Small business owners have a lot on their plates. As a business owner in TX, one of the most important decisions you’ll make has everything to do with protecting yourself against the unpredictable by purchasing commercial insurance.
Every business is different, and there’s not a flawless formula to determine just the combination of commercial coverage you need. As an independent insurance agency with years of commercial insurance experience in TX, we’ve compiled a quick overview that’ll make the process a little easier.
Worker’s Compensation Insurance
The state of Texas is unique in that private employers aren’t required to provide worker’s compensation insurance. If you choose not to provide this coverage, though, you should be aware of the risks; one of the biggest advantages of worker’s comp policies is that they protect the business itself against litigation in case of injury.
Commercial Liability Insurance
This type of insurance isn’t required by law, but it’s a smart choice, also because it protects you against lawsuits. Commercial liability is most applicable when you have a brick-and-mortar store; if a customer is injured on your property, this type of insurance will cover damages and fight for you so you’re not stuck with the out-of-pocket expenses.
Commercial Auto Insurance
If your business has dedicated vehicles to transport employees and/or products, you’ll need to purchase the same level of minimum liability coverage required of all Texas drivers.
Save by Bundling Services
A Business Owner’s Package (or BOP) makes it easier for business owners to purchase the coverage they need and save money compared with the cost of individual policies. One of our independent agents would love to help you compare quotes and put together the perfect package for your business.
Small business owners have options to purchase insurance coverage to protect them against just about any risk you could imagine. With all those options out there, figuring out what type of coverage is actually worth the investment for businesses in Texas can be a headache. Your specialty is your business, after all, and it probably doesn’t include the legal ins and outs of commercial insurance coverage.
But you do know that your business is worth protecting and that maintaining adequate commercial insurance coverage can protect you against a financially devastating accident or lawsuit. Here’s a quick overview of what you need to know as you start comparing quotes and researching your options.
1. Talk to independent, certified commercial insurance agents.
All of our agents are independent, which means they aren’t loyal to any one insurance company. We’re here to get you quotes from many different insurers and help you make sure you purchase only the coverage you need. One of our independent agents would love to work with you to quickly compare quotes so you can find the best deal.
2. Know Texas state requirements.
Businesses of a certain size are required to provide worker’s compensation coverage, and some are also required to provide health insurance to full-time employees. Talk to one of our agents to find out what you have to purchase in order to stay legal before you look at other optional coverages you’ll choose to protect your business.
3. Know your options.
There are many commercial insurance options out there, but you can familiarize yourself with the main types before you go shopping.
- Property Liability: protects you against lawsuits from claims of negligence, property damage, libel, or other claims the public can make against you.
- Product Liability: protects you against claims that your products caused injury or damage
- Property Insurance: much like home insurance for your business property; covers theft, vandalism, weather, and other damages to the property itself
- Home-based Business Insurance: provides additional coverage for those who work from home; standard property insurance policies don’t necessarily cover those business-related losses.