Clayton, MO is an affluent suburb of St. Louis. There are 1,393 businesses operating in Clayton.
Whether you own a small or a large business in Clayton, you need business insurance to protect you when something goes wrong. An independent insurance agent can help you compare business insurance quotes in Clayton, MO.
How Much Does Business Insurance Cost in Clayton, MO?
Insurance companies evaluate your company's unique characteristics to determine how much you'll pay for your insurance coverage. That’s why the cost of business insurance in Clayton will differ for every business.
The following factors, and others, influence your business insurance premiums:
- Your annual gross sales and payroll
- Your average employee count
- The size and physical location of your business
- The value of your physical assets (buildings, vehicles, machines, equipment, inventory, etc.)
- The nature of your business (what do you do?)
- Your prior insurance claims history
Why does your company’s location matter? If your business is located in an area more prone to problems like crime or natural disasters, you’ll pay more for business insurance because you are more likely to file a property damage claim.
In Missouri specifically, there have been 68 federally declared disasters since 1953. Federally declared disasters usually occur because of events like tornadoes, floods, or wildfires. Moreover, everyday events can unexpectedly damage your commercial property at any time. The main risks for property damage in Missouri are:
- Severe storms and lightning
- Flooding and water damage
- Severe ice storms and freezing
- Burglary and other property crimes
It’s important to work with an independent insurance agent who understands all the risks you face in Clayton, MO, and how those risks affect your business insurance costs.
Is Business Insurance Required in Clayton, MO?
Missouri law does not require most types of business insurance. If your business owns even one vehicle, you must purchase commercial auto insurance that complies with Missouri’s car insurance laws. Your commercial auto insurance must have liability coverage up to the following minimum limits:
- Bodily injury liability: $25,000 per person/$50,000 per accident
- Property damage liability: $25,000 per accident
Bodily injury liability insurance covers you if you are at fault in an accident and someone other than yourself is injured. Property damage liability insurance covers damage to another person's vehicle or property in an accident that is your fault.
The law also requires uninsured motorist coverage of $25,000 for bodily injury per person and $50,000 for bodily injury per accident.
In addition, Missouri requires you to carry workers’ compensation if you have five or more employees. If you are in the construction industry, you must carry workers’ compensation insurance if you have one or more employees.
Workers' compensation insurance helps pay injured workers for the costs of medical care and lost wages if they are injured on the job.
What Does Business Insurance Cover in Clayton, MO?
A comprehensive business insurance program in Clayton, MO will typically include the following types of coverage:
- Commercial general liability (CGL) insurance: Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your CGL policy even covers personal injury claims such as libel and slander.
- Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, and other covered perils.
- Business interruption coverage: Protects your earnings if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you must close for a while to make repairs or rebuild, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
- Commercial auto insurance: Protects your business-owned cars and trucks from property damage and liability claims.
- Workers’ compensation insurance: Pays for medical expenses and a portion of an employee's lost wages after a work-related injury.
Every insurance policy you purchase will include a very specific list of coverage exclusions, or things that are not covered by the policy. Commercial property policies typically exclude coverage for damage caused by flooding or earthquakes. And a CGL policy usually won’t protect you if you’re sued for damage that is caused by pollution or some other environmental negligence.
But in some cases, what is excluded in one policy can simply be added back on to the policy with an endorsement or by purchasing a separate, risk-specific policy.
Small businesses that are located in flood zones can purchase flood insurance from the National Flood Insurance Program. Earthquake insurance may also be available for businesses that need it. And if your business has certain liability exposures that are not covered by your CGL policy, you can purchase one or several additional liability policies to fill in all the gaps.
Business insurance programs will be different for every company in Clayton. An independent insurance agent who understands your unique company can recommend the specific coverage you need.
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What Does Small Business Liability Insurance Cover in Clayton, MO?
Liability insurance is critical for any small business in Clayton, MO. Small business liability insurance is essentially lawsuit coverage.
The main building block of your liability protection will be a commercial general liability (CGL) policy. It will provide broad protection for a wide range of lawsuits and negligence claims, especially those that indicate your business is responsible for damaging property or injuring someone.
A CGL policy has two major coverage components:
- Premises liability insurance: Covers third-party damage, injuries, or illnesses that occur due to an accident on your property.
- Product liability insurance: Covers third-party damage, injuries, or illnesses caused by a defect in a product your company produces, sells, or promotes.
Remember that CGL policies usually exclude coverage for certain kinds of lawsuits. You're likely to need additional small business liability insurance to cover certain types of potential claims.
Talk to your independent insurance agent about why you might need cyber liability insurance, professional liability insurance, employment practices liability insurance, or any other kind of customized small business liability protection.
Are There Any Small Business Health Insurance Plans in Clayton, MO?
Health insurance and other employee benefits can help you encourage and support a healthy and satisfied workforce. What’s more, you may be eligible for certain tax benefits if you offer health insurance to your employees.
Many different small business health insurance plans are available in Clayton, MO. A local independent insurance agent can help you find affordable small business health insurance near you.
What Are the Best Small Business Insurance Companies in Clayton, MO?
It can be simple to find the best small business insurance companies in Missouri. A local independent insurance agent can help you get business insurance quotes from multiple insurance companies so that you can select the best policy for your needs and budget.
How Can an Independent Insurance Agent Help Me Find the Best Business Insurance in Clayton, MO?
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of business insurance quotes in Clayton to help you make the best choice.
What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
Contact an agent today for a free, no-obligation consultation.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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