Kansas Business Liability Insurance
Kansas business liability insurance helps you to secure the hard work that you've done to establish your small business. You've done a lot of work and you need to protect that in any way that you can. However, depending upon the type of company you are and what kinds of services you provide, you are going to have to have to compare what you do to the types of KS insurance that is available to you.
So look at what it is your business does. Do you manufacture products? If you do, then there is a chance that there could be a fault within those products that you may not know about yet. It may be found along the way by the distributor or by the retailer. Then again, the problem may never be found. In this case, you can add product liability insurance to your Kansas business liability insurance. This is so you are protected against a lawsuit citing defective products.
Usually, such lawsuits occur when there has been an injury or death due to the faulty product. You definitely don't want that to occur, but it does. Even if you feel that your manufacturing process is fine and you don't need Kansas business liability insurance, think again. No company expects to manufacture something that is going to cause injury to customers. Such a thing ruins reputations and no company wants their reputation ruined because they had no product liability insurance because that hurts profits.
How Product Liability Works
Now that you know why you need to cover faulty manufacturing under your Kansas business liability insurance, you need to add it. You do this by telling your Kansas insurer that you need to add this to your general liability insurance policy. This will make your policy premium higher, but it can be well worth the cost, especially when you consider the cost of settling a legal claim against you.
An example of how Kansas business liability insurance can help you is this: You may manufacture a certain type of toy. Perhaps there is a part of that toy that has come loose, causing a choking hazard on certain ones manufactured on a certain day. Your Kansas business was not aware of an issue that day that caused this, so all of the toys in that lot were sent to the distributor to distribute to retail outlets. Suddenly, there are cases of this part coming loose and injuries resulting. You then do a recall, but not before someone files a lawsuit.
One lawsuit can sometimes lead to another and that can become very expensive. It is too much for you to have to take the settlement amounts out of your profits. This very thing has led small businesses in Kansas to bankruptcy. It is a rather grim thing to have to deal with. Your Kansas business liability insurance, however, can make a considerable difference for you. You pay your premium and any deductibles and that is it.
Investigating Product Liability
The Kansas business liability insurance company will take care of investigating the issue. That is something that your business doesn't have to worry too much about. Statements from the individuals claiming the product was faulty will be reviewed and the product itself will be evaluated. There have been times in which the Kansas insurance company has found a product liability claim to be false. A fraud ring of individuals claim faulty products and they file a lawsuit against the Kansas business to try and gain money from the company's insurance.
The Kansas liability insurance company doesn't want to have to pay for fraud, which is why they investigate the situation on their own. If they find that the claim is a false one, then they can prove it in court or at the settlement table and keep from having to pay. This works to your benefit because this means you won't have to encounter the premium increase that occurs when the insurer has to pay damages for your business.
So what you will find is that your Kansas business liability insurance company will do a lot of the leg work for you. It is not up to you to have to prove whether or not your company is innocent. It is best to leave that task up to the professionals.
In the end, your Kansas business liability insurance is going to be a quality investment for you. You will find that you will save a lot of money even though you do have to pay a premium. And if you want to find the best premium, simply acquire quotes so that you can compare the rates and find the ideal policy for your KS company. When you have the adequate protection, you are ensuring the longevity of your company, as well as the well-being of your employees.
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