Missouri Business Insurance

Why Get Business Insurance in Missouri
Every Missouri business, whether large or small, needs to be protected with business liability insurance. Lawsuits and the resulting settlements can take a heavy toll on any company’s financial reserves. Small businesses are especially at risk since being forced to pay one big settlement could literally bankrupt them. With proper comprehensive insurance coverage, business owners have one less thing to worry about. If an accident ever happens involving an employee, a customer, or even a visitor, you can be assured that the insurance policy you have will pay for any damages, including medical and lost wages. Don’t chance losing your hard-earned investment by cutting corners when it comes to insurance coverage.

Workers Compensation in Missouri
The system of Missouri’s worker’s compensation is mandatory. All employers are required to provide worker’s compensation insurance for their employees either through a private insurance provider or self-insurance. Waivers are not allowed. However, there are a few exceptions to the Worker’s Compensation Act in Missouri. These are:

  • Employers in the construction industry with less than five employees
  • Employers in the agricultural industry (This is voluntary only)
  • Domestic servants working in private homes

Benefits which can be received by eligible employees based on Worker’s Compensation Law:

  • Full medical benefits without time or monetary limits
  • Temporary total disability benefits
  • Permanent total disability benefits
  • Permanent partial disability benefits – only for those with permanently serious disfigurement on the head, neck and arms, including losing a member.
  • Death benefits – given to the employee’s surviving spouse, or spouse and children. A burial allowance is also provided.

Coverage for Missouri Business Insurance
Some businesses need more than basic Missouri business liability insurance. The only way to determine if you need additional coverage is by evaluating the services which your company provides and what type of industry your business is engaged in. For example, if your company is involved in manufacturing, Missouri product liability insurance should be included in your insurance policy. This protects your company in the event it manufactures a faulty product which causes serious injury or death to a customer. In this case, the injured victim or the victim’s family has the legal right to sue your company for the damages brought about by the faulty product. These damages can be extremely costly and can amount to more than your company’s available funds. Having adequate business liability insurance coverage will ensure that any lawsuit and the resulting settlement do not destroy your business.

Before you decide on a business liability insurance policy, speak with several different companies and compare rates and get quotes. You can do this easily and securely online. In the end, you want a comprehensive policy which protects your business and your employees in the event of an unexpected accident or other covered disaster. This keeps your business and its bottom line healthy and secure!