Missouri Small Business
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Missouri Small Business Insurance
There are 505,523 small businesses in Missouri, and they all need to have the appropriate insurance in order to protect their owners, employees, and customers. This is especially important considering that the small businesses here employ about 1.1 million of Missouri's private workforce, as of 2012. (Source: SUSB). That same year, the small businesses in this state created 26,881 new jobs (Source: BDS). But whether or not you have employees, it's imperative that you obtain a Missouri small business insurance policy that meets all of your needs. It should include the following types of coverage.
$35 A Month
Missouri Small Businesses Need The Following Insurance
Protect your business (GL): As you decide which coverage to get, know that you should start with general liability. This is among the most helpful types of coverage on the typical Missouri small business insurance policy because it pays for the medical care of anyone who is injured while on your business property. This means that if a client who is meeting you at your office trips on your chair and breaks an arm, general liability will pay for the trip to the emergency room and any subsequent medical bills related to the injury. This part of your Missouri small business insurance policy can even pay to make repairs to a visitor's personal belongings if they are ever damaged at your business.
Insure Your Property (BPP): No matter what kind of business you run in Missouri, you need to keep it looking its best, which can be an expensive task when you do not have BPP as part of your Missouri small business insurance policy. After all, windows get broken, inventory gets stolen, and equipment gets damaged once in a while. If you do not have enough funds to cover these issues right after they occur, you will be glad to have BPP so you can keep your business going even after a disaster.
Employee Protection (WC): About 110,838 small firms in Missouri have employees. If your business falls within this category, it's important to add workers compensation to your Missouri small business insurance policy. This way, if an employee trips over merchandise or slips after mopping and ends up in the hospital, your policy will pay for those medical bills. Workers compensation can also pay your injured employees for any wages they miss out on as they work on recovering from their injuries. Unless you're willing to pay for these expenses out of pocket, you need workers compensation when you get Missouri small business insurance.
Umbrella/Excess Liability: When you get general liability coverage, it's also worth looking into excess liability. The point of this umbrella coverage is to increase the limits of liability in case there is a particularly costly accident at your place of business.
Cyber Crime Liability: Businesses of all sizes and across all industries are at risk of being affected by cyber crime. If you are worried about what a data breach or identity theft could do to your business, you should get cyber crime liability when you get Missouri small business insurance.