In Missouri, there are two types of commercial insurance that some businesses in the state are required to have. It’s a good idea to know which commercial insurance policies are required and whether the rules pertain to your business. When your business needs commercial insurance, call us today at Epic Insurance in Lees Summit, MO.
Required Commercial Insurance
Workers’ Compensation Insurance
This type of insurance is one that pays for medical bills and disability benefits for workers who are injured at work or who get sick there. When an accident or work-related illness does happen, this insurance is important to protect your company from high medical costs and lawsuits. For employees, it’s helpful to know that there is a payment available in case of an accident that injures them. This type of commercial insurance is required for all businesses that have at least five employees. These employees can be either part-time or full-time. If you have a construction business, however, having any number of employees, even just one, requires having this type of commercial insurance.
Commercial Auto Insurance
If your business owns a vehicle, you must have commercial auto insurance on that vehicle to stay legal. This insurance covers the vehicle against a wide range of liability risks that vehicles face on the road. There are several types of coverage that are required to be in these policies. These include an amount of coverage for a single injured person from an accident and a higher amount required for all of those injured. Both these amounts are for bodily injury liability. There is also property damage liability required as well as an amount for uninsured motorist coverage for one injured party and another amount for all of those injured.
If your business is required to have commercial insurance, call us at Epic Insurance in Lees Summit, MO.