Business & Commercial Insurance
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Business & Commercial Insurance Information
Business & Commercial Insurance in Texas & New Mexico
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Protect Your Business, Small or Large, With Commercial Insurance
Fires, tornadoes, theft, lawsuits, injuries, car accidents—there are a lot of potentially-devastating accidents that could impact your business, employees and others at any moment.
Rather than worrying about how they’ll recover from such accidents, millions of Texas business owners rely on various types of commercial insurance. Quite simply, you might not be able to predict every accident that might strike, but you shouldn’t have to struggle to pay for the recovery costs. Your business coverage is there to help you in these cases.
Business Owners Policies, commonly called BOPs, are insurance packages that contain many of the most-essential coverage options that nearly any business could use. Most contain at least:
- Property insurance pays to repair your building or other property owned by the business.
- Possessions insurance helps you afford to replace lost assets like furniture, computers, stock, inventory and other owned items.
- General liability (CGL) coverage covers the costs of harm you might cause others. Most policies contain at least property damage liability (PDL) and bodily injury liability (BIL) coverage. PDL coverage will insure damage to their belongings. BIL coverage applies to the injuries they might sustain by working with you. Coverage can also help you pay legal costs if a lawsuit arises.
- Business expenses coverage: You might have to temporarily shut down after an accident happens. However, that means you could lose money. Expense coverage could help you pay ongoing costs, like employee salaries and temporary relocation fees.
We can tailor coverage limits and even add extra coverage to the package, so it always provides you the most benefit. The good thing about BOPs is you’ll only pay one premium despite getting many benefits.
Expanded Liability Options
You probably need multiple liability policies, not just PDL and BIL coverage. Some of these might include:
- Cyber liability insurance pays for the harm that a data breach or loss might cause customers and the business.
- Product liability coverage will pay if your products harm those who use them.
- Errors & omissions (E&O) insurance covers the business if your professional services or advice harm others financially.
- Directors & officers (D&O) protection personally insures business principals (like CEOs or board members) if a client sues them directly.
- Umbrella liability coverage adds extra liability limits on top of those of your standard coverage. So, if you exceed the limits of those policies, this coverage can help you get extra assistance.
Your CGL package sometimes includes some of these options. Check your policy for more details.
If an employee gets injured or sick because of working conditions or accidents, this coverage can help them. It provides supplementary income for the employees during their recovery. It might cover their medical bills, certain disability income and replace some of the costs of lost paychecks.
Going without workers’ compensation coverage leaves your business open to significant personal loss risks in case the affected employee sues you. That’s why you need to carry it.
Commercial Auto Insurance
If you drive a vehicle on official business, even if it is your personal car, you will likely need commercial auto insurance. The coverage within might include:
- Texas’ required auto liability insurance, which we can increase to better protect you
- Collision insurance that can pay for your vehicle damage resulting from a wreck
- Comprehensive coverage pays for non-accident vehicle damage, like from fires or theft
- Personal injury protection (PIP) that will pay for medical costs, lost income or related costs you might sustain in a wreck
You might need other coverage like trailer, motor truck cargo, inland marine insurance and more.
What are the Costs?
Policyholders will always face a few out-of-pocket costs related to their business insurance:
- You will pay a premium to keep your various policies active.
- Most policies have deductibles that policyholders must pay before the insurer covers the rest of a claim cost. Property coverage usually contains deductibles, but many liability policies don’t.
- All policies will include maximum amounts that they’ll pay for claims.
All businesses are different, which is why you need quite a few types of commercial insurance. For assistance choosing the most-affordable coverage options for you and your business, let one of our agents help you. Call us at (833) 775-2355 or request a policy quote online right now!