Missouri General Liability Insurance – MO
Missouri General liability insurance is necessary coverage to have for all businesses big or small.
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This type of insurance protects your business against many claims stemming from harm to third parties or your customers.
The fact is that most businesses face some type of risk, which is why they require general liability insurance.
This type of coverage can help protect your business against claims pertaining to malpractice or bodily injury.
General liability insurance in Missouri is available in many types of coverage, and the one you need will depend on the kind of business you run.
For example, if you have a construction business, then you will opt for a higher level of general liability insurance coverage.
5 Key Reasons Why You Must Have General Liability Insurance in Missouri
One of the most common questions business owners ask is do I really require general liability insurance? And the short answer is Yes!
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As a business owner, you should already know that operating any type of business is already risky.
General liability insurance in Missouri not only covers your business against claims arising from injury and property damage, but also from any claims as a tenant if you are renting a property.
Further, it extends coverage for not only your business, but also your staff against claims stemming from injury or property damage to third parties.
Apart from being an essential part of your business, here are 5 great reasons your business should have general liability insurance.
Workers’ Compensation Insurance in Missouri
If you are a handy worker, you already should be aware of the cash you can lose if you fall ill.
As a handyman, you are not covered by government workers’ compensation advantages, therefore you should check out MO handyman insurance.
Research shows that injuries to independent workers in Missouri were on the rise by a whopping 12 percent.
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When you buy Missouri general liability insurance, you are covered financially for medical costs related to the injury at the job.
Depending on the general liability insurance coverage you opt for, you may also be eligible for cash for the weeks you are off work.
Third-Party Bodily Injury Protection
This is perhaps the biggest reason to invest in general liability insurance in Missouri.
If your company offers services that can cause harm to others including clients, then buying general liability insurance should not be an option.
One excellent example of this is MO dog walker insurance, which protects your pet sitting business if the dog causes harm to others.
Another example is when you are fixing your client’s drywall, and they trip over your tools, then you will be liable for their injury.
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If you have general liability insurance in Missouri, your policy will pay for the costs of these claims.
Third-Party Property Damage
Another crucial reason to get general liability insurance in Missouri is to protect your business from third-party property damage.
For example, you are repairing your customer’s roof, and you mistakenly spoil an expensive vase, then you will have to compensate for the damages.
Depending on the cost of what you spoil, you may have to pay for these claims from your own cash, that is if you do not have general liability insurance coverage.
Missouri General liability insurance can help shield your business against any lawsuits originating from claims that you did not deliver services as promised.
Things such as poor workmanship can be included under a general liability insurance policy.
General liability insurance can also mostly include professional liability insurance, so speak to your insurance agent to check if they provide this kind of insurance.
While general liability insurance protects your business against several different kinds of claims, professional liability insurance is more geared towards errors you make in your business services.
If you are manufacturing and selling merchandise under your own label, then it is crucial to have general liability insurance in Missouri, and here is why!
If a person claims bodily injury due to the use of your company’s products, then general liability insurance will cover you against these sorts of claims.
And if you sell your products online, then it is a smart idea to check out MO ecommerce insurance to better shield your interests.
Take, for example, your business is selling facial creams, and a customer has an allergic reaction to your offering, then general liability insurance can help cover costs if you get sued.
What is Not Covered Under General Liability Insurance?
Depending on the type of general liability insurance you choose, there are some things that may not be covered under your insurance terms.
The first thing that may not be protected is against claims not related to your services. Employee illnesses may also not be covered under your general liability insurance contract.
As a business, you may be storing several expensive tools in your vehicle or even at your client’s property.
If these tools do get stolen, you will need specialized general liability insurance.
In the case of theft of your personal tools, your car insurance policy will not protect these items against theft.
Another area where general liability insurance may not offer compensation is if you make errors in your services.
When buying general liability insurance, you should choose your coverage limit wisely. Because your general liability insurance policy will not pay costs that are higher than your policy limit.
Different Forms of General Liability Insurance
General liability insurance is an umbrella term for many types of insurances, most notably:
General Liability Insurance
Also known as CGL commercial liability insurance or BL form of insurance covers your company against claims that cause bodily injury or property damage to others.
Further, general liability insurance also covers your corporation against reputational harm or oversight in your advertising.
Some examples of things general liability insurance will cover your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also known as errors and omissions insurance, professional liability insurance comes claims against your company that stem from errors in the services you give.
For example, if you are a chartered accountant that offers a client incorrect figures, and they sue you, professional liability insurance will provide the legal expenses.
If you give professional services to clients, then you should as your insurance agency about professional liability insurance.
Employer Liability Insurance
If your business has many staff, opting for employee liability insurance is a good idea.
This type of insurance shields your staff against any injury they may sustain at the workplace.
Furthermore, employer liability insurance can also pay for disability benefits, missed wages, and funeral costs.
What is the Price of General Liability Insurance?
The cost for general liability insurance is different across insurance providers. It depends on several different factors including the kind of business you are operating.
For example, if you are running a drywall business, then the price for your premiums will be higher than other kinds of businesses, hence you should check out MO roofing insurance.
But to give you an approximate idea, general liability insurance costs $40 per month, but a little lower if you choose to pay annually.
High-risk industries can expect to pay higher premiums such as contracting categories.
You can save cash if you pay for your insurance contract in full annually.
Further, you can also save money on your general liability insurance policy if you bundle all your policies under one insurance company.
You should also minimize your company claims on your general liability insurance contract.
How to Find General Liability Insurance Companies in Missouri?
When finding the best general liability insurance provider in your state, it is important to check the agency’s reputation.
You should then select your coverage limit, where the higher the limit, the higher the cost of premiums.
But it is highly important that you opt for the right amount of coverage.
If you are unsure about the coverage limit you need, speak to your general liability insurance company to help evaluate your business risks for the right coverage limit.
But $1 million and $2 million are the most common coverage limits of general liability insurance.