Business Insurance is one of the best things anyone can do in order to get all the benefits that come from growing a business in Texas.
Texas laws differ from other states because it does not generally require workers’ insurance for compensation. However, it is nonetheless recommended for many entrepreneurs. Businesses that contract with government organizations are required to carry insurance.
Workers’ compensation helps pay for medical expenses and partial loss of wages due to a work-related accident or illness. It also reduces the employer’s liability when there is a workplace accident.
Texas is considered the 10th largest economy in the world, and small businesses play a significant role in making it a leading economic force. In reality, the three million small businesses in Texas make up more than 97 percent of the companies within the state and employ more than half the state’s workforce.1
Small-scale businesses that operate in The Lone Star State need the proper business insurance to safeguard themselves, their employees, and their livelihoods. This is where NEXT Insurance can help.
We’re wholly committed to helping small businesses, and self-employed individuals find the cost-effective insurance they require to remain safe, satisfy legal requirements and please their clients.
Read on to learn more about the insurance coverage Texas businesses must consider. Texas is the only state in the country that does not need any insurance for business under state law.
However, it’s not uncommon for state agencies and clients to require you to be insured before working with you. Additionally, you may be required to cover costs out of pocket following an accident or injury if you do not have insurance.
The custom Texas business insurance plans from NEXT Insurance offer different kinds of insurance that safeguard you from unexpected costs.
For the many small business owners throughout Texas, Texas having good insurance for their business is an essential procedure. The best insurance policy will protect your business from all scenarios, such as expenses resulting from property damages, lawsuits brought against you, and even medical treatment resulting from accidents.
The right combination of coverage and cost is much easier when you know your options and the options offered. Find out more what you can about Texas company insurance. Speak to an agent you are confident with and make an informed choice when you’re ready to purchase.
Choose the kind of business insurance you’ll need
The protections you can get by using a business structure, such as an LLC (LLC) or corporate, generally only shield you and your property against lawsuits, and even then, protection is not as strong.
Business insurance can help fill in the gaps to ensure your and your company’s assets are completely protected from unexpected disasters.
In some cases, you may be legally ordered to purchase specific types of insurance for your business.
The federal government requires every company with employees to carry unemployment insurance, workers’ compensation, and disability insurance.
Certain states may also need additional coverage. Insurance laws vary from state to state, so check the state’s website to determine the rules for your business.
General Liability insurance
The general liability coverage in Texas covers small-scale business owners from damage and lawsuits that may arise if an individual is injured due to her actions or cause damage to someone else’s property.
Many customers will also request you to buy this insurance if you’re at a place where an accident or property damage is an issue. Commercial landlords might also ask the company to have insurance before signing the lease you’ve signed with them.
In the example above, let’s say an employee from Dallas accidentally puts a cinder block on the stairs of a building in construction. The property owner gets injured when he slips over it. The contractor’s insurance policy may help with medical bills when the contractor is determined to be in the wrong.
We also provide insurance for equipment and tools as additional insurance to Texas businesses, contractors, and cleaning firms. If the expensive equipment you have purchased is stolen or damaged, it will be used in the replacement cost.
How much will General liability commercial insurance cost in Texas
The price for your liability insurance in Texas depends on various elements, including your safety rating, the type of business you run, the limits of your insurance policy, and your location.
The place is also important; for instance, an auto repair shop in Dallas, Fort Worth, might require different kinds of business insurance requirements as compared to a beauty parlour in Austin or a Houston BBQ restaurant.
The median cost for premiums that Huckleberry clients pay to purchase general liability insurance is $700 annually, but the price could be much greater or lower.
The Huckleberry customer has paid as little to $47 per month to get their general liability insurance, which is one-quarter of a cent per day! The quickest method to determine what you’d be paying is to request an insurance quote from Huckleberry. (It’s available online and is extremely simple.)
Business Liability Coverage
The primary and most essential kind of small business insurance required for opening your business’ doors to the public is liability insurance, also known as Commercial General Liability Insurance or CGL.
This policy will protect your company if someone is injured in your workplace or at your site, if there is damage that an employee has caused to the property of another, and if the claim of personal injury is a result of misrepresentation or the use of libel, etc.
Also, it covers data lost due to failures or accidents; however, cyber-crime liability might need to be added as a condition to your insurance policy.
Accidents happen all the time, and business owners need to be protected in case of workplace accidents–especially since the average customer injury insurance claim is $35,000.
It’s crucial for business owners not to expose themselves to risk and ensure that they have the insurance they must have to cover all the risks associated with their company.
For one thing, the absence of the proper kinds of insurance could be identical to having insurance in the first place and leaving businesses without security against a range of losses.
We evaluated the more than dozen of most reputable insurance companies in America as and a few brokers–based on the kinds of insurance they provide, the industries which they serve, and scores for financial stability and customer satisfaction to determine the ones that are most suitable for the requirements of small companies.
Bottom Line
When you have purchased legally required insurance, you can buy insurance to protect any other risk to your business. As a rule of thumb, it is recommended to insure things that you would not be in a position to pay for by yourself.
Contact insurance professionals to learn what kind of insurance coverage is appropriate for your company, and look at the terms and costs to find the most affordable deal.
To understand this better, you should do more research about the Texas insurance policy which can be found here, getting more knowledge will help you make more reasonable choices.
