Every state has minimum requirements for personal and commercial insurance, but restrictions are particularly stringent for commercial policies purchased by businesses. Each business must meet minimum requirements for building insurance, auto insurance, and other specific types of insurance to cover employees and customers.
Companies and businesses are required to purchase specific types of insurance so employees are protected whether they’re driving, working in a storefront, or participating in other work-related activities. This also protects the company against potentially damaging lawsuits by overambitious customers or people in town.
Failing to meet the minimum requirements for commercial properties in Lufkin, Texas can result in some severe repercussions. A commercial company with inadequate vehicle insurance can result in very expensive fines from the state government.
In case of an accident, having inadequate–or the cheapest possible minimum–coverage could easily end up being a choice you’ll regret when the worst happens. Skimping on recommended insurance policies could save you for a few months or years but cost you thousands in the long run.
In order to make sure you’re both meeting minimum State of Texas requirements and protecting your business to the extent required by law, talk to an independent agent about your options and ask what types of policies they would recommend.
Your independent agent will know which questions to ask to make sure you get the type of policy you need, making sure you are insured in a way that protects you and your employees against fines and damages.
Taking the time to research your options now could make all the difference in the world when an accident does happen. It’s worth the investment in time to make informed choices on insurance policies–this is a decision that will impact you for years.