Missouri Contractor Insurance
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Business Insurance for Contractors in Missouri
As a contractor in Missouri, it is important to have the right insurance coverage to protect yourself and your business. Without proper insurance, you may face significant financial risks and legal liabilities.
In this article, we will discuss the different types of insurance contractors in Missouri may need, as well as some important considerations for choosing and purchasing insurance coverage.
Missouri General Liability Insurance
This type of insurance covers damages or injuries that may occur on your job site or as a result of your work. It can protect you from claims related to property damage, bodily injury, and personal injury (such as defamation or false advertising). For example, if a customer trips and falls on your construction site and sustains injuries, general liability insurance would cover their medical expenses and any legal costs that may arise from the incident. It is important to have this type of insurance to protect against accidental incidents that may occur on your job site.
Missouri Workers’ Compensation Insurance
This insurance provides coverage for medical expenses and lost wages for employees who are injured on the job. It is required by law in Missouri for businesses with at least five employees. If an employee is injured while working on your job site, workers’ compensation insurance will cover their medical expenses and lost wages while unable to work. This type of insurance helps to ensure that your employees have access to necessary medical care and financial support if they are injured on the job.
Missouri Commercial Auto Insurance
If you use a vehicle for business purposes, you will need commercial auto insurance to protect yourself and your business in case of an accident. This type of insurance covers damages to your business vehicles as well as any injuries or damages that may occur in an accident involving one of your business vehicles. It is important to have commercial auto insurance if you use vehicles for business purposes, as personal auto insurance policies do not cover business-related accidents.
Missouri Builder’s Risk Insurance
Missouri has around 532,277 small businesses. A builders risk policy will cover the construction process. Because it is just intended to provide temporary insurance, it will be replaced once the project is over.
A Missouri builder’s risk policy protects a project for as long as it is under construction. The size of the buildout and the materials used determine the amount of cover required. It pays for things like:
- Equipment on site
- Equipment in transit
If your project is delayed, this policy can help cover unforeseen expenditures. Real estate taxes, permit fees, and other expenses could be included.
Missouri Inland Marine Insurance
Your business’s success is mostly dependent on your products and machinery. It’s critical to preserve your investments, including hauled equipment, stored commodities, building tools, and transported goods. With inland marine insurance, you may protect yourself from losses brought on by theft, vandalism, accidents, and total losses.
Having additional coverage to keep your equipment insured while off-site is essential because Inland Marine covers items that aren’t typically covered by business property insurance. This coverage, sometimes called Ocean Marine, can also be extended to safeguard your company’s products or equipment when carried by air and water.
Missouri Commercial Umbrella Insurance / COI
A standalone liability policy known as umbrella insurance offers a higher liability limit than your standard homeowner’s and car insurance policies’ underlying liability limits.
Life may be unpredictable despite our greatest efforts to plan for the best outcomes. Umbrella insurance can help by giving you extra protection that goes above and beyond to safeguard your possessions.
In conclusion, Missouri business umbrella insurance offers extra liability protection over your other insurance policies. It can aid in safeguarding your company against unforeseen or sizable claims that may go beyond the exclusions of your existing plans.
Missouri Surety Bonds
Surety bonds are insurance that protects your clients from financial losses if you cannot complete a project as agreed upon in your contract. They may be required for certain types of contracts or projects. For example, suppose you are a contractor working on a government project. In that case, you may be required to have a surety bond to protect the government from financial losses if you cannot complete the project as agreed upon.
In addition to the types of insurance mentioned above, there are several other types of insurance that contractors in Missouri may want to consider, depending on the specific needs of their business.
Business Insurance for Contractors in Missouri
There are several factors that contractors in Missouri should consider when choosing insurance coverage for their business. Some important considerations include:
- The nature of your business: Different types of businesses may have different insurance needs. For example, a construction company may need more comprehensive coverage than a consulting firm.
- The size of your business: Larger businesses may have different insurance needs than smaller businesses. For example, a large construction company may need more extensive coverage for its equipment and vehicles than a small landscaping company.
- The risks associated with your business: Different types of businesses face different risks. For example, a company that works with hazardous materials may need more specialized insurance coverage than a company that does not.
- The laws and regulations in your industry: Some industries have specific insurance requirements that contractors must meet. It is important to familiarize yourself with these requirements and ensure that you have the necessary coverage.
- Your budget: Insurance can be a significant expense for small businesses. It is important to find coverage that fits your budget while also providing the necessary protection for your business.
Missouri contractors have a variety of insurance options to choose from, depending on the nature of their business and the specific risks they face. It is important to carefully consider your insurance needs and choose coverage that is appropriate for your business. By having the right insurance coverage, you can protect yourself and your business from financial risks and legal liabilities.
Your Missouri Contractors Insurance Questions Answered
Get answers to your most common questions from Contractors Liability
For General Liability Insurance in Missouri you need $1,000,000 per occurrence and $2,000,000 aggregate almost 100% of the time. 99% of all General Liability policies we sell in Missouri are $1,000,000/$2,000,000.
For Commercial Auto Insurance in Missouri you need $1,000,000 CSL meaning $1,000,000 Combined Single Limit for Bodily Injury and Property Damage to the other party combined. To protect your Missouri vehicle you need to have Comprehensive and collision coverage. Commercial Auto Collision Insurance in Missouri covers any collision and Comprehensive Commercial Auto Insurance covers anything but collision.
For Workers Compensation Insurance in Missouri you need $500,000/$500,000/$500,000 in general. This covers your workers in the event of a claim where the owner is liable up to $500,000. In 99% of cases the owner is not liable and coverage for workers compensation is unlimited.