Insurance News

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May 4, 2010

Missouri Department of Insurance unveils Web resources for small business insurance needs

 

Jefferson City, Mo. - The Missouri Department of Insurance has a new online resource dedicated to the unique insurance needs of small businesses. Department Director John M. Huff says while small businesses owners have experience with personal lines of insurance, getting coverage for a business can present a whole new set of complex options.

The new Web section lists factors to consider when buying insurance coverage for company cars, buildings and liability, as well as the options for providing benefits to employees through life, health and disability insurance. The site features extensive resources for small businesses shopping for workers' compensation insurance.

The website also provides a glossary of common insurance terms, market share reports (showing the sales volume of insurers) and statistics on which insurers have the highest consumer complaint ratios.

"Small businesses are consumers, too, which means they have rights under state law as members of the insurance-buying public," says Huff. "Like any consumer, small business owners should work with licensed insurance agents to determine the coverage that best fits their company's needs."

Small businesses, like consumers in general, can also be targets of con artists. So Huff says they should always verify that insurance agents and companies are licensed by the Department of Insurance before doing business with them.

Business owners and individuals alike can file complaints or ask general questions about insurance by contacting the department online or calling the Insurance Consumer Hotline at 1-800-726-7390.

About the Missouri Department of Insurance, Financial Institutions & Professional Registration

The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.

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