee is injured at work.

If you are interested in learning about restaurant insurance in the state of Kansas, you should feel free to contact the professionals at Marla Williams Agency. They will be able to answer any questions that you might have and can point you in the right direction regarding the right policy for your restaurant.

When should you review your life insurance coverage

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Life insurance needs to be tailored to your particular needs. What is right for one person would be all wrong for another. Having an insurance agent who knows you and your needs can make buying life insurance much easier. In Kansas, the Marla Williams Agency is locally owned and operated and dedicated to providing the service our customers deserve. 

Life insurance needs variation over your life. From time to time, it makes sense to look at your coverage and make sure it meets your needs and the needs of any dependents and loved ones who count on you. 

When you change employment

If you are like many people, you have life insurance as a part of a benefits package. When you change positions, you may be able to keep your insurance at your own cost. You should contact an insurance agent to determine if it is worth paying for. You may be able to get a better deal, or you may get insurance from your new employer. Keep in mind most policies won’t pay out for up to two years, and that could leave your dependents with no protection. 

When you get married 

When you get married, you need to change the beneficiary on your insurance policy. It is a good time to consider whether you need to add additional insurance. If you have purchased a home and plan on having a family, your insurance needs will be growing. 

When you retire

By the time you retire, you may not need the same amount of life insurance you needed when you had a young family. It would be best if you had enough to take care of final expenses and keep your spouse or partner in their current position. 

If you have questions about life insurance at the Marla Williams Agency, we provide Kansas residents with the answers they need. 

 

5 Facts Every Driver Should Know About Auto Insurance

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1. Higher Deductibles Mean Lower Premiums

Insurance companies set pricing based on the amount of money they believe they could have to pay. Consequently, if you agree to pay a higher portion of any damages by raising your collision and comprehensive deductibles, then you’ll be rewarded with a lower premium. If opting for this route, be sure you can comfortably afford to pay the higher deductible.

2. Your Car Makes a Difference

Many insurance companies use statistics from the Highway Loss Data Institute to set prices. For instance, if you drive a costly vehicle to maintain or are more likely to be stolen based on historical data, your premium will likely be higher. 

3. Safe Driving Matters

Drivers that do not have any claims on their policy history nor tickets from law enforcement will be rewarded with lower rates. 

4. Ask About Discounts

Even where you went to college can help you save money if that institution has an alumni discount with your insurance broker. Most insurance companies offer discounts for paying your policy in full, using electronic payments and not paper checks, car safety features like anti-theft devices, and a clean driving record. 

5. Credit Score Matters

The lower your credit score, the higher your policy premium may be because insurance companies will deem you as riskier to insure because of the risk that you won’t pay your policy premium.

At the Marla Williams Agency in Kansas, our knowledgeable and friendly team of insurance professionals is ready to assist in finding you the perfect auto insurance policy for your needs. Working across our network of reliable insurance companies, you can feel confident that we’ll find a policy that meets your expectations within your budget. Give us a call today to learn more.

Do businesses in Kansas need commercial insurance?

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In Kansas, there is a range of cities that can offer a small business a great place to establish and grow. For those looking to develop a business here, there are a lot of great opportunities to take advantage of. However, some risks come with owning a business as well. Fortunately, many of these can be mitigated by a commercial insurance policy. There are several reasons why you may need to get this for your business.

To Remain in Compliance with Stakeholders

One of the reasons that you will need to get commercial insurance for your business is that it could be needed to comply with various stakeholders. Any lender, investor, landlord, or other stakeholders in your company will want to ensure that your business, and their investment, is properly covered and protected. A great way to do this is by requiring your company to get commercial insurance as it offers valuable coverage. 

To Comply with State Laws

While you may be the only person that works for your company, eventually, you will grow. When this occurs, you will need to make sure that your team is covered and protected. A great way to do this is with workers’ compensation insurance, which protects if an employee is hurt while at work. In this state, you are required to have this coverage as soon as you hire an employee. Not complying with the law could result in a penalty.

When you get insurance in Kansas for your business, you should call the Marla Williams Agency team. The team at the Marla Williams Agency can give you the support you need to choose a policy. This will ensure your company is properly protected. 

Why should I get home insurance in Kansas?

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In Kansas, there is a range of communities all over the state that offer you plenty of professional and personal opportunities. These communities include large cities, small towns, and everything in between. If you are going to move here, you should think about purchasing your home as it will offer you a range of different benefits. If you do choose to purchase a home, you also need to get proper insurance. There are several reasons why you should get this coverage.

Insurance Provides Valued Protection and Coverage

One reason you should get home insurance when you buy a home here is to provide you with valuable coverage. A full home insurance policy offers a range of different forms of coverage. This includes coverage for your dwelling and personal belongings, as well as your liability protection. All of these insurance forms could provide you with valuable protection if your property is damaged or you incur a liability claim.

Insurance is a Requirement

While having coverage is a good idea in any situation, there are also many scenarios in which having coverage is a requirement. Most people in this state are going to be required in some fashion to carry home insurance. If you live in a community with a home association, there are bound to be insurance requirements. Additionally, any mortgage lender will have specific insurance rules.

When you look for insurance for your home in Kansas, you should call the Marla Williams Agency. The Marla Williams Agency team can give you a lot of advice to help you find a home insurance policy that is right for you. This will ensure that you are properly covered and in compliance with all obligations.