Central to the Heartland of America, the “Show Me State” is home to a variety of tourist attractions and historical sites including the Gateway Arch in St. Louis which is the tallest monument in the United States, the Ozark National Scenic Riverways, the Pony Express, Jesse James Museums, and 81 state parks and historical sites. Missouri mines approximately 90 percent of the nation’s lead supply and is a leading location for additional mining, agriculture, tourism, and electronic businesses. Named third for cost of doing business, eight for cost of living, and ninth for infrastructure and transportation by the CNBC 2011 Ranking of America’s Top States for Business, a small business in Missouri has an ideal backdrop to become highly successful. But in order to protect that success, small business owners need to have the best in business insurance in Missouri options.
Standard Business Insurance Coverages in Missouri
A business owner’s insurance policy, frequently referred to as BOP, is a complete package for small businesses that includes multiple coverages in one bundle. A BOP represents a combination of two types of coverages together in one policy: property insurance and general liability. By covering a number of areas of liability, including buildings, equipment, and legal liabilities, business owners insurance transfers risk away from the Missouri enterprise to the insurance company. Common claims that business owners insurance in Missouri coverage protects you from include: legal liability claims, specialized liability claims, financial loss, equipment breakdown, fire, worker deceit, money and securities, important papers, and property claims. Additional components can be supplemented to the original BOP policy, depending on the risks a Missourian business owner predicts.
General liability insurance in Missouri is intended to provide business entities with protection from financial burden that may arise from negligent acts, omissions, or both, caused by the employer or workforce that results in physical injury or damage to property. Some of the exposures commonly covered under general liability insurance include from products coverage, accidents on the premises of the insured business, and contractual liabilities. The damage or injury may be as a result of carelessness and unintentional. General liability insurance in St. Louis, Missouri can either one policy or combined with other liability policies.
A package policy is an insurance policy that benefits professionals in the Show Me State and combines two or more types of insurance into a single policy, also called a bundle. Normally, the package policy in Missouri will combine general liability insurance (see above) and commercial property (see below); although a package policy may be intended to include nearly any type of coverage, which depends on the individual needs of the enterprise. A package policy is practical for owners of small businesses because it makes room for a lot of flexibility to tailor a policy solely for the unique needs and risk exposures of the entity.
Commercial Property Insurance in Missouri is beneficial to a variety of enterprises as it provides coverage for commercial property, and includes building, inventory, gear, supplies, furniture, important papers, and personal property. Commercial property insurance provides protection against a number of unexpected events, such as fire, explosion, theft, windstorm, hail, lightning strikes, vandalism, and natural disasters. Commercial property insurance is recommended for a number of small businesses, such as floral shop retailers, jewelry manufacturers, not-for-profit entities, and various service-oriented businesses.
If you have employees working for your organization, workers’ compensation insurance will provide protection against worker occupational illnesses and injuries suffered on the job. Workers’ compensation insurance in Missouri is a no-fault, state-mandated insurance system intended to pay back wages to employees who received injuries or an illness during their work-related duties. The state of Missouri requires businesses with employees to carry workers’ compensation, therefore, if they are found without it, they can be forced to pay harsh fines and civil penalties; they may also be liable for the cost of injuries suffered by their staff. Through workers’ compensation insurance in Kansas City, Missouri, workers receive medical care and lost salary benefits in exchange for the guarantee that they will not sue their employer.
Whether your business owns a single vehicle or a fleet of vehicles, it’s necessary to purchase commercial auto insurance in the Midwestern state of Missouri. Commercial auto insurance provides financial protection to owners of employers and their workforce by offering coverage for a company’s use of trucks, vans, cars, or other vehicles for work-related duties such as deliveries. Commercial auto insurance covers damages and medical costs resulting from vehicle accidents, as well as vandalism and hail damage. Coverage for your Missourian company may include vehicles owned, rented, leased, or hired by the company, as well as vehicles owned by the employee who uses it for work-related duties. Known as non-owned commercial auto insurance, it’s recommended that enterprises acquire a commercial auto insurance policy if drivers use their own vehicle for business operations, for this specific reason.
Commercial umbrella insurance starts where your general liability, commercial auto insurance, or other liability coverage stops. Because your existing liability policies most likely contain coverage limits, and likely do not cover all expenses in the event of a catastrophic disaster. Commercial umbrella insurance in Missouri is an essential source of security that fills in the gaps and covers specific exclusions in your foremost business liability coverage. Umbrella insurance is a great way to offer additional protection against property damage, bodily harm, or certain other liabilities.
Some Additional Business Insurance Coverages in Missouri to Consider
Errors and Omissions insurance policies offer protection to entities in greater St. Louis, Missouri and their workers from lawsuits and claims made by clients or customers for insufficient work, careless acts, errors, and oversights made through work-related duties that resulted in a loss of income or output on the part of the client or customer. Errors and Omissions insurance in Missouri covers the cost of legal defense and court expenses, along with settlements as written on the insurance contract. Just like physicians need malpractice insurance, small business owners in Missouri who provide services or consulting advice, either directly or with subcontractors, need errors and omissions insurance.
Professional liability insurance assists business owners in Missouri, such as auditors, financial analysts, and lawyers, with avoiding the legal cost of defending against a claim of negligence, mistakes, failure to perform, or omission made by a client as well as damages awarded in that claim. The coverage’s main focus is on monetary loss on the part of the client from these types of assumed claims with respect to a product or service sold by the employee. Professional liability insurance in Missouri may provide claim coverage, even if the legal actions turn out to be unsupported. Professional liability insurance is required by law in the state of Missouri in certain types of professional practices, including the law and medical communities, but is also required by contract in other professions.
Small business owners in Missouri can receive extra protection against claims such as unjust termination, discrimination, breach of contract, violations of wage laws, sexual harassment, false imprisonment, libel, slander, emotional anguish, mental grief, careless hiring and promotion decisions, and claims of defamation with Employment Practices Liability Insurance, also known as EPLI. Employment practices liability insurance in Missouri focuses on laws, acts, and protection brought under Title VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act, and Family and Medical Leave Act — which are all regulated by the Equal Opportunity Employment Commission (EEOC), which is an extension of the federal government.
Fidelity Bonds in Missouri
Fidelity bonds in Missouri are a form of insurance that is purchased by employers to protect against losses, such as fraud, theft or embezzlement by one or more employees. Because settlement from employee dishonest practices is probably unlikely due to the cash already being spent, fidelity bonds represent an important safeguard for a small business owner in Missouri who would otherwise be liable for the financial loss. While it’s important to have security measures such as background screening for employees, adequate internal controls, and close employee monitoring, sometimes it just isn’t quite enough. Losses suffered from employee fraud and thefts of money, property, or securities are all covered under fidelity bonds insurance. The three most frequent types of fidelity bonds are business service bonds, standard employee dishonesty bonds, and ERISA bonds.
Surety Bonds in Missouri
A surety bond is a requisite agreement or contract among three independent parties: the principal, obligee, and surety (insurance company). It represents the guarantee to pay a precise amount if a party fails to meet an obligation, such as fulfilling the terms of the agreement. A surety bond protects the beneficiary against loss should the contract not be fulfilled, while the surety company assumes the responsibility for nonperformance. A surety bond is typically required to obtain financial compensation. Firms in Missouri may need a surety bond to ensure payment of utility bills or state sales taxes, while a contractor may need to post a bond to guarantee work or meet the license eligibility. While surety bonds are most commonly seen in the construction industry, they are also used by mortgage brokers, auto dealers, medical suppliers, notary publics, health and fitness clubs, and others. Because of how many types of small entities use and need bonds, there are a variety of types and features of surety bonds in the state of Missouri that provide a number of guarantees.
The rich history and extraordinary attractions in the state of Missouri bring a large number of tourists to the state, which adds to the potential success of a variety of small businesses. Therefore, if you’re operating a business in Missouri, such as a fitness club, grocery store, or hotel, you’ll want to be safeguarded with the proper amount of business insurance. While your small business may have standard business insurance required of any establishment in the state of Missouri, additional policies can provide you with supplemented insurance coverage to protect against litigation, liabilities, damage from natural disasters, theft, and various fraudulent acts. By protecting your business assets, you can provide your business with the highest amount of security available through the various types of insurance for your organization.