As a contractor in Missouri, having proper insurance coverage is crucial for protecting your business, meeting state requirements, and securing contracts. This comprehensive guide breaks down the essential insurance coverages Missouri contractors need, including costs based on our analysis of actual quotes from leading carriers.
Establish proper safeguards by exploring contractor liability coverage.
General Liability Insurance for Missouri Contractors
General liability insurance protects your contracting business from third-party claims of property damage and bodily injury. Based on our analysis of over 800 contractor quotes, here are the typical costs for Missouri contractors:
Average Annual Premiums by Revenue Size
Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
---|---|---|---|---|
$500K | $4,900 | 1.0% | $3,900 | 20% |
$1M | $9,400 | 0.9% | $7,100 | 24% |
$2.5M | $21,700 | 0.9% | $17,000 | 22% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- Typical mix of residential and commercial work
- Approximately 10% subcontractor costs
Worker’s Compensation Insurance for Missouri Contractors
Worker’s compensation insurance is mandatory for Missouri contractors with 5 or more employees. Based on our analysis, Missouri contractors typically pay around $5,788 per employee annually for workers’ compensation coverage.
Key premium factors include:
- Employee classification codes
- Annual payroll
- Claims history
- Safety programs
- Experience modifier rating (EMR)
For Missouri contractors, typical workers’ compensation costs per $100,000 of payroll average $12,480, which is moderate compared to other states.
Common contractor classification codes and their approximate rates in Missouri:
- Code 5606 (Project Manager/Supervisor): $3-5 per $100 of payroll
- Code 5645 (Residential Construction): $8-12 per $100 of payroll
- Code 5403 (Commercial/Large Projects): $12-17 per $100 of payroll
Additional Business Insurance for Contractors in Missouri
1. Commercial Auto Insurance
- Typical cost: $1,000-$4,000 per vehicle annually
- Required for business-owned vehicles
- Higher limits often needed for larger contractors
- Coverage for accidents, collisions, and liability claims
- Protection while transporting tools and materials
2. Tools & Equipment Coverage
- Cost: $1,500-$5,000+ annually for $15k-$50k coverage
- Protects both owned and rented equipment
- Coverage follows equipment to all jobsites
- Includes protection against theft and damage
- Covers specialized construction tools and machinery
3. Commercial Property Insurance
- Annual premiums: $2,000-$20,000+ based on property value
- Protects offices, storage facilities, and workshops
- Coverage for fire, theft, vandalism, and natural disasters
- Business interruption coverage available
- Protection for stored materials and supplies
4. Builder’s Risk Insurance
- Premium: 0.15-0.75% of project value
- Covers projects under construction
- Protection against fire, weather, vandalism
- Coverage for materials and equipment on-site
- Includes theft and damage during construction
5. Contractor License Bonds
- Protects clients against contractor default
- Required for certain Missouri municipalities
- Typical cost: 1-3% of bond amount
- Premium varies based on credit and experience
- Guarantees compliance with local regulations
Get Missouri Contractor Liability with ContractorNerd
ContractorNerd specializes in making insurance simple and data-driven for Missouri contractors. Our platform offers:
- Instant online quotes from top-rated carriers
- Side-by-side coverage comparisons
- Contractor-specific expertise and guidance
- Streamlined application process
- Ongoing policy management support
- Claims advocacy when needed
Our team of contractor insurance specialists understands Missouri’s unique requirements and can help you:
- Optimize coverage levels based on your specific risks
- Find competitive rates through our carrier network
- Bundle policies for additional savings
- Ensure compliance with state regulations and contract requirements
To get started with tailored quotes for your Missouri contracting business, visit our online quote tool or speak with one of our contractor insurance specialists today.