Find the Best Business Insurance Options in Missouri
Getting the right business insurance policy in Missouri is essential for helping to keep your business afloat. With business insurance, your company can get the reimbursement it desperately needs after a covered disaster like a theft or a fire. But without coverage, your business could face serious consequences, up to and including bankruptcy.
Missouri currently has about 532,277 small businesses that need coverage of their own. Additionally, Missouri's 1.2 million small business employees must have the critical protection of an employer's workers' compensation coverage. An independent insurance agent in Missouri can help you find all the coverage you need for your business. But for starters, here's a deep dive into business insurance in Missouri.
Best Business Insurance Companies in Missouri
There's no need to endlessly browse coverage options for business insurance in Missouri when you can start with the best right away. We put together a list of the best business insurance companies in Missouri for your convenience. When you're ready to find coverage, start with these top picks.
- National General Insurance: National General Insurance is a longstanding carrier with a catalog consisting of several products in addition to business insurance. The insurance company provides 24/7 claims reporting service for policyholders and has excellent ratings from both AM Best and the Better Business Bureau (BBB).
- Nationwide: Nationwide offers business insurance along with a ton of other insurance products. The insurance company also has excellent ratings by both AM Best and the Better Business Bureau (BBB) and provides 24/7 claims reporting service for policyholders.
- Amica: Amica is also a longstanding carrier that offers several small business insurance products along with other types of coverage. They're rated an "A+" by AM Best for financial strength.
- Allstate: Allstate remains one of the largest insurance companies in the country and provides a huge selection of personal and business insurance products. The insurance company works with independent insurance agents and is rated "A+" by AM Best for financial strength.
A Missouri independent insurance agent can help you find the business insurance you need from one of these top-rated insurance companies in the state.
Missouri Business Insurance Requirements
Missouri state law mandates that businesses with at least five employees must have workers' compensation insurance. However, this is the only coverage required by state law. But you'll want to consider that your business's property could greatly benefit from the protection of commercial property insurance. Likewise, your company could greatly benefit from having business income insurance in case of a temporary closure following a covered disaster like a lightning strike.
State-required business insurance in Missouri:
Optional business insurance coverages in Missouri include:
- Commercial property insurance
- Commercial auto insurance
- Business income insurance
- Professional liability insurance
- Cyber liability insurance
- Commercial general liability insurance
A Missouri independent insurance agent can help you find each type of business insurance coverage needed by your unique company.
What Business Insurance Covers in Missouri
What's covered by a business insurance policy in Missouri depends on the coverages you select. When considering all aspects of your business that are prone to risks, you'll want to think about getting commercial property insurance, commercial auto insurance, business income insurance, cyber liability insurance, general liability insurance, and more. If your company has any vehicles used for business purposes, you'll need to get commercial auto insurance to protect against lawsuits and to be able to replace vehicles that get stolen or damaged. Make sure to add every kind of coverage necessary to protect your specific business in your business insurance policy. Your Missouri independent insurance agent can help.
Liability Coverage Options for Small Businesses in Missouri
Every small business in Missouri is vulnerable to lawsuits, meaning liability coverage is critical to at least consider. Here are the three major types of small business liability coverage options in Missouri.
- Professional liability insurance: Pays for legal expenses if your business gets sued by a third party for claims of improper advice or services performed in such a way that caused injury or loss.
- Cyber liability insurance: Pays for costs related to data breaches and other cyber threats that can lead to the exposure of sensitive or private data and information, including customer credit card numbers.
- Commercial general liability insurance: Pays for legal expenses in third-party lawsuits filed against your business for claims of personal property damage or bodily injury.
A Missouri independent insurance agent can help you find the right kind of small business liability coverage for your unique company.
Property Coverage Options for Small Businesses in Missouri
Businesses with physical buildings or a lot of inventory need to consider getting coverage for these components.
- Commercial property insurance: Pays for financial losses caused by theft or vandalism and other disasters that can damage or destroy your business's property, including any buildings and inventory.
Your independent insurance agent in Missouri can help you find the right kind of commercial property coverage for your company.
Other Insurance Options for Small Business Owners in Missouri
Your company might still require other forms of business insurance to be fully protected. Consider adding these coverages to your business insurance policy in Missouri:
- Business income insurance: Pays for lost income from your business caused by temporary company closures due to covered disasters, such as extensive fire damage and more.
- Commercial auto insurance: Pays for losses related to company vehicles, including lawsuits after accidents, theft or vandalism, etc.
An independent insurance agent in Missouri can help you find all the additional business insurance coverages your specific business may need.
Average Cost of Business Insurance in Missouri
Costs of business insurance in Missouri vary depending on a number of factors, so it's tough to offer an average figure. Your business's size and location, for starters, impact the cost of business insurance because the larger your business is, and the closer it is to certain threats like property crimes and weather risks, the more coverage you'll need. A business's industry also impacts coverage rates due to company operations and risk level. So businesses in statistically more dangerous industries, such as construction, can expect to pay more for coverage than those typically considered safer, such as small restaurants.