Missouri Business Umbrella Insurance
How to find a local adviser in minutes
Written by
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.
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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.
There are approximately 532,277 small businesses in Missouri. If you're one of them, you'll want the necessary protection. Commercial umbrella insurance can help.
An independent insurance agent will be able to provide quotes on all your business insurance needs. They work with several carriers so that you have options. Connect with a local expert to get started today.
What Does Commercial Umbrella Insurance Cover?
If you have a business in Missouri, there are numerous policies you'll need to obtain. It's important to review your coverages with a licensed professional for accuracy. Take a look at some things commercial umbrella insurance can provide coverage for.
- A lawsuit arising out of slander
- A lawsuit arising out of libel
- A lawsuit arising out of defamation of character
- A lawsuit arising out of bodily injury
Commercial umbrella insurance will provide coverage for a large liability loss. When your underlying limits have been exhausted, umbrella insurance will apply. Coverage starts at $1,000,000 and goes up depending on your assets.
Commercial Umbrella Insurance Quotes and Average Cost
The cost of commercial umbrella insurance will be specific to your business. Like any business policy, there are various factors carriers will address to determine pricing. Check out the following items companies use to rate.
- Your insurance score
- Your claims history
- Your address
- Your assets
- Your gross business income
- Local weather patterns
- The industry you are in
- Your experience level
The average cost of commercial umbrella insurance
- Commercial umbrella insurance average: $1,000 annually with a $1,000,000 limit of protection
The majority of the time, your commercial umbrella insurance will be the least expensive. Again, it will depend on your risk exposures. Overall, costs for this policy type are usually on the lower end.
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Commercial Umbrella Insurance for Rental Properties
If you own a rental property, there are a few things to note. You must be carrying underlying landlord insurance before you can qualify for commercial umbrella coverage. You will need to meet coverage guidelines for your investment to be included in an umbrella policy.
Once you've met those requirements set by most carriers, your property will have adequate protection. A commercial umbrella policy will give an additional limit of liability that extends to your rental unit. Many times proof of underlying insurance is necessary before coverage can be bound.
Commercial General Liability Insurance vs. Umbrella Policy
Your business insurance policies in Missouri will typically be separate. Commercial auto, general liability, and commercial umbrella insurance will be on their own policy form. These coverages will come together and supply limits of insurance needed when a claim occurs.
How they work together
- General liability insurance: Pays for a lawsuit arising out of bodily injury, property damage, libel or slander.
- Commercial umbrella insurance: Pays for a lawsuit arising out of bodily injury, property damage, libel or slander. This is a continuation of liability coverage when a larger claim occurs.
In the instance of a more substantial loss, your general liability would kick in first. Then your commercial umbrella policy would follow. Your umbrella coverage would apply to a commercial auto loss as well.
Stand-Alone Commercial Umbrella Insurance
When it comes to your Missouri business, there are a lot of threats. To stay proactive, you'll want to have commercial umbrella insurance. Missouri had 5,524,122 commercial losses alone.
A stand-alone commercial umbrella policy is unlikely. Most carriers will require the underlying limits as well. This ensures no gaps in business coverage and fewer claims issues.
How to Connect with an Independent Agent in Missouri
Commercial umbrella insurance in Missouri is necessary if you want to cover all your bases. It will provide extra liability protection for your risk exposures. Review your current policies for free with a local adviser.
An independent insurance agent can help fill gaps and find adequate insurance. They have access to several markets, giving you options on the rate. Connect with an expert on TrustedChoice.com to get started.