Missouri Business Owners Policy Insurance

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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.

Reviewer: Jeffrey Green Reviewed by Jeffrey Green
Reviewer: Jeffrey Green
Reviewed by Jeffrey Green

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

Missouri Business Owners Policy Insurance

In 2019, Missouri had $7,615,718,000 in commercial insurance claims paid. If you own a business, you're at risk for all kinds of losses. A business owners policy can help minimize your risk. 

An independent insurance agent can help find an affordable policy. They work with several carriers so that you have options on coverage and rates. Connect with a local expert for tailored quotes.

What Is a Business Owners Policy? 

When you own a business in Missouri, the right insurance is essential. Your company will need protection for all the what-ifs. Check out the policy that can get you there.

  • Business owners policy (BOP): This will include liability coverage for bodily injury and property damage. Any business property will be included for replacement and repair in this policy.

If you are a small business owner, you likely have a BOP. This is a comprehensive policy that includes a lot of perks. It will have a variety of extra coverages specific to small businesses.

Business Owners Policy Coverages

A BOP will have specific standard coverages. The carriers will put their own brand of additional protection pieces that come included. Check out the primary coverages for a BOP in Missouri.

  • General liability insurance: Pays for bodily injury or property damage claims where you and your employees are responsible.
  • Business interruption: This will pay for regular business expenses when you are temporarily shut down due to a covered loss.
  • Commercial property insurance: Pays for building, equipment, and inventory damage from a covered loss.
  • Crime insurance: Pays for a claim involving forgery, fraud, or theft to your company.

While the above coverages are usually automatic in this policy type, they are not the only ones. Numerous ancillary items are typically included in a BOP as well. Things like equipment breakdown, cyber liability, and identity theft are a few.

What Is the Average Cost of a Business Owners Policy?

In Missouri, your commercial insurance policies will range in coverage and price. Since insurance companies use personal data and outside elements, you'll have to obtain custom quotes for exact costs. Here are some factors carriers that look at to determine your BOP premium.

  • Your business address
  • How long you've been in business
  • Your gross annual sales
  • The type of industry you're in
  • If you have any employees
  • Business property details
  • Prior claims
  • Your insurance score

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Business Owners Policy vs. Commercial Package Policy

Your business in Missouri can fall into a couple of categories when it comes to coverage. A BOP or package policy is the most common policy types. The difference between the primary policies you'll want to obtain are listed below.

  • BOP: A BOP is plug-and-play. It has a pretty rigid template when it comes to coverage offerings. There is not much flexibility in the limits, and the endorsements are as-is. A BOP truly is for small business owners not exceeding a specific gross annual income. 
  • Commercial package policy: A commercial package policy or CPP is more robust. It is designed to tailor coverages exactly how your business needs them. A CPP is usually used for mid- to large-sized companies. You can add and remove coverages as they pertain to your operation. It is a more flexible option for some business owners.

Carriers will usually put you in one of these policy forms depending on your industry and gross annual revenue. The higher your gross annual sales, the more you'll qualify for a CPP. In contrast, a BOP is truly for small businesses with lower revenue.

Business Owners Policy vs. General Liability

In Missouri, there are approximately 532,277 small business owners. When you're growing, your insurance may need to be changed. Most small businesses start with the basics, and as you get more established, a different policy type is necessary. Take a look at what they are below.

  • BOP: A BOP is going to provide coverage for your property, business income, and more. It will include general liability in addition to the many other coverage options. 
  • General liability: This policy is on its own. It will give you liability coverage for bodily injury, property damage, libel or slander. Anything else will have to be added in a separate policy.

How to Find a Missouri Independent Agent

When you're searching for commercial insurance in Missouri, you'll have numerous options. Instead of going at it alone, consider using a trusted adviser. Your business owners policy can be confusing if you're not a trained professional.

Fortunately, an independent insurance agent is knowledgeable in all things insurance. They have access to multiple markets so that you get the best options on coverage and premium. Connect with a local expert on TrustedChoice.com for quotes.

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