What Type of Business Insurance do I Need?
Business or commercial insurance in Fort Worth, TX covers you in the event of an onsite or work-related accident, injury, or equipment malfunction. Moreover, you'll also be covered in the case of a catastrophic event such as a natural disaster that could cause some business interruption or delays due to damages. Time is money when it comes to business and it's always important to protect your greatest assets.
Oftentimes, the type of commercial insurance you need in Mansfield and other parts of Texas can depend on the nature of your business operations. If you own a fleet of vehicles that are used for various purposes such as transportation or deliveries, then you need to have sufficient commercial auto insurance to protect you against related financial burdens.Back to TopWhat Does Business Insurance in Mansfield, TX Cover?
The state of Texas doesn't mandate that businesses have commercial liability insurance, but it's highly recommended. Even if you're fairly careful or have a small business with limited operations and staff, it's still always a good idea to protect yourself against unexpected catastrophes and events.
Commercial general liability insurance can protect business owners against a plethora of liability claims including personal and professional slander from competitors, bodily injury for customers and employees, as well as property damage.Back to TopAre There Other Types of Business Insurance I Should Consider?
Other coverage considerations should include:
- Workers’ compensation
- Liability insurance
- General liability insurance
- Business interruption insurance
- Product liability insurance
- Equipment breakdown insurance
- Commercial property insurance
- Errors and omissions insurance
Your premiums will depend on how much coverage your business requires and the frequency with which you make a claim. Businesses that pose a higher level of risk will inevitably have to pay more commercial insurance than those that pose minimal risk.
Although workers' compensation isn’t a state requirement aside from federal institutions, it's still highly recommended that you procure it. In the event that an employee suffers an injury during work hours or on the job, they can sue you for the cost of their medical bills and loss of income. If you choose to forego workers' compensation insurance for your business, then you must post notices all over your workplace to inform employees of this decision.Back to TopWhat are the Minimum Commercial Auto Insurance Limits in Texas?
Although insurance companies will never expressly state you must have commercial auto insurance, it’s an unspoken common-sense rule. The minimum requirements for commercial auto insurance in Texas are as follows:
- You must have a minimum of $30,000 bodily injury liability per driver in case of a single or multi-vehicle accident
- You must have a minimum $60,000 bodily injury liability per accident to cover the medical expenses of all parties involved in an accident
- You must have a minimum $25,000 property damage liability per accident to cover any repairs or vehicle replacements for your business and third parties
Although these are the state minimum limits, they're usually far from sufficient for covering the real costs of an automobile accident. These numbers merely reflect the bare minimum amount of commercial auto insurance coverage you need to have to meet the state standards.
In the event that your coverage minimums are insufficient to cover the full cost of damages caused by an at-fault accident involving one or more of your work vehicles, then you're liable to pay the difference either out-of-pocket or using your business funds.Back to TopHow Much does Business Insurance Cost in Texas?
Commercial insurance costs can vary based on a number of different potential risk factors including the location of your brick-and-mortar business, the nature of your business, the number of employees you have, the types of products and services you provide, and whether you have any commercial vehicles to insure.
Small business insurance in Dallas, Texas is typically cheaper than premiums paid by larger enterprises that pose more significant risk factors for accidents, injuries, or negative environmental impacts. If you qualify for a business owner's policy (BOP), then you could end up paying even lower monthly premiums. The best way to determine the cost of business insurance for your organization is to speak to a qualified Farmers insurance agent in your area.Back to TopIs Business Insurance Tax Deductible?
Most types of business insurance are tax deductible to help small business owners save some money. However, there are certain items that can't be claimed on your annual taxes such as:
Back to TopHow Can I Save Money on Business Insurance?
- Disability policies for loss of income
- Loan protection insurance
- Self-insurance reserve payments
It might be tempting to try to lower your monthly business insurance premiums by purchasing less coverage. But this can actually end up costing you more in the event that something happens as you'll be forced to cover the cost of whatever your policy doesn't cover.
You can actually save money on your business insurance by shopping around for different policy options, bundling certain policies together at a discounted rate, and creating an effective risk management strategy that can help lower your rates.Back to TopWhat is the Difference Between Professional Liability and General Liability Insurance?
Professional liability insurance, which is also known as errors and omissions insurance, protects professionals against negligence, copyright infringement, and poor quality of work claims brought forth by former or current clients. These are common for service-based businesses such as legal, accounting, or real estate firms.
General liability insurance is a broad term that covers a variety of incidents including bodily injury property damage, or advertising damages (e.g., slander, libel, copyright infringements).
If you're looking for an insurance agent near Mansfield, TX to advise you on the right type of commercial insurance for your business, then contact Schuder Insurance Agency today!Back to Top