The Webster Groves, MO area continues to be a good place to run a business. When you are an owner of a company here, the strong economy and population offer a lot of opportunities. As you are looking to build a business here, it is also important that you appropriately consider your insurance needs.
There are various situations when a business here will need to have a commercial insurance plan:
Businesses Raising Capital
A situation when a business in Missouri will need to have a commercial insurance plan is when they want to raise capital. If you are going to run a business, you need to have access to capital. This can come in the form of a loan or money raised from investors. In either situation, the party providing the capital will want to protect their investment. Due to this, they will typically require the business to have a full commercial insurance plan.
Businesses Looking for Coverage
Even if you do not have a direct obligation to carry commercial insurance for your business, having coverage is still beneficial and a good idea. With the right coverage, you can properly cover your business. If you have a commercial plan, it will provide support to replace your core business assets if you incur a loss due to theft or accident damage. It also will offer valuable liability support if your company is named liable in an accident resulting in a loss.
Get Commercial Insurance Today
Commercial insurance continues to be a necessity in the Webster Groves, MO area for many businesses. As you are looking for coverage here, calling the team with Travers Insurance can be helpful. There are a lot of important factors to consider when looking for coverage and Travers Insurance can help you build an ideal policy.
There are two types of commercial insurance that are required by Missouri for most businesses. These insurance policies are important for protecting your business against lawsuits and huge medical bills, and they’re important for compliance with the law. If you need commercial insurance, give us a call today at Travers Insurance in Webster Groves, MO.
Workers’ Compensation Insurance Policies
For a wide range of businesses in Missouri, the law mandates that they get workers’ compensation insurance for their employees. The law says that for most industries, any business that has at least five employees has to carry this coverage for them. This is true whether the employees are part-time or full-time. However, the construction industry is an exception. For construction companies, even having just one employee requires getting this insurance. If a contract worker works in your business, the state can consider them to be an employee.
Commercial Auto Insurance Policies
If your business owns a vehicle, it is required by the state that you cover it with commercial auto insurance. This insurance must have a specific minimum amount for a person who becomes injured in an accident that your vehicle caused. There is another minimum amount required for all of the people who become injured in one accident. There is also an amount required for property damage liability. The insurance policy must also have a specific minimum amount for uninsured motorist protection for one injury in an accident and another amount for everyone who was injured.
Most of these required auto insurance coverage types are for liability only- they pay for the other person’s injuries and property damage. If you want your own vehicle covered, you need collision insurance and/or comprehensive insurance.
Get Commercial Insurance Policies
When you own a business, make sure that you have the types of commercial insurance that you need. Give us a call at Travers Insurance in Webster Groves, MO.
Missouri Commercial Insurance Options
If you’re in Missouri and you own a small business, there are several types of commercial insurance that you should have. However, there are only two types that the state makes mandatory for certain small businesses. If you need commercial insurance for your small business, call us at Travers Insurance in Webster Groves, MO for an appointment.
Commercial Auto Insurance
In Missouri, all vehicles owned by a business have to have commercial auto insurance policies. This coverage comes with specific minimums for bodily injury liability, property damage liability, and uninsured motorist coverage. It isn’t required to cover personally owned vehicles driven for work reasons to be covered by a commercial policy. However, it is recommended that those vehicles be covered by a policy called hired and non-owned insurance. This is important because personal auto insurance often doesn’t pay for vehicles used for business purposes.
Workers’ Compensation Insurance
This type of commercial insurance is required under Missouri law for any business that has at least five employees, even if they are part-time workers. Certain industries, such as construction, require this commercial insurance to be carried even if there is just one employee of the business. This type of commercial insurance is for paying medical bills if an employee were to get injured or sick at work.
Make Your Appointment
If you have a small business, you likely need the right insurance to keep the coverage legal. Call us at Travers Insurance in Webster Groves, MO to make an appointment to talk to an agent about the commercial coverage you need. An agent can talk to you about the appropriate coverage for your specific business.