Who will require me to have commercial insurance?

If you are an owner or a manager of a business in the Jefferson City, MO area, there are many important decisions that need to be made on a regular basis. One important decision that will need to be made is when you try to get insurance to protect your business. Having commercial insurance in place is extremely beneficial and will also be a requirement in a variety of situations. There are a variety of organizations that will require that you maintain commercial insurance at all times. 

State Requirements

One organization that will require you to carry commercial insurance at all times is the state. If you have employees that work for you, having workers compensation insurance in place is a necessity. This part of your commercial insurance policy will provide coverage if someone is injured while they are working for you. Since it is so important, state law requires you to carry it.

Lending Requirements

Most commercial lenders will require that you have commercial insurance at all times. A lender will want to make sure that your assets are protected and that you are covered for liability. This will help to ensure that their collateral is protected and that you are able to handle lawsuits. Most lenders will also require that you escrow your commercial insurance payments on a monthly basis to ensure you are covered. 

If you are an owner or a manager of a business and want to learn more about your commercial insurance needs and options, the team at Luebbering Insurance Agency LLC is a great place to start. When you meet with the professionals at Luebbering Insurance Agency LLC, you will get more insight into what type of insurance you need to have to protect your Jefferson City, MO business.