Your business should have general liability insurance coverage, even if it’s not required by state law. As a business owner, you need to protect your assets against any potential claim arising out of your normal course of business.

In today’s blog from Millennium Brokers, we explain what you need to know about general liability insurance coverage and why.

What does general liability insurance cover?

This type of business insurance covers claims arising from your normal business operations, products, or services.

Insurance will pay for claims arising from bodily injury and damaged business property.

For example, a customer slips and falls at your retail store due to a spill from a leaking product. General liability insurance covers any injuries resulting from this incident. It may also pay for any lost product damaged by the spill and any downtime if your store has to close to clean up the spill.

It’s vital to know ahead of time what your general liability insurance covers before your business begins operations. 

Does Missouri require general liability insurance for businesses?

No. Missouri only requires workers’ compensation and business vehicle insurance.

However, many businesses will not partner with you unless you have general liability insurance coverage. Plus, you don’t want your business or personal assets to pay for a claim against your business.

Does general liability insurance cover employee injuries?

No, this is covered by workers’ compensation insurance, which businesses are required to cover by Missouri law.

General liability insurance covers everyone who interacts with your property, services, and/or products except your employees.

How do I claim general liability insurance?

1. Fill out a report of the incident as soon as you can, with as many details as possible, following the instructions of your insurance provider and state law.
2. Contact your insurance provider. Your provider will tell you what’s covered and what’s not based on your policy.
3. Ask questions and get answers. Some frequently asked questions include:
   • What are the time limits for filing a claim?
   • What information do I need to maintain and collect?
   • Is this incident covered?
   • When should I expect a follow-up?
   • Who else should I contact?

      4. Keep detailed records. You will need these records until the claim is resolved and in case the stakeholders require follow-ups. Note any phone calls, emails, discussions, meetings, and conversations regarding the claim, including the time, place, subject, and what was said.

5. Maintain contact with your insurance company. You pay for general liability insurance coverage, and your provider works for you on your behalf. If you have any questions, contact your agent and the customer service representative/adjuster assigned to your claim. These people represent a valuable resource for handling your claim.

Find the Right General Liability Insurance Coverage

Millennium Brokers can help you shop and find the right general liability insurance coverage. It’s important to find a policy that covers your business assets in full. Contact Millennium Brokers or start the process by looking at our quotes.

The goal of workers’ compensation insurance coverage is to protect your business and personal assets from the medical bills associated with a workplace injury. It also gives employees peace of mind that they can sustain an income and pay their medical bills while recovering from an injury.

We understand that no one wants to deal with a workers’ compensation claim. But you need to be prepared in case something happens.

Our blog shares how to protect yourself and your employees when you need to utilize workers’ compensation insurance at your business.

Prevention First

You need to prevent workplace injuries as much as possible. First, identify the most common reasons why people file workers’ compensation claims.

Overexertion in physically demanding environments. These types of workplaces include construction sites, when they are too hot or too cold, and facilities where there is heavy lifting, pushing or pulling (such as in a warehouse or factory). Workplaces with repetitive motions over long periods, such as factory production lines, may also see workplace-related injuries from physical movements.

Preventing injuries can include providing frequent breaks in the heat, giving people tools and ways to help lift heavy objects, and offering an ergonomic environment.

Transportation-related injuries. People who spend a lot of time on the road, like truckers, logistics operators, taxi drivers, and more, have a greater chance of getting into an accident. Ensure you maintain safety standards on all vehicles and conduct regular training for safe driving.

Slips and falls. If there are any liquids on site or any industrial facilities with slick surfaces (such as with fine powders), make sure to have protocols for when spills occur and maintain safety procedures that keep spills at bay.

Equipment-related accidents. Equipment malfunctions or misuse can cause workplace injuries. Train your employees on the right way to use on-site equipment.

In general, knowledge is power. Train your employees on ways to reduce workplace injuries while creating an ergonomic environment for everyone in your company.

Have a Proper Procedure in Place for Workers’ Compensation Claims

When there is the potential of a workers’ compensation claim, follow specific procedures to benefit everyone involved.

Get medical help, if necessary, depending on the extent of the injury. This depends on the type of injury. A cut or scratch may not require medical attention. A sprain, strain, or bone break may require a trip to urgent care or an emergency room.

Report an accident or injury promptly. This step is vital. Many workers’ compensation insurance policies and state regulations require you to report an injury promptly. In Missouri, employees must report an injury to an employer within 30 days. It’s best to report an injury immediately unless you need treatment.

Track everything. Employees and employers should track everything once everyone fills out an injury report. This includes visits to the doctor for continuing care, a diagnosis and recovery time, and detailed notes of medical care visits. Insurance companies will keep their own records, but often employees and employers will also keep records.

Follow the Insurance Company’s Instructions

As a business owner, you must follow the insurance company’s instructions for filing a claim. The overall goal is to benefit all parties while following the law. 

What If Someone Files a Lawsuit?

As a business owner, you don’t want a lawsuit. Sometimes, it’s unavoidable with a workers’ compensation claim. That’s why it’s vital that you follow the law when it comes to filing a claim. You may have to hire an attorney to combat a lawsuit. The right type of workers’ compensation insurance can help cover the costs of attorney’s fees. 

Keep in mind that only 7 percent of workers’ compensation claims are denied, and only 5 percent of court cases go to trial if someone files a lawsuit. So your odds of facing litigation are small, but you might consider the peace of mind of having robust coverage that protects your assets in case of a lawsuit.

Talk to Us About Workers’ Compensation Insurance

Do you need help choosing the best workers’ compensation insurance for your company? Our experts can help! Contact Millennium Brokers or start the process by looking at our quotes.

Their are numerous reasons why insurance rates go up but many don’t realize it correlates with the local economy, materials cost and many other factors. Insurance companies do not like to raise rates if they do not have too. Here are the top 5 reasons why your insurance might be on the rise.

Weather or Catastrophic Storms

Weather is one of the biggest factor in your insurance going up in Missouri. Whether we like it or not we have a lot of Storms in our State. With the precense of so much hail, it causes a lot of claims.  When storms cause excessive damage, insurance companies have to paid to fix their insureds homes, businesses or cars.  This can cause insurance rates to be on the rise. For example, back in 2012 Joplin, Missouri was hit with a catastrophic tornado that caused about 2.8 billion in losses. To remain solevant and profitable long term to be able to provide insurance most companies in the area had to raise rates.

Local Economy

Wait just because my local economy is booming my insurance rates can go up?……. Yes that is right, but it mainly correlates with the local economy and this is not the instance in every case. Most times, when the local house market is doing well, home and material costs will increase. This in return can cause your insurance to go up. Why is this???? Anytime insurers pays for a loss their is typically some type of materials involved like shingles, metal, wood ect. As the materials costs rise by 10-20 percent over time, insurance companies are forced to raise rates.

Medical Costs

When Medical costs go up, it have increase both your home and auto insurance. Think about it this way, many auto insurance accidents have some form medical paid out when someone has to visit the hospital. As these costs rise, your insurance company has to pay more money. This in return effects your insurance price.

Claims

Many consumers don’t realize after a claim their home or auto policy can be surcharged. This surcharge typically lasts from 3-5 years in the State of Missouri but can vary by company.

What can you do if your Insurance Rates go up?

Shop your insurance! Just because your current insurance company is facing rate increases, doesn’t mean all companies are facing the same. Many insurers are constantly adjusting rates and you might be able to find cheaper rates elsewhere. It is usually good to look at coverage and price every 3-5 years.

Don’t like having to shop around? You can use an independent agent like Millennium Brokers. An independent agent, will have the ability to work with multiple companies and can help show your insurance if your rates go up! You can get a quote started today by visiting our quote page!

Pet Insurance in Springfield MO

Like most of us, keeping our pets happy and healthy is a priority. Pet insurance, can help you do this by covering some costs at the veterinarian if your pet becomes sick. Some plans also provide ‘wellness’ coverage that can help cover things like spaying/ neutering, vaccinations and heart worm testing. Here are some important parts of this coverage to remember.

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How does Missouri Dental Insurance Work?

Dental insurance works very similar to health insurance. You typically pay a monthly premium and are then entitled to certain dental benefits usually including regular checkups, cleanings, x-rays and services to promote general health. While most plans provide these benefits, provide coverage much differently. Most companies put covered services into there categories: Preventative, Minor, Major. Every company is different on how they categorize. It is really important to look thoroughly look over policy benefits before you sign up for a plan.

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Protecting your family and its assets is very important, one great way to do this is with an umbrella insurance policy that is designed  to cover extra liability beyond your auto and home insurance liability.  It can help to protect against major lawsuits, claims or unforeseen events that you are responsible for. Umbrella insurance is a great way to protect you and your families financial future.  [Read more…]