There is a vast selection of insurance types to protect the company you’ve worked so hard to create. Some of these options include legal liability and employee-related risks, as well as coverage for business property damage.
Business Property Insurance covers the cost of repairs for a physical location, inventory, computers, tools, and accounts receivable. More than this, Business Insurance can help replace lost wages if an employee suffers a workplace injury and needs time to recover. This means the compensation given to your employee will not come out of your own pocket.
Business insurance is extremely important regardless of the size of your business. In several states, a certain amount of coverage is needed if you are a business owner. Workers Compensation Insurance is just one of those coverage types. Unemployment Insurance and Liability insurance are other insurance types require in most states.
Texas Insurance Agency is here to help you get the most from your Business Insurance policy. Whether you own a small business, a well-established business, or a start-up business, you can rely on our expert team. Call today to learn about your Insurance Policy options.
Workers’ Compensation
Workers Compensation is a government-mandated system that pays monetary benefits to those injured in the workplace. Moreover, this compensation is not just given to those injured, but also those who have been left with a disability due to an occurrence in their workplace.
This type of insurance can only be claimed if the injury was sustained in your place of employment or as a result of your job. Many business owners favor this policy type as they will not be held liable should an incident occur.
Additionally, your employees will not be able to sue you or your business for negligence should they rely on this policy. This is known as a compensation bargain. The Compensation bargain is in place to protect both the employer and the employee.
Recourse is the legal right to demand compensation or payment. Additionally, it is something an employer gives up when they agree to a Workers’ compensation policy. When employers agree to workers compensation, they are agreeing to a certain amount of liability. However, by doing so, they will avoid a large negligence lawsuit. As a result, Workers Compensation is in place to benefit all parties as they will avoid the legal fees attached to a trial.
Most compensation policies cover medical fees related to the injury sustained by the employee. This compensation can only be claimed when the injury took place during their work shift. For example, if they get into a car wreck on their way to work, they could not claim compensation as it happened outside of work. However, an injury sustained as a direct result of the job would allow them to claim compensation.
If an employee is on medical leave due to this injury, they could also claim sick pay during this time. Finally, if an employee were to lose their life due to a workplace accident, workers compensation would make payments to their family members or any other dependents.
Liability Insurance
Liability Insurance is there to help with legal fees associated with any lawsuits filed against you or your company. Without this type of coverage, you’ll be paying for these fees out of your own pocket.
General Liability Insurance (GLI) can help protect you and your business against liability claims made by your employees or customers. These claims can include anything from bodily injuries to property damage to advertising mistakes.
To learn more about these and other insurance types, speak with our team today. We will happily help you build an insurance plan that does the most for you and your business.
Small Business Insurance
These policies differ slightly from policies aimed at larger companies. However, they tend to be more affordable. Much like Business Insurance, Small Business Insurance offers policies that keep you covered against employee claims.
Workers’ compensation, General Liability Insurance, and Property Damage Insurance are all available to small business owners. Speak with Texas Insurance Agency today to learn more and to find a bundle that is right for your small business.
Insurance Options by Business Type
The cost of insurance will range from business to business. Additionally, the amount of coverage you’re looking for will affect the cost of your insurance plan. These are important factors you need to take into consideration when looking for business insurance.
Other factors may affect the cost of your business insurance depending on what type of business you own—for example, bars and restaurants.
Bars & Restaurants
The cost of bar insurance will be dependent on several factors. Firstly, the policies you choose will have an effect on the affordability of your insurance. Additionally, the value of your business and the unique risks your bar faces will also play a role in determining the cost of insurance.
In most states, especially here in Texas, workers compensation is required If you run a bar with employees. Most often, you’ll be able to bundle this policy with other policies that protect yourself, your business, and your employees.
Here at Texas Insurance Agency, we want to do the most for our clients. With that in mind, we offer great rates and great bundle options. Reach out to us today to discover more about our business insurance policies, including our BOP options.
A Business Owners Policy (BOP) is there to help protect your business. This policy type is the one most recommended for food and beverage businesses as it provides the best defense and coverage against common accidents in the foodservice industry.
A BOP allows you to bundle general liability insurance with commercial property insurance. Additionally, when you work with our team here at Texas Insurance Agency, you’ll receive this bundle at a better rate than if you were to take these policies out separately. To learn more about these policies and the coverage they can offer your business, speak with our team today.
Technology-Based Companies
Technology companies are a unique business type. For that reason, they require a specific type of insurance. Standard insurance policies such as general liability and property insurance are needed in most fields. However, technology-based companies have several operational risks attached to them.
With that in mind, they need more focused coverage options such as technology errors and omissions. Cyber Liability Insurance is also highly recommended, and Directors and Officers Insurance (D&O) is usually mandatory with these types of companies.
D&O Insurance is designed to protect past and current directors and officers of a company. It provides protection against lawsuits and litigations if a third party claims they were financially injured due to the director or officer mismanaging the company.
This type of insurance is critical as your company begins to grow. This is because the bigger the company, the bigger the exposure. To learn more about D&O Insurance and how it can benefit your company, call Texas Insurance Agency today.
If you currently own a technology-based company or are looking to start one, Texas Insurance Agency is here to help. We are constantly looking for the best ways to help our clients save, and we can do the same for you.
No matter what policies you are considering, our team can help you determine the best coverage options for your business. Additionally, if you’re unsure where to start, we’ll be here for you every step of the way. Contact Texas Insurance Agency today to get started.
Green Energy Companies
Green Energy Companies, like most other industry businesses, are not without their hazards. With that in mind, Texas Insurance Agency is here to help you with your companies insurance policies. There are several policies to consider if you own a business in the green energy sector, and we’re here to make your decision easier.
It’s not uncommon for employees, of any business, to suffer falls, encounter electrical hazards, or experience an injury. This is the same for employees of Green Energy Companies. In fact, it may be more common within this industry due to the type of work. As a result, a workers compensation policy is needed to benefit and protect both you and your employees if a situation like this should arise.
Commercial Property Insurance
Commercial Property Insurance (CPI) is a policy considered by most business owners and is a great policy to have, especially when you own a sizeable company. CPI protects your companies’ physical assets in the case of damage or destruction. If equipment, tools, or any other property of your business is destroyed in a fire or thunderstorm, the cost of this damage will be covered by this policy.
Additionally, this policy will keep you covered if your property is damaged via burst pipes, vandalism, or theft. To learn more about this insurance policy and other insurance policies available for your business, call Texas Insurance Agency today. Speak to our team by calling (281)-398-1010. You won’t find better policies or bundles at a better rate!
