Popular QuestionsPopular Questions about Business Insurance in Missouri

Why should I purchase Missouri business insurance?

Business insurance is designed to shield your company from financial losses caused by hazards such as severe weather events, forced temporary closures, property crimes, and liability lawsuits.

This insurance can prove beneficial, as is evidenced by the fact that in 2016 alone, businesses in Missouri collected more than $2.8 billion in insurance claims.

A local independent agent can help you build a business insurance plan that is customized to meet the specific needs of your business.

How have other business owners used their commercial insurance?

Liability lawsuits are filed frequently in the United States, and this can mean large financial losses for businesses that aren’t properly insured. In fact, statisticians predict that as many as 40% of small businesses are likely to experience a property or general liability claim in the next 10 years.

But liability lawsuits aren’t the only risk faced by businesses. Here are some things American companies have been using their insurance to cover:

  • Theft or burglary: Average cost per claim - $8,000
  • Water damage and freezing pipes: Average cost per claim - $17,000
  • Wind and hail damage: Average cost per claim - $26,000
  • Fire damage: Average cost per claim - $35,000
  • Customer slips and falls: Average cost per claim - $20,000
How does Missouri business insurance help my company?

Business insurance is designed to pay for losses, damage, and other expenses associated with covered events so that your business doesn’t have to.

If your inventory is damaged, a client files a liability lawsuit, or one of your employees is severely injured on the job, you won't have to worry about how this will affect your business’s bottom line.

Here’s what you can expect a well-built business insurance policy package to do:

Pay for Damage to Your Business Property

  • This is called “commercial property insurance.”
  • Example: A tornado tears through town and significantly damages the building your business in housed in and destroys most of your business property, including inventory and machinery.

Pay for Income Lost During Forced Business Closures

  • This is called “business interruption insurance.”
  • Example: A fire breaks out in the workplace and it takes several weeks before your business can resume normal operations.

Pay for Damage to Someone Else’s Property

  • This is called “general liability insurance.”
  • Example: While doing tree removal job at a client’s residence, one of your workers accidently drops a large tree limb onto a neighbor’s parked car.

Pay for Someone Else’s Medical Bills

  • This is also called “general liability insurance.” 
  • Example: Patrons of your restaurant are hospitalized with food poisoning that can be traced back to food served at your business and they file a lawsuit.

Pay for Accidents Involving Company Vehicles

  • This is called “commercial auto insurance.”
  • Example: Your human resources manager sideswipes another car while driving to a job fair in a company van.

Pay for Employee Injuries and Work-Related Illnesses

  • This is called “worker's compensation insurance.”
  • Example: An employee at your chemical engineering plant suffers a serious lung disease after accidentally inhaling some toxic fumes.

Sometimes, the coverage types mentioned above are not enough to properly protect a business against all of its potential risk. Fortunately, there are many more products and options available to business owners so that you can build a policy package that offers complete coverage against all your exposures.

To make sure you're properly insured, talk to a local independent insurance agent who specializes in covering businesses in your industry.

Does Missouri require businesses to have insurance?

A commercial insurance policy in and of itself is not required by law. However, some aspects of coverage may be. 

  • Businesses that have company-owned vehicles are required to carry commercial auto insurance.
  • All Missouri construction businesses with at least one employee ,and all other businesses at least five employees, must carry worker's compensation insurance.
  • Businesses that contract to do construction and other renovation will nearly always be required to have contractors insurance before they can be hired to do a job.
  • If you want to take out a business loan or line of credit, your financial institution may require you to have business insurance for the duration of your loan.

To learn more about coverage that you may need to carry, you can consult a local independent insurance agent.

How do I find the best price for Missouri business insurance?

Business insurance rates are calculated using a number of factors such as the type of business you own, its average annual revenues, the number of workers you employ, your company’s liability exposures, and the amount and types of coverage you want to include in your policy package.

Policies can vary significantly by business industry, so it is best to talk with an experienced insurance agent when building a comprehensive business insurance plan for your company. These agents can help you make sure that you are getting coverage for all of your company’s potential exposures while not paying for coverage you do not need.

When building your business insurance portfolio, your local agent may find that it is in your best interest to work with more than one insurance company. While one company may offer the best worker's compensation coverage, another may offer the best price for commercial vehicle insurance. Independent agents enable you to get coverage from multiple companies while still having a single point of contact through their office.

Work with an agent near you to ensure that your business is fully covered against all of its potential risks.

Are there any independent insurance agents in Missouri?

Yes! There are currently 580 independent agents in Missouri who are ready to help. These agents are not tied to a single insurance provider like captive agents are, so they can shop around for the policies that offer the most value to your company.

Let a local independent agent save your time and money shopping around for suitable, yet competitively priced, coverage for your Missouri businesses.

InformationFind the Best Insurance in Your City

Let's take a look at some factors that can influence business insurance rates and see how your city measures up.

  • Number of business in the US:  27,626,360
  • Number of businesses in Missouri:  515,227
  • Burglary rate per 1,000 residents in the US:  3.76
  • Burglary rate per 1,000 residents in MO:  4.45
  • Auto theft rate per 1,000 vehicles in the US:  2.29
  • Auto theft rate per 1,000 vehicles in MO :  2.96
City Population  Number of Established Firms Burglary Rate Per 1,000 ResidentsAuto Theft Rate per 1,000 Vehicles
Blue Springs55,8294,4002.682.80
Chesterfield47,4846,8991.180.46
Columbia123,19510,5434.442.31
Florissant50,9523,7313.162.83
Independence116,6727,9136.0010.29
Jefferson City42,7084,0923.062.17
Joplin50,9254,1559.296.18
Kansas City495,32739,4867.548.55
Lee's Summit99,3578,5062.121.82
O'Fallon88,6736,3781.020.64
Springfield167,88215,97811.728.72
St. Charles71,0285,7571.892.18
St. Joseph74,8755,1139.377.34
St. Louis300,57630,0408.968.96
St. Peters58,2124,3221.181.54

Kansas City MO Business Insurance

Covering Your Business Assets

Property

You will want to be sure that your policy adequately covers all of your business property so that if it is completely destroyed by a fire or a tornado, your business can easily afford to replace it and get back to normal operations quickly. Sometimes this means adding additional coverage such as inland marine insurance and boiler & machinery insurance. A local independent agent can offer advice.

Commercial Auto

If your business owns a vehicle or a fleet of vehicles, you will be required by state law to cover them with commercial auto insurance. Your rates will be based on several factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicle theft where they will be driven.

Worker's Compensation

Worker's compensation insurance can cover medical bills and lost wages for workers who are injured on the job.  Rates are based on your company’s overall payroll and the potential risks faced by your employees according to their job classifications.

For every $100,000 in annual payroll, here is an estimate of what businesses in the three leading industries in Kansas City, MO would pay for worker's comp coverage:

  • Healthcare industry: $2,106 a year
  • Professional, scientific and Technical services industry: $470 a year
  • Accommodation and Food Services Industry: $1,965 a year

An emergency room nurse at Saint Luke’s Hospital is more likely to suffer a work-related injury than a computer technician at CenturyLink, and rates for covering these industries reflect this. A local independent agent can help you find the policy that is best suited to cover your particular business.

St. Louis, MO Business Insurance

Covering Your Business Assets

Property

In addition to losses caused by property crimes like theft and arson, severe weather events like hailstorms can lead to expensive losses if you do not have sufficient business insurance. When large hailstones fall in the area, they can damage property such as company vehicles, outdoor signs, and the building in which your business is housed. Fortunately, your commercial property insurance can cover the costs to repair or replace this property.

Commercial Auto

Whether you are insuring a delivery van or a fleet of semi-trucks, commercial vehicle insurance can cover costs associated with liability risks and vehicle damage. This insurance is required for company-owned vehicles in this state. If your vehicles are driven over state lines, you will need to be sure that your policy meets federal, as well as state, minimum coverage requirements. A a local independent agent can help.

Worker's Compensation

Worker's compensation insurance is required if your St. Louis business employs at least five workers. If you operate in the construction industry, it is mandatory if you have at least one employee. This insurance can cover medical treatment, lost wages, and other costs associated with workplace injuries. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates can vary significantly from one business to the next.

Based on a $100,000 annual payroll, here is an estimate of what businesses in the three leading industries in St. Louis, MO would pay for worker's comp coverage:

  • Healthcare industry: $2,106 a year
  • Accommodation and food services industry: $1,965 a year
  • Educational services industry: $1,525 a year

These average rates cover a wide range of jobs within each industry, so they may not reflect the rates quoted to your business. Within the medical industry, a nurse who engages in frequent patient lifting would cost more to cover than a receptionist at an ophthalmologist’s office. 

To find out how much a policy will cost your business based on the types of jobs your employees do, talk to a local independent insurance agent.

Springfield, MO Business Insurance

Covering Your Business Assets

Property

The crime rate in Springfield is one of the highest in the state. Every year, around 10,000 thefts and 2,000 burglaries are reported in this city. You can shield your business from losses caused by embezzlement, shoplifting, and looting with a solid business insurance policy.

Commercial Auto

Your business is required to have commercial auto insurance if it owns a vehicle or a fleet of vehicles. Rates are based on a number of factors like the types of vehicles you are covering and information about the employees who will be driving them. Large trucks and construction vehicles will cost more to insure than cars and cargo vans, since they can cause a great deal more damage if involved in an accident.

Worker's Compensation

Worker's compensation insurance covers the cost of medical treatment, lost wages, and other expenses related to injuries or illnesses employees suffer because of doing their jobs. It is required for all Missouri construction businesses and for all other companies that have at least five employees. Worker’s compensation rates are assigned according to your company’s overall payroll and the types of jobs your employees do.

Based on a $100,000 annual payroll, here is an estimate of what businesses in the three leading industries in Springfield, MO would pay for worker's comp insurance:

  • Healthcare industry: $2,106 a year
  • Accommodation and food services industry: $1,965 a year
  • Educational services industry: $1,525 a year

Whether an employee suffers a back injury while working in a hotel laundry room or is burned in a kitchen fire, they can rest assured that their medical costs will be covered and they will be able to receive partial pay while they are home recuperating from their injuries. Also, as a business owner, you do not need to worry that these injuries will result in liability lawsuits against your company. 

Talk to an independent agent in Springfield for help finding a worker's compensation insurance company that is well suited to meet the needs of businesses in your industry.

Columbia, MO Commercial Insurance

Covering Your Business Assets

Property

Having a sufficient amount of business property insurance can shield your company from losses related to hazards like accidental fires, property crimes, and severe weather events like heavy winds and hailstorms. An independent insurance agent in Columbia can help you be certain that all of your company’s assets are properly insured.

Commercial Auto

If your Columbia business owns a vehicle or fleet of vehicles, you will be required by state law to carry commercial auto insurance. This insurance can cover your company against its increased risks of expensive liability lawsuits if one of your drivers causes a collision. Rates for coverage can vary according to the number and types of vehicles you are covering, as well as the accident and vehicle theft rate in the areas where your employees will be driving.

Worker's Compensation

Worker's compensation insurance covers medical expenses and paid time off for employees who are injured on the job. If your Columbia business is in the construction business or has at least five employees, you are required by law to have this insurance. Rates for coverage can vary significantly from one business to the next, depending on the types of jobs your employees do and your company’s overall payroll.

For every $100,000 annual payroll, here is an estimate of what businesses in the three leading industries in Columbia, MO would pay for worker's comp insurance:

  • Educational services industry: $1,525 a year
  • Healthcare industry: $2,106 a year
  • Accommodation and food services industry: $1,965 a year

Of course, these are just broad-based industry averages. Within each industry, there are many different types of jobs with differing rates of employee injuries. Within the healthcare industry, an emergency medical technician who goes directly to the scenes of accidents is more likely to be injured on the job than someone who works in the medical records department of a hospital.

 To find out how much it will cost to insure the employees who work for you, you can consult a local independent agent.

Independence, MO Business Insurance

Covering Your Business Assets

Property

Your business has probably invested a lot in its assets, such as computers, furnishings, inventory, and supplies. Business property insurance can help cover the cost of repairing or replacing this property if it is lost or damaged due to a covered event such a severe weather event or a crime. Find a policy and rate that works for your Independence business by teaming up with a local independent agent.

Commercial Auto

Many businesses in Independence have company-owned vehicles. From company cars to delivery vans to semi-trucks, if your company owns vehicles, they must be covered by a commercial auto insurance policy that meets or exceeds the state’s minimum coverage requirements. If these vehicles are used for interstate commerce, they must meet federal requirements as well. A local independent agent can help you find a great policy at a competitive price.

Worker's Compensation

Worker's compensation insurance covers medical bills and lost wages for workers who suffer occupational illnesses or are injured while doing their jobs. It is required for Missouri businesses that have at least five employees. If you have a construction business, you must have this insurance if you have at least one employee. Rates are assigned according to your company’s payroll and the types of jobs your workers do.

For every $100,000 in annual payroll, here is an estimate of what businesses in the three leading industries in Independence, MO would pay for worker's comp coverage:

  • Healthcare industry: $2,106 a year
  • Construction industry: $12,550 a year
  • Educational services industry: $1,525 a year

Construction is one of the most dangerous industries when it comes to employee injuries. That is why rates for coverage for construction workers are so high. If you are in the construction business, you can help keep your company’s costs manageable by educating workers about proper safety protocols and by enforcing these practices. Construction businesses with a history of demonstrated worker safety can often earn discounts through experience modifiers. 

Talk to a local independent agent to learn more.