General Contractor Insurance in Missouri
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Why do contractors need insurance in Missouri?
The Show-Me State largest industry is construction. In the construction industry there are over 52,763 employees.
Construction sites are often dangerous locations to work in. An incident of a minor nature can result in a huge liability for your small business regardless of whether you are working on residential or commercial construction projects. Contractor insurance for Missouri companies helps to prevent accidents, unexpected delays, or other issues that can ruin the hard work you’ve put into it.
Contractor insurance can be used to describe the various types of coverages that general contractors can choose, including:
- General Liability insurance
- Business Owner’s Policy
- Workers’ Compensation insurance
Find out more about the contractor insurance available in Missouri and how BizInsure can help you to determine the right insurance for your needs.
Who needs contractor coverage in Missouri?
A lot of companies have insurance policies in place to protect their businesses and personal finances. The coverage provided by General Liability insurance and other types of insurance could provide an essential safety net for your business and you.
There is a possibility that specific kinds of coverage are required to conduct business with a specific client (a requirement that is often included in business contracts). Workers’ Compensation insurance in Missouri is mandatory for any company that has more than one employee.
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What are the most common insurance policies for contractors in Missouri?
There are a variety of insurance for contractors that Missouri tradespeople typically consider. These policies may help you to manage the most common risks that contractors face while working.
General Liability insurance
Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, this insurance can protect your business against bodily injury or property damage lawsuits from outside parties.
Business Owner’s Policy
Business Owner’s Policy (BOP) is a convenient package of insurance that protects your business against the common risks it faces every day. The BOP product includes various coverages that may suit the unique requirements of your small business. Insurance included in a BOP can vary but usually they include protection for typical small business risks such as property damage, business interruption and liability.
Workers’ Compensation insurance
Workers’ Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace.
Missouri law states that employers are required to obtain Workers’ Compensation coverage if they have 5 or more employees. Employers who are in the construction business must carry workers’ compensation coverage if there is one or more employees.
What does Missouri contractors insurance cover?
Contractors’ insurance can protect your business and you from a variety of risks. Depending upon the type of coverage that you select, events like:
- Protection for third party injury and property damage
- Unexpected disruptions to business (Business Owner’s Policy)
- Equipment breakdown
- Employee injuries and illnesses at work
How much does contractor insurance cost in Missouri?
It is possible that you don’t be aware of how much Missouri contractor insurance is when you’re just beginning your journey.
The costs of business insurance are different because insurers have to consider a variety of factors. The price you pay for your company could be based on factors such as:
- Select the appropriate type of Insurance
- Your annual income (size of your business)
- How many individuals will be covered by the policy
- Your claims history that are based on your past
- The coverage level you want
How to get general insurance for business contractors in Missouri?
BizInsure can help you protect your contractor company.
You can compare various quotes in less than 10 minutes. Choose the policy that most suitable policy that suits your needs and budget. The policies will be sent to your inbox email.
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Compare multiple quotes today to find the most suitable coverage for your Missouri general contractor company.
Learn more about insurance for general contractors in the states where you work.
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