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Business & Commercial Insurance

Business & Commercial Insurance Information

Texas Business Insurance

There are about 2.4 million small businesses in Texas. And those businesses employ around 4.4 million people. With so much opportunity in Texas — especially in big cities like Austin, Houston and Dallas — a lot of business owners look to The Lone Star State as a place to call their business home.

It's crucial that businesses have protection in the event of an accident. As an independent insurance agency, it can be beneficial to offer this coverage to your clients.

What Is Business Insurance?

Business insurance is insurance that's geared specifically for companies. It covers a wide range of dangers. Business insurance can include:

  • Commercial Auto Insurance: This coverage provides coverage for vehicles owned or used by the business. It can include comprehensive, collision and liability insurance, as well as personal injury protection.
  • General Liability Insurance: This coverage steps in if someone is injured as a result of everyday activities, such as a customer slipping and twisting their ankle in a store.
  • Workers Compensation Insurance: This coverage is required by law for most industries. It provides compensation if an employee is injured at work. It can also cover legal fees in the event an employee decides to file a claim concerning the injury.
  • Errors and Omissions Insurance: This liability insurance deals with mistakes made by a company that cause financial loss for their clients, such as an accounting advisor providing bad advice which results in their client losing money.
  • Cyber Liability Insurance: Most companies do at least some work online. If a company stores important or fragile information online, cyber liability can help if that information is hacked, stolen or lost.

If you're an agent, consider suggesting a business owner's policy (BOP) to your client. A business owner's policy contains liability and property insurance coverages and may save money.

Businesses need business insurance. Personal auto insurance or homeowners insurance won't extend to business mistakes or other incidents, even if the business is run from home. Having enough coverage — and understanding that coverage — is crucial to success.

What Kind Of Business Insurance Do My Customers Need?

The types of business insurance a company needs depends on the industry. There is tailored coverage for nearly every industry — including restaurants, plumbers, bankers and insurance agencies. Discuss your customers' business insurance needs, and research the state requirements in your location.

What Does a Business Policy Cover?

A business policy depends on what coverages your customers decide to add. In general, a business owners policy will include general liability insurance, property insurance and business interruption insurance.

How Much Does Business Insurance Cost Per Month?

It's difficult to say how much business insurance costs, as it depends on a variety of factors. Larger businesses with more vehicles and employees will pay more than smaller businesses. Business insurance premiums also depend on the claims history of the company, the location and industry. In general, a small company may pay an average of $62 a month for general liability insurance.

How Much Insurance Do Your Customers Need For Their Small Business?

Small businesses should invest in business insurance no matter if they have two employees or 500. Depending on the industry and location, small businesses should purchase workers compensation and around $500,000 - $1 million in liability insurance.

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