In 2019, Missouri had $7,615,718,000 in commercial insurance claims paid. Property losses are common no matter where you live. Premises liability insurance can protect your home, commercial building, or land.
An independent insurance agent can help. They have access to several markets so that you get options. Connect with a local expert for competitive quotes.
What Is Premises Liability?
When you own a property in Missouri, coverage is necessary. Personal and commercial structures can be protected with the right policy. There are several coverage options depending on what you own and how it's titled.
- Premises liability insurance: Pays for losses arising out of bodily injury and property damage that occur on your premises. This can be due to hazards or negligence on your end.
What Does Premises Liability Insurance Cover?
In Missouri, you'll need some form of premises liability coverage to be adequately insured. First, it's essential to understand what it will cover. Check out what your premises liability policy will protect against.
- Bodily injury coverage due to an accident
- Bodily injury coverage due to the owner's negligence
- Bodily injury coverage for a trespasser
- Bodily injury coverage for a customer
- Bodily injury coverage for a guest or friend
What Does Premises Liability Insurance Not Cover?
Your personal and commercial insurance policies will have exclusions. This will apply to premises liability coverage as well. Here are some standard exclusions for premises liability insurance in Missouri.
- Employee injuries: This would fall under workers' compensation insurance.
- Intentional damage: If you intentionally damage your own business property, there is no coverage under this policy or any other policy for that matter.
- Medical malpractice injuries: If you are a physician and injure a party medically, this would not fall under premises liability. Instead, you would need a medical malpractice policy.
Commercial Premises Liability Insurance
Commercial premises liability insurance can be included in your other business policies. When you own a structure in Missouri, there are several risks involved. Some examples of these potential lawsuits are as follows.
- Not covering up a hole on your premises
- Leaving dangerous equipment out in the open
- Not securing your property adequately
- Having unrestricted access to the public
- Not displaying cautionary signs and warnings
- Leaving hazardous materials unattended
- No fencing
- No sprinkler system for a fire
- Not mending broken structures or property
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Premises Liability Insurance vs. General Liability
Your Missouri premises liability insurance will be different than your general liability coverage. They can be on the same policy for a more comprehensive offering. Check out the contrasts below.
General liability: Pays for bodily injury, property damage, libel or slander claims arising out of the business's operation. These occurrences may not have been preventable. General liability policies include coverage for premises liability, such as slips and falls.
Premises Liability: Pays for negligence on the property owner's part. These claims are usually preventable and often just overlooked.
In conclusion, general liability is a more comprehensive policy that includes premises liability coverage. If you get a stand-alone premises liability policy, you could be missing out on other vital insurances. Review your protection with a licensed adviser for accuracy.
Premises Liability Insurance Cost
The average annual cost of Missouri homeowners insurance is $1,285. When you own a commercial structure, the price will usually be higher. The only way to know your actual expense is to obtain quotes from a professional. Take a look at what carriers use to determine your premiums.
- Square footage
- Property updates
- Safety precautions taken
- Age of building
- Prior claims
- Experience in owning a property
- Replacement cost of said property
Premise Liability Settlements
If you have a premises liability policy in Missouri, it can cover a variety of losses. The coverage itself will help pay for the defense, settlement, and court fees of a claim. If an event is settled before going to court, then your premises liability will pay the third-party for any bodily injury or damage. Here are some of the most common premises liability occurrences.
- Slip and falls
- Snow and ice accidents
- Defective premises conditions
- Poor maintenance of the premises
- Injury or assault due to lack of security
- Elevator and escalator accidents
- Swimming pool accidents
- Dog bites
How to Connect with a Missouri Independent Agent
The right coverage in Missouri can mean the difference between a claim getting paid or not. To avoid financial ruin, you'll want to protect all your exposures. Premises liability insurance can help when you own a personal or commercial building.
Fortunately, an independent insurance agent has access to multiple markets, saving you time and premium dollars. They work on your behalf at no cost so that you have options. Connect with a local expert on TrustedChoice.com for custom quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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