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4400 Shawnee Mission Pkwy
Suite 208, Fairway, KS 66205

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Featured Insurance Blog

Three mistakes to avoid when you purchase commercial insurance

One of the most important things a business owner needs to acquire for their company is commercial insurance coverage. At Midwest Professional Insurance, we provide commercial insurance policies in Fairway, KS.

As a business owner, you need to avoid the following three mistakes when you purchase your commercial insurance coverage.

Underestimating your company’s liability risks

Your liability risks involve your company’s risks of being sued. You can face liability risks in any situation where you interact with customers or the public. You could also potentially be sued by vendors, business partners, and employees. 

Liability expenses can get very high in the event of a lawsuit. If your company is sued, you’ll need to pay for legal representation to defend your company. That’s why it’s so important to invest in a good amount of liability coverage in your commercial policy. 

Being unaware of the different types of commercial coverage

Commercial insurance is a combination of many different coverage types, including liability, commercial property, commercial auto, malpractice, and workers’ compensation coverage.

You need to be familiar with these different commercial coverage types to put together a commercial policy to meet your company’s needs. Figure out which types of commercial coverage you need to make sure you’re meeting your company’s responsibilities while also protecting company finances. 

Failing to reassess your coverage on a routine basis

A company’s insurance coverage needs change over time. For this reason, you shouldn’t keep the initial policy you purchase indefinitely. Instead, it would help if you reevaluated insurance needs periodically. 

As your company grows, its risks and assets change. Updating insurance coverage accordingly is essential to protecting your company financially. 

Are you ready to build the right commercial insurance policy for your company’s needs in Fairway, KS? We can help at Midwest Professional Insurance. Contact us to get started.

Three things you might not know about home insurance

Homeowners need to understand how home insurance works in Fairway, KS. At Midwest Professional Insurance, we offer home insurance coverage to area homeowners.

When you purchase home insurance coverage, you need to be aware of the following three things. 

Home insurance does not typically include flood coverage.

A lot of homeowners are surprised to learn that a standard home insurance policy will not cover them for flood damage to their homes. Flood insurance is usually a type of insurance coverage that needs to be purchased separately.

You need to evaluate the flood risk of the area in which your home is located. Then, it would help if you decided whether or not investing in flood coverage is vital for protecting your property. 

You must have home insurance if you’re paying off a mortgage.

You are not required by law to carry home insurance. However, mortgage lenders require borrowers to purchase home insurance to protect the investment they make in their homes. 

If you have your home purchase financed, you, therefore, must purchase a home insurance policy that meets the requirements of your mortgage lender. 

A higher deductible generally means lower monthly premiums.

One detail you need to decide on when you purchase home insurance is what you want the deductible amount on your policy to be. The deductible amount is how much you need to pay out of pocket before your policy coverage comes into play.

If your deductible amount is higher, your monthly premiums should be lower. However, with a higher deductible, home damage is going to cost you more. You need to select a deductible amount that you can afford to pay out of pocket if you have to file a claim on your policy. 

Are you looking for an insurance policy to cover your Fairway, KS home? If so, we’re here to help at Midwest Professional Insurance. Get in touch with us today to learn more about our home insurance policy offerings.  

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