Being in business means making sure that you’ve got the proper insurance in place. That being said, many business owners who don’t always know what they should be looking for in coverage. That’s why we’ve put together a list of business insurance basics so that you can take a look at what you absolutely should have.
Minimum business insurance options
There are a few protections that you should have in place at minimum. These are as follows.
Insurance for your business property
From fire to vandalism and theft, insurance for your business property will cover the structure itself as well as the belongings in there for business purposes. This can often be what helps a business recover after a fire or other disaster.
Liability insurance
Due to a product or service mishap, or injury on the site, customers can sue a business. Since a settlement, as well as court and legal fees, can quickly rack up a large bill, proper insurance is a good idea to help keep everything manageable and protect your business assets.
Auto insurance for business vehicles
Since business vehicles are different from personal ones, having proper commercial insurance for basic, comprehensive, and/or collision coverage will protect the business for large car repairs, accidents while on work hours and other fees. This should be applied to every vehicle used for business purposes.
Worker’s compensation insurance
When you have more than three employees, you will need and want worker’s compensation insurance to make sure that you are protected if an employee gets injured and requires time and finical support to recover before returning to work.
Additional commercial insurance options
There are a few other insurance policies that you could consider as well above and beyond the minimum for your Texas business. Some of these are listed below.
Cyber crime insurance
Now more than ever, cyber liability insurance is a great option to consider if you are working online with email or websites. Since hackers are now able to demand ransoms and the payouts — as well as compromise data — having insurance in place to help with this can be a weight off your mind.
Loss of income insurance
Being able to pay your employees as well as cover business expenses when you are not able to operate your business, due to no fault of your own, is also a good idea to have in place. This will help ease financial stresses as well as protect your employees from being out of pay due to circumstances beyond anyone’s control.
You can also consider creating an umbrella policy to enjoy some savings when bundling your policies together. Having full protection can offer you some perks after all!
All businesses will have unique needs for insurance when it comes to the deductibles, premium prices and what policies they require versus can which they can consider optional. For the best support and protection, contact your local insurance agent, Paula Smith Insurance to see if you’ve got the right coverage in place for your Texas business. Since insurance is one of those things where you don’t think you need it — until you do — it’s best to be safe rather than sorry for your business!