Get Kentucky commercial property insurance quotes, cost & coverage fast. Property insurance covers the KY building your business owns or leases and your business personal property, including equipment, tools inventory, & furniture.
KY Business Property Insurance
What if a fire breaks out in your storage room and burns your entire business to the ground? What if a major storm hits and your building's roof blows off, destroying all of your assets? What if someone comes along and decides to spray paint graffiti all over your storefront?
These are just some of the possibilities that could occur when you rent or own a KY commercial property for your business. While you hope that none of these things happen, as the saying goes: hope for the best, but plan for the worst. Kentucky commercial property insurance is your best plan in the event that the worst case scenario occurs. This type of insurance coverage protects your business from major financial losses if anything bad happens.
Does My Business Need Kentucky Commercial Property Insurance?
Any business owner that has physical assets that are vital for earning revenue should have Kentucky commercial property insurance. It is extremely important because it ensures that your business will not suffer large out-of-pocket costs as a result of any damages that may occur from no fault of their own.
What Does Kentucky Commercial Property Insurance Cover?
Kentucky commercial property insurance is an insurance policy that covers the business property that you lease or own from any damage caused by most natural disasters, fire, theft or vandalism. It also covers your personal property, such as any tools, equipment, inventory, furniture and any other items that you may have within the property. Moreover, this type of insurance policy covers assets, such as accounts receivable and lost income.
There are several things that KY commercial property insurance can cover. Some of the items that are protected under this type of policy include:
- The structure or building
- Your business inventory
- Other peoples' property
- Any furniture and other equipment within the building
- Exterior signs
Business owners can adjust their coverage so that suits their individual needs. For example, they can choose a basic policy, or they can add extra protections to ensure that almost all of the property of their business is protected.
What Kentucky Commercial Property Insurance Doesn't Cover
CKentucky commercial property insurance typically does not cover:
- KY commercial vehicles.
- Property damage resulting from employee errors.
- Property that was not purchased for business use
- Personal belongings that may be used by the business.
- Amounts beyond the policy limits and property value.
- Intentionally damage caused by the business owner or employees
Types Of KY Business Property Insurance Coverage
When it comes to Kentucky commercial property insurance, people who own a business have several options to choose from and can adjust their polices to their needs. However, there are three basic categories of coverage:
- Basic Coverage. A basic commercial insurance policy insures a business against fires, storms, smoke, explosions, and vandalism.
- Broad Coverage. This type of insurance covers everything that basic coverage does, but it also includes damage to glass, water damage, and any damage that is caused by fallen objects.
- All-risk Coverage. This covers everything that basic and broad coverage offer, and it also includes theft, as well as any other direct physical losses.
There are also specific types of Kentucky commercial property insurance coverage. Some examples include:
- Ordinance coverage. This will provide you with money for any additional costs that are associated with repairing or rebuilding your structure after it has been damaged in order to ensure that it meets building codes.
- Valuable papers. This offers limited coverage for any valuable papers that your business may record, such as receipts and other documents.
- Extra expenses. With this coverage, you will receive additional money to return your business back to the condition it was in before it was damaged.
- Personal property coverage for employees. If your employees have any personal property on the premises of your business, this coverage will provide money to replace or repair those items if they become damaged.
- Crime coverage. With this coverage, you will be protected from various types of crimes, such as robbery, forgery and theft.
How Much Does Kentucky Commercial Property Insurance Cost?
How much does Kentucky commercial property insurance cost? The premiums vary depending on the amount of risk exposure, and it depends on the endorsements and deductible selected. The cost of commercial property insurance varies. Following are some of the main factors that go into the price of a policy:
- Construction: How the building was built and its condition. Masonry or brick buildings don't burn as fast as wooden frame.
- Occupancy: Who occupies the building influences the rates. Companies with higher fire risk (like pizza ovens, kilns etc.) can pay more.
- Risk: The insurer will determine an overall risk for the business and building before issuing a rate.
- Location: Insurers look at the location of the business. If it is located in a high-crime neighborhood, then the rates are higher.
- Protection: Things like alarms and sprinkler systems can reduce rates. Proximity to a fire station or fire hydrant also can help reduce costs.
KY Commercial Property Insurance Quotes
Request a Kentucky Commercial Property Insurance quote in Alexandria, Ashland, Ashton, Bardstown, Berea, Bowling Green, Burlington, Campbellsville, Covington, Danville, Edgewood, Elizabethtown, Erlanger, Fayette, Florence, Fort Knox, Fort Thomas, Francisville, Frankfort, Franklin, Georgetown, Glasgow, Henderson, Hopkinsville, Independence, Jeffersontown, Lawrenceburg, Lexington, Louisville, Lyndon, Madisonville, Mayfield, Maysville, Middlesborough, Mount Washington, Murray, Newport, Nicholasville, Ownesboro, Paducah, Paris, Radcliff, Richmond, Shelbyville, Shepherdsville, Shively, Somerset, St. Matthews, Versailles, Winchester and all other cities in KY.
Kentucky Insurance Rules
In KY, there are some insurance regulations that you should be aware of before you start your business or even strike out on your adult life. We will be looking at both business and personal insurance, and the regulations that affect consumers that get these types of insurance. Let's look at personal and business insurance in greater detail according to the regulations in Kentucky.
KY Business Insurance
The first regulations to be aware of is the regulations governing business insurance in Kentucky. Like most states, Kentucky does not require businesses operating in the state to carry commercial liability insurance.
Kentucky is a pure comparative negligence state which means that the plaintiff can recover damages even if they are 99 percent at fault. There is also no personal injury in Kentucky and the statute of limitations is one year.
There are also some mandatory types of business insurance that are required in Kentucky. One type is required in almost all 50 states and is known as Worker's Compensation insurance. In Kentucky, if you have at least one full or part-time employee, then you're required to carry Worker's Compensation insurance. If you have a sole proprietorship where you are the only worker, then you're not required to carry.
You can contact the Kentucky Labor Cabinet to find out about exemptions. The only other type of mandated business insurance in Kentucky is commercial auto insurance if the vehicle is used regularly as part of the business.
Kentucky Personal Insurance
There are a couple of different types of personal insurance regulations that we will be covering. The first is auto insurance. In Kentucky, drivers are required to carry liability coverage that is $25,000 per person or $50,000 per accident as well as $10,000 for property damage. This is pretty much standard for auto insurance in most of the other states out there. Some are a little higher and some are lower.
There are also certain regulations governing life insurance in Kentucky. Life insurance is a regulated industry with the rules listed in Title 25 Chapter 304. One regulation is that Kentucky residents are permitted what is called a free look. That is available in almost every state. Illinois residents can have life insurance for 10 days and if at the end of those 10 days they have evaluated their policy and do not like it they can cancel for a full refund. In addition, Kentucky insurance companies must provide a grace period of 30 days.
Further Reading On Business Property Insurance
- Commercial Flood Insurance
- Commercial Property And Business Interruption Insurance
- Commercial Property Insurance Basics
- Commercial Earthquake Insurance
- Flood Insurance Requirements For Commercial Property
- How To Calculate Commercial Property Insurance Rates
- Landlord Insurance
- Types Of Insurance For Landlords
ISO Property Insurance Forms
You can download a copy of the ISO coverage form here: Building And Personal Property Coverage Form.
You can find more ISO Building And Personal Property insurance coverage forms here:
- Building And Personal Property Coverage Form
If you are looking for state specific Commercial Property Insurance quotes, costs and information: California Commercial Property Insurance, Colorado Commercial Property Insurance, Delaware Commercial Property Insurance, Florida Commercial Property Insurance, Illinois Commercial Property Insurance, Kentucky Commercial Property Insurance, New Jersey Commercial Property Insurance, New York Commercial Property Insurance, Oregon Commercial Property Insurance, Pennsylvania Commercial Property Insurance, Texas Commercial Property Insurance, Washington Commercial Property Insurance.