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Recommended insurance policies for small businesses in Missouri
These insurance policies defend Missouri small business owners against common lawsuits and other top risks.
General liability insurance
Commercial general liability insurance covers common third-party risks for small businesses in Missouri, including slip-and-fall injuries. Commercial leases often require this coverage.
- Customer injuries at your company
- Damaged customer property
- Advertising injuries, such as defamation
Errors and omissions insurance
This type of business insurance is also called E&O insurance or professional liability insurance. It helps pay for legal defense costs related to mistakes, missed deadlines, and oversights.
- Work errors and oversights
- Professional negligence lawsuits
- Late or incomplete work
Professional liability insurance
A professional liability policy protects Missouri businesses against lawsuits related to the quality of their professional services or advice. It's sometimes referred to as errors and omissions insurance.
- Mistakes and oversights
- Breach of contract
- Missed deadlines
Business owner's policy
A BOP bundles commercial property insurance and general liability coverage at a discount. It's often the most cost-effective type of commercial insurance.
- Customer injuries
- Accidental damage to client property
- Damaged business property
Workers' comp insurance
Workers’ compensation insurance is required for all Missouri businesses that have five or more employees. It can cover medical costs for work injuries.
- Employee medical expenses
- Disability benefits
- Legal fees from workplace injuries
Cyber insurance
This policy protects Missouri businesses against financial losses from data breaches and cyberattacks. It’s also called cyber liability insurance or cybersecurity insurance.
- Data breach investigations
- Client notification costs
- Ransomware attacks
Commercial auto insurance
This policy is required for vehicles owned by Missouri small businesses. It helps cover the cost of an accident involving your commercial vehicle, including lawsuits from other drivers.
- Injuries caused by your vehicle
- Property damage caused by your vehicle
- Vehicle theft and vandalism
Fidelity bonds
A fidelity bond reimburses your clients in the event of employee theft. Your clients may ask you to secure a bond before they will work with your business.
- Embezzlement
- Forged signatures
- Theft of cash or property
Commercial umbrella insurance
An umbrella policy boosts the coverage of your general liability, commercial auto, and employer's liability insurance. It can help your small business comply with requests for higher liability limits.
- Personal injury lawsuits
- Auto accident lawsuits
- Workplace injury lawsuits
Looking for different coverage? Check out our other policies.
What are the small business insurance requirements in Missouri?
State laws can affect which policies you need for your small business. These insurance products are required in the state of Missouri.
Workers' compensation insurance
Missouri state law requires businesses that have five or more employees, full-time or part-time, to carry workers’ compensation insurance. Additionally, businesses in the construction industry must carry this coverage if they have one or more employees.
Workers' comp covers medical bills and disability benefits for workplace injuries and occupational illnesses. Most insurance carriers include employer's liability insurance with this coverage, a policy that helps pay for lawsuits from injured Missouri workers.
Because personal health insurance policies won't cover work-related injuries, sole proprietors sometimes choose to buy this coverage to protect against costly medical bills.
Commercial auto insurance
Vehicles owned by limited liability companies (LLCs), startups, and other businesses in Missouri must be covered by commercial auto insurance. This policy covers legal costs when your delivery truck or company car is involved in an accident.
Missouri law requires auto liability coverage in the amount of:
- Bodily injury liability per person: $25,000
- Bodily injury liability per accident: $50,000
- Property damage liability per accident: $25,000
- Uninsured motorist coverage per person: $25,000
- Uninsured motorist coverage per accident: $50,000
Personal, rented, and leased vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
How much does small business insurance cost in Missouri?
Commercial insurance can be affordable for small business owners with low risks. Based on policy data from TechInsurance customers in Missouri, the average premiums are:
General liability: $50 per month
Workers' compensation: $86 per month
Professional liability / E&O: $71 per month
Factors that influence the cost of business insurance include:
- Type of business
- Business operations
- Number of employees
- Location, such as Kansas City or St. Louis
- Policy limits and other coverage options
- Claims history
Why Missouri business owners choose TechInsurance
Gain financial protection
The costs from a lawsuit or data breach can overwhelm a small business. Protect against common risks with the right business insurance coverage.
Find insurance policies for your small business in Missouri
Whether you need coverage to sign a contract, rent an office, or get a license, TechInsurance can help you find the right policies. Our insurance agents are licensed in Missouri and can help you find affordable coverage from top-rated insurance companies.
Get started today by filling out our easy application. You can chat with an agent about your business insurance needs and get answers to any questions. When you're ready, pay for a policy online and get a certificate of insurance (COI) immediately to show clients that your business is protected.
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