Missouri Liability Coverage Insurance
When a local professional is necessary
Written by
Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
In 2019, Missouri had $7,615,718,000 in commercial insurance claims paid. When you own a company or a home, liability insurance is essential. It will protect you from a variety of lawsuits.
An independent insurance agent can help with policy and premium options. Since they work with multiple markets, you're getting the best deal in town. Connect with a local expert to begin.
What Is Liability Insurance Coverage?
Liability coverage in Missouri has many options. Whether you are obtaining personal or business insurance, protection is crucial to avoid a loss. In essence, all liability policies will have the same foundational coverages.
- Liability insurance: Will pay for a lawsuit arising out of bodily injury, property damage, libel or slander. It can be obtained for business and personal use.
What Is Commercial General Liability Insurance?
Commercial general liability insurance pays for bodily injury, property damage, libel or slander claims. This will be the primary policy for your Missouri business. Some losses where it could apply are the following.
- A customer slips and falls on the premises
- A building catches on fire
- A product is improperly installed, causing a water loss
There are several other instances where liability would apply. Obtain adequate liability protection to ensure you have sufficient coverage. By reviewing your current policies, you can catch any gaps.
What Is Professional Liability Insurance?
In Missouri, professional liability insurance is used for white-collar professions. If you deal with consulting, finance, or advising of some kind, you likely need this policy. It will pay for legal fees arising from a lawsuit against your practice. Losses can be due to bad advice given or negligence. Some industries where professional liability applies in Missouri are as follows.
- Accountant
- Lawyer
- Real estate agent
- Insurance agent
- Financial adviser
- Business broker
- Business consultant
What Is Employment Practices Liability Insurance Coverage?
If you have employees, there are certain coverages you will need to be protected. With over 1,200,000 people employed by Missouri small businesses, you'll want employment practices liability insurance. Check out what it covers.
- Employment practices liability insurance or EPLI: Pays for a lawsuit filed by a disgruntled employee due to discrimination or sexual harassment in some form.
A claim occurs when an employee feels discriminated against or harassed. EPLI can help pay for your legal fees. Even if your company is in the clear, you'll still have to hire an attorney.
What Is Liability Coverage on Home Insurance?
Every homeowners policy will have automatic liability insurance. Your limits will need to be preselected based on your risk exposure. It will help pay for a lawsuit arising out of property damage, bodily injury, libel or slander. Take a look at some instances where this coverage could apply.
- A guest or trespasser injures themselves on your property
- Your tree falls and damages your neighbor's roof
- You have a pool party, and a guest drowns
What's the Difference between Full Coverage and Liability Insurance?
Almost every state requires some form of liability insurance when you drive. Full coverage applies to your personal or commercial auto insurance policies alike. If you want more than the Missouri minimum limits mandated, you'll have to add it. Take a look at the difference.
- Liability only insurance: This is just liability coverage at the amount preselected for your auto policy. It will pay for bodily injury per person, per accident, and property damage of another party.
- Full coverage insurance: This will include additional coverages that protect you on the road. Things like comprehensive, collision, towing, and more are among the optional coverages you can select.
Another form of insurance that's not always included is uninsured/underinsured motorists. This coverage will help pay for your damage and injuries when an uninsured at-fault driver hits your vehicle. Some states make this coverage mandatory, while others do not.
How a Missouri Independent Agent Can Help
In Missouri, liability insurance is key to avoiding financial ruin. It helps pay for lawsuits that you may not be able to cover on your own. Adequate insurance can be obtained in many ways.
An independent insurance agent works on your behalf at zero cost to you. They have access to several carriers so that you get the best coverage and rates. Connect with a local expert on TrustedChoice.com in minutes.