Missouri Commercial Property Insurance

Your Complete Guide to Missouri Commercial Property Insurance

How to connect with a local adviser

Missouri Commercial Property Insurance

If you're a business owner, there are various ways you can protect your assets. In Missouri, there are approximately 532,277 small businesses. Commercial property insurance can cover numerous items that your company owns.

When you work with an independent insurance agent, you get the best deal in town. They have access to several carriers so that you have options on coverage and premiums. Connect with a local expert for savings today.

What Does Commercial Property Insurance Cover?

Commercial property insurance can cover a variety of assets. Whether you own a tractor or structure, this policy can help. Take a look at what is covered under a commercial property policy in Missouri.

  • Commercial equipment: This can be anything from machinery to forklifts. Coverage will based on an actual cash value or replacement cost. A deductible usually applies.
  • Commercial structure: This covers the actual building you own up to the dwelling amount listed. A replacement cost estimator is used to determine how much your building is to replace or repair. Coverage can be on an actual cash value, replacement cost, or depreciated value.
  • Commercial belongings: This will cover any business belongings, such as furniture, office supplies, and more. It will either be in replacement cost, actual cash value, or depreciated value.  

Commercial Property Insurance Cost

Commercial property insurance costs will depend on your property type and value. Like other business insurance policies, your rates are determined by your specific criteria. Check out the risk factors insurance companies use in Missouri.

  • Local weather
  • Claims history
  • Type of property insured
  • Square footage
  • Value or replacement cost of property
  • If you rent out the commercial property to others
  • Your insurance score
  • If you have other policies in place

Top five weather-related risks in Missouri

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

How Much Commercial Property Insurance Do I Need?

In 2019, Missouri paid out $7,615,718,000 in commercial insurance claims. Property-related claims played a role in that figure as well. The amount and type of coverage your property needs will depend on your criteria. In the meantime, take a look at the different types of insurance given to commercial property owners.

  • Replacement cost: This will pay for your commercial property's current value at the time of loss in full. When you have a claim, it will restore or replace your property to like, kind, and quality. 
  • Actual cash value: This coverage is equal to replacement cost minus depreciation. If your commercial property is damaged, aged, or has natural wear and tear, this will be subtracted from the replacement cost amount. 
  • Functional replacement cost: This meets in the middle of actual cash value and replacement cost. It will replace or repair your commercial property with material that is less costly but just as functional. 

Who Needs Commercial Property Insurance?

In Missouri, most businesses will have some form of commercial property insurance. Belongings that help run your business and buildings themselves can be included in a commercial property policy. Take a look at the list below on who may need commercial property insurance.

  • Business owners
  • Commercial property owners
  • If you have commercial equipment
  • If you have a property titled in a business name

Proper coverage is necessary to avoid judgments and even bankruptcy. When you're assets have a loss, the right policy can make all the difference. Review your coverage for any gaps. 

Does Commercial General Liability Insurance Cover Property Damage?

General liability insurance in Missouri can be paired with your commercial property policy or on its own. Both are usually needed, and both cover different things. Like a business umbrella policy, your general liability will work in conjunction with your commercial property insurance. Take a look at the facts.

  • General liability insurance: Pays for a lawsuit arising out of bodily injury, property damage, libel or slander. This is usually the most accessed policy you'll own. 
  • Commercial property insurance: Pays for the replacement or repair of a commercial structure, belongings, or equipment. This does not have its own liability limit but is in addition to your general liability coverage.
  • Commercial package policy: This is just how it sounds — a package. This package will include general liability, commercial property, and more ancillary coverages together on one policy. Typically, lower premiums and more robust coverage options will be included in a commercial package. 

How a Missouri Independent Agent Can Help

When you're searching for commercial property insurance in Missouri, a licensed adviser can help. There are many different coverage types, and it can be confusing if you're not a trained professional. Your business assets help run your operation and should be adequately insured.

Fortunately, an independent insurance agent has access to several markets so that you have options. They work on your behalf to find the best deals in town. Connect with a local expert on TrustedChoice.com to get started.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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