Find the Best Business Insurance Options in Missouri
Getting the right business insurance policy in Missouri is essential for helping to keep your business afloat. With business insurance, your company can get the reimbursement it desperately needs after a covered disaster like a theft or a fire. But without coverage, your business could face serious consequences, up to and including bankruptcy.
Missouri currently has about 532,277 small businesses that need coverage of their own. Additionally, Missouri's 1.2 million small business employees must have the critical protection of an employer's workers' compensation coverage. An independent insurance agent in Missouri can help you find all the coverage you need for your business. But for starters, here's a deep dive into business insurance in Missouri.
Best Business Insurance Companies in Missouri
There's no need to endlessly browse coverage options for business insurance in Missouri when you can start with the best right away. We put together a list of the best business insurance companies in Missouri for your convenience. When you're ready to find coverage, start with these top picks.
- National General Insurance: National General Insurance is a longstanding carrier with a catalog consisting of several products in addition to business insurance. The insurance company provides 24/7 claims reporting service for policyholders and has excellent ratings from both AM Best and the Better Business Bureau (BBB).
- Nationwide: Nationwide offers business insurance along with a ton of other insurance products. The insurance company also has excellent ratings by both AM Best and the Better Business Bureau (BBB) and provides 24/7 claims reporting service for policyholders.
- Amica: Amica is also a longstanding carrier that offers several small business insurance products along with other types of coverage. They're rated an "A+" by AM Best for financial strength.
- Allstate: Allstate remains one of the largest insurance companies in the country and provides a huge selection of personal and business insurance products. The insurance company works with independent insurance agents and is rated "A+" by AM Best for financial strength.
A Missouri independent insurance agent can help you find the business insurance you need from one of these top-rated insurance companies in the state.
Missouri Business Insurance Requirements
Missouri state law mandates that businesses with at least five employees must have workers' compensation insurance. However, this is the only coverage required by state law. But you'll want to consider that your business's property could greatly benefit from the protection of commercial property insurance. Likewise, your company could greatly benefit from having business income insurance in case of a temporary closure following a covered disaster like a lightning strike.
State-required business insurance in Missouri:
Optional business insurance coverages in Missouri include:
- Commercial property insurance
- Commercial auto insurance
- Business income insurance
- Professional liability insurance
- Cyber liability insurance
- Commercial general liability insurance
A Missouri independent insurance agent can help you find each type of business insurance coverage needed by your unique company.
What Business Insurance Covers in Missouri
What's covered by a business insurance policy in Missouri depends on the coverages you select. When considering all aspects of your business that are prone to risks, you'll want to think about getting commercial property insurance, commercial auto insurance, business income insurance, cyber liability insurance, general liability insurance, and more. If your company has any vehicles used for business purposes, you'll need to get commercial auto insurance to protect against lawsuits and to be able to replace vehicles that get stolen or damaged. Make sure to add every kind of coverage necessary to protect your specific business in your business insurance policy. Your Missouri independent insurance agent can help.
Liability Coverage Options for Small Businesses in Missouri
Every small business in Missouri is vulnerable to lawsuits, meaning liability coverage is critical to at least consider. Here are the three major types of small business liability coverage options in Missouri.
- Professional liability insurance: Pays for legal expenses if your business gets sued by a third party for claims of improper advice or services performed in such a way that caused injury or loss.
- Cyber liability insurance: Pays for costs related to data breaches and other cyber threats that can lead to the exposure of sensitive or private data and information, including customer credit card numbers.
- Commercial general liability insurance: Pays for legal expenses in third-party lawsuits filed against your business for claims of personal property damage or bodily injury.
A Missouri independent insurance agent can help you find the right kind of small business liability coverage for your unique company.
Property Coverage Options for Small Businesses in Missouri
Businesses with physical buildings or a lot of inventory need to consider getting coverage for these components.
- Commercial property insurance: Pays for financial losses caused by theft or vandalism and other disasters that can damage or destroy your business's property, including any buildings and inventory.
Your independent insurance agent in Missouri can help you find the right kind of commercial property coverage for your company.
Other Insurance Options for Small Business Owners in Missouri
Your company might still require other forms of business insurance to be fully protected. Consider adding these coverages to your business insurance policy in Missouri:
- Business income insurance: Pays for lost income from your business caused by temporary company closures due to covered disasters, such as extensive fire damage and more.
- Commercial auto insurance: Pays for losses related to company vehicles, including lawsuits after accidents, theft or vandalism, etc.
An independent insurance agent in Missouri can help you find all the additional business insurance coverages your specific business may need.
Average Cost of Business Insurance in Missouri
Costs of business insurance in Missouri vary depending on a number of factors, so it's tough to offer an average figure. Your business's size and location, for starters, impact the cost of business insurance because the larger your business is, and the closer it is to certain threats like property crimes and weather risks, the more coverage you'll need. A business's industry also impacts coverage rates due to company operations and risk level. So businesses in statistically more dangerous industries, such as construction, can expect to pay more for coverage than those typically considered safer, such as small restaurants.
National Business Insurance Stats
Number of businesses in the US: 30,819,176
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
| City | No. of businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Blue Springs | 4,400 | 2.13 | 2.47 |
| Chesterfield | 6,899 | 1.18 | 0.46 |
| Columbia | 10,543 | 3.99 | 2.5 |
| Florissant | 3,731 | 3.16 | 2.83 |
| Independence | 7,913 | 4.78 | 8.61 |
| Jefferson City | 4,092 | 2.92 | 1.54 |
| Joplin | 4,155 | 10.29 | 6.73 |
| Kansas City | 39,486 | 6.19 | 7.66 |
| Lee's Summit | 8,506 | 2.13 | 1.82 |
| O'Fallon | 6,378 | 0.84 | 0.81 |
| Springfield | 15,978 | 12.22 | 9.95 |
| St. Charles | 5,757 | 1.89 | 2.19 |
| St. Joseph | 5,113 | 7.69 | 8.42 |
| St. Louis | 30,040 | 10.13 | 9.98 |
| St. Peters | 4,322 | 1.72 | 1.63 |
How Does Your Missouri City Measure Up?
Property insurance: Having a sufficient amount of business property insurance can shield your company from losses related to hazards like accidental fires, property crimes, and severe weather events like heavy winds and hailstorms.
Commercial auto insurance: If your Columbia business owns a vehicle or fleet of vehicles, it's required to carry commercial auto insurance. This insurance can cover your company against increased risks of expensive liability lawsuits if one of your drivers causes a collision. Rates for coverage vary according to the number and types of vehicles insured, as well as the accident and vehicle theft rate in the areas where your employees drive.
Workers' compensation: Workers' compensation insurance covers medical expenses and paid time off for employees who get injured on the job. If your Columbia business is in the construction business or has at least five employees, it's required by state law to have this insurance. Rates for coverage vary significantly from one business to the next, depending on the type of work your employees perform and your company’s annual payroll.
Property insurance: Commercial property insurance can help cover the cost of repairing or replacing company property if it gets lost or damaged due to a covered event like severe storms or crimes like vandalism.
Commercial auto insurance: Many businesses in Independence have company-owned vehicles. From company cars to delivery vans to semi-trucks, if your company owns vehicles, they must be covered by a commercial auto insurance policy that meets or exceeds the state’s minimum coverage requirements. If these vehicles are used for interstate commerce, they must meet federal requirements as well.
Workers' compensation: Workers' compensation insurance covers medical bills and lost wages for workers who suffer occupational illnesses or get injured on the job or due to the work environment. It's required for Missouri businesses that have at least five employees, but if you have a construction business, it must have this insurance for even one employee. Rates are assigned according to your company’s payroll and the type of work your employees perform.
Property insurance: Ensure that your business insurance policy adequately covers all business property in case it gets destroyed by a fire or a tornado. That way, your business can easily afford to replace its property and get back to normal operations quickly. For some businesses, this can mean adding additional coverage such as inland marine insurance or boiler & machinery insurance.
Commercial auto insurance: If your business owns a vehicle or a fleet of vehicles, you must cover them with commercial auto insurance. Your rates are based on several factors, including the number and types of vehicles covered and the risk of collisions and vehicle theft where they will be driven.
Workers' compensation: Workers' compensation insurance can cover medical bills and lost wages for workers who get injured on the job. Rates are based on your company’s overall payroll and the potential risks faced by your employees according to their job classifications. This coverage is required for businesses in Missouri with at least five employees.
Property insurance: The crime rate in Springfield is one of the highest in the state. In recent years, around 10,000 thefts and 2,000 burglaries were reported in the city. You can shield your business from losses caused by embezzlement, shoplifting, and looting with a solid business insurance policy that includes commercial property coverage.
Commercial auto insurance: Your business is required to have commercial auto insurance if it owns a company vehicle or a fleet of vehicles. Rates are based on a number of factors like the types of vehicles covered and driving records of the employees driving them. Large trucks and construction vehicles cost more to insure than cars and cargo vans.
Workers' compensation: Workers' compensation insurance covers the cost of medical treatment, lost wages, and other expenses related to injuries or illnesses employees sustain from their job duties or work environment. It's required for all Missouri construction businesses and for all other companies that have at least five employees. Workers' compensation rates are assigned according to a company’s overall payroll and the type of work employees perform.
Property insurance: In addition to losses caused by property crimes like theft and arson, severe weather events like hailstorms can lead to expensive losses if you don't have sufficient business insurance. When large hailstones fall in the area, they can damage property such as company vehicles, outdoor signs, and your business's office or storefront. Fortunately, commercial property insurance can cover the costs to repair or replace this property.
Commercial auto insurance: Whether you insure one delivery van or a fleet of semi-trucks, commercial vehicle insurance can cover costs associated with liability risks and vehicle damage. This insurance is required for company-owned vehicles in this state. If your vehicles are driven over state lines, you will need to be sure that your policy meets federal, as well as state, minimum coverage requirements.
Workers' compensation: Workers' compensation insurance is required if your St. Louis business employs at least five workers. But if you operate in the construction industry, it's mandatory if you have at least one employee. This insurance can cover medical treatment, lost wages, and other costs associated with workplace injuries. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates can vary significantly from one business to the next.
Business Insurance in Missouri FAQ
Business insurance rates vary in Missouri based on several factors. These can include your specific business:
- Industry
- Payroll and revenue
- Size and location
- Coverages needed
- Risk level and operations
Workers' compensation, an aspect of business insurance, is required by state law for businesses that have five or more employees. Coverage is required for construction businesses that have at least one employee. Other forms of business coverage tend to be optional based on your company's needs.
Business insurance in Missouri covers the specific aspects of your business you purchase coverage for. If you want protection for company vehicles, for example, you'll need to buy commercial auto insurance. Lost income during company closures requires business income insurance. An independent insurance agent in Missouri can help you assemble a business insurance package that covers all aspects of your business.
Small business liability insurance in Missouri covers the costs of lawsuits filed against it by third parties like customers. If your business gets sued over claims of bodily injury or personal property damage, this coverage can reimburse for court, attorney, and other legal fees, including settlement costs if you lose the case.
Though businesses in Missouri aren't required to provide health insurance unless they have 50 employees or more, small business health insurance plans are available. You can find out more information about if your business qualifies for this coverage and how to get it from the state's official website.
Our research found that the best small business insurance companies in Missouri are National General Insurance, Nationwide, Amica, and Allstate. These carriers made our top picks list based on customer service ratings, policy options and rates, financial strength ratings, and more.