Missouri is home to many highly successful companies including the National Beef Packing Company, Buster Brown Shoe Company and Precious Moments, Inc. But not every business that opens its doors here in the Show-Me State will grow to be a multimillion dollar, internationally known company. If you own a business of any size in Missouri, you would be wise to protect it from undue financial hardship by purchasing a comprehensive business insurance policy. Maybe you've been looking at quotes for coverage, or maybe you haven't started yet. Either way, it's useful to know a few things about the unique business environment in MO, and the ways in which commercial insurance could benefit your bottom line and keep your profits safe.
Businesses operate in different industries. Regardless of which industry your business falls under, you are likely to face potential problems that could cause your company to suffer financially.
For example, if you own a day spa in Branson and a client suffers injuries while receiving services, your business could face professional liability charges and owe for medical expenses and punitive damages. Or, if you own a manufacturing company in St. Louis and a customer suffers injuries due to a poorly made product, you might find your company sued for product liability damages.
Businesses face different potential risks according to their various industries. That is why there is no such thing as a one-size-fits-all commercial insurance policy. Instead, these policies are flexible and tailorable to fit your specific business and its inherent risks.
If you have employees, by law you must purchase disability, workers compensation and unemployment insurance. If your business uses vehicles as part of its operations, you will also need to have a commercial auto insurance policy or for-hire liability coverage. Lastly, if you have taken out a business loan or a mortgage on your MO business property, your lender will likely require you to carry a commercial insurance policy to protect your business from factors that could lead to bankruptcy and default.
In many cases, Missouri small businesses are not under any legal obligation to carry commercial insurance. However, just because this coverage is not mandatory does not mean that it is not extremely important. It takes just one unexpected mishap, like a major fire or a liability lawsuit, to cause enough financial devastation to your business that you may find yourself forced to shut its doors for good.
If you have invested a lot of time, money and effort into building your business, you may want to consider purchasing an all-inclusive business insurance policy. Doing so may increase the odds that your company will prosper.
Commercial insurance policies are as varied as the businesses that rely on them for protection. You can customize a policy to meet your company’s specific coverage needs. Some policy options include the following:
Purchasing the right business insurance policy requires a bit of forethought and planning. You will need to carefully consider all possible risks that your business might face so that you are able to build and purchase an appropriate policy. It's also a very good idea to compare quotes for similar coverage before you buy so you can make sure you're not paying too much for a policy. An independent insurance agent in the Trusted Choice® network can help you do this.