Springfield, MO Business Insurance

(How to find coverage for an affordable price.)

Written by Candace Jenkins
Written by Candace Jenkins

Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.

Springfield Missouri business insurance

Springfield, MO is home to three major universities and is known as the birthplace of Route 66. Often referred to as "The 417," this town has a lot of firsts.

When you own a business in this city with 167,376 residents, you'll need proper protection. A local independent insurance agent can help find the coverage and pricing you need. Get connected with an independent agent today.

Employee Benefits Attract Top Talent in Springfield, MO

Employee healthcare costs are a huge financial burden for your staff. If you want to stay competitive in the hiring market, you'll need a policy that attracts. Let's look at the average employee health insurance costs:

  • Annual health premiums for family employee coverage in 2019: $20,576
  • Annual health premiums for single employee coverage in 2019: $7,188

Your employee benefits package doesn't have to cost a lot of money, but it does need to add value. If your staff struggles to cover some of life's basic needs, a benefits option can help. Let's look at the most common coverage solutions offered in employee benefits:

  • Health insurance - You can contribute to all or some of the expenses.
  • Disability insurance - You can offer short-term or long-term coverage.
  • Life insurance - A whole or term life policy is great additional coverage.

Your Springfield, MO employees deserve a workplace they can call home. Connect with your independent agent to put an employee benefits package together. 

Worker's Compensation in Springfield, MO

Worker's compensation insurance is required in Missouri once you have five or more employees. Regardless of how many staff members you employ, worker's compensation is needed. 

Worker's Compensation Insurance

Worker's compensation insurance will pay for medical expenses and lost wages when an employee gets injured or becomes ill on the job. The minimum state mandated limits are below:

  • $100,000 per occurrence for bodily injury 
  • $100,000 per employee for bodily injury by disease
  • $500,000 policy limit for bodily injury by disease

Missouri's worker's compensation limits are the very least amount of protection you can get for your business. A local independent agent may suggest another coverage amount. You'll want to discuss options with your Springfield, MO agent. 

Business Interruption Insurance for Your Springfield, MO Business

A catastrophe, severe weather, burglary, or fire could take out your business for some time. When that happens, you'll need business interruption coverage to pay for your regular expenses. Take a look at what items business interruption could pay for:

  • Mortgage or rent payments
  • Employee payroll
  • Utilities
  • Vendor fees

The main occurrences that could put your business on hold in Missouri are the following:

  1. Severe storms and lightning
  2. Flooding and water damage
  3. Severe ice storms and freezing
  4. Burglary and other property crimes
  5. Tornadoes

Missouri gets a lot of exposure when it comes to weather. Your policy should have coverage for most natural disasters, except for flooding. Flood damage is covered under a separate flood insurance policy.

Flood Insurance Coverage

With flooding being on the top five list in Springfield, MO, this isn't a coverage you want to miss. The best way to obtain a flood policy is through your independent agent. They can look up your flood zone and quote through FEMA-approved carriers. 


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Cyber Liability Insurance in Springfield, MO

A cyber liability policy is needed more in the last few years. The ease of email makes it easy for online predators to send malicious links. Let's look at the numbers:

  • Number of US data breaches in 2019: 1,473
  • Number of US identity records exposed in 2019: 164.68 million

When you or an employee clicks on a source that steals data, it can put your whole company at risk. The best way to avoid stolen information is in the following ways:

  • Send out practice phishing emails, so your employees know what to look for.
  • Hold regular cyberattack prevention meetings with staff.
  • Make sure you have the proper safeguards in place to protect your data and servers.
  • Consult with an expert.

Speak with your Springfield independent agent to get the business insurance your company needs.

Your Springfield, MO Commercial Property Insurance

When you own a business property, you'll need protection for damage. A commercial property insurance policy will provide coverage for:

  • Replacement or repair of your building up to the replacement cost.
  • Replacement or repair of your business belongings.

The 5 Most Common Property Risks in Springfield, MO:

  1. Floods
  2. Storms
  3. Tornadoes
  4. Winter storms
  5. Winds

When a catastrophe strikes, your commercial property insurance will be ready. Connect with your independent agent to discuss your small business coverage options.

Liability Insurance in Springfield, MO

Your business's primary coverage is liability insurance. Similar to your personal home insurance, a general liability policy will protect your business from a lawsuit. Policy limits start at the following:

  • $1,000,000 per occurrence
  • $2,000,000 aggregate

Commercial General Liability (CGL) Insurance:

A CGL policy will respond when a lawsuit arises from bodily injury, slander, property damage, or advertising injury. Products and completed operations insurance is another good coverage that will apply after the product or service has been sold. Discuss liability insurance options with your Springfield agent. 

Find a Springfield, MO Independent Agent

The time it takes for you to compare coverage and rates for your business insurance is too long. A Springfield independent insurance agent can do the shopping for you. 

They work with multiple carriers, giving your company options. Connect with a local independent agent on TrustedChoice.com and start saving.

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