Texas Insurance Agency can show you the importance of having commercial generic insurance Houston, TX. Commercial or business insurance is an important safety net for any business. Whether it’s a large conglomerate or a small start-up business, insurance can protect you from incidents that could cause financial turmoil. After all, even the most prepared business owner can’t plan for an unexpected lawsuit or fire.
What is business insurance?
Business insurance is a type of coverage that keeps companies from losing money when things go wrong in the process of doing business. Some of these losses are property damage, liability, injuries at work, business interruption, and other types of losses. There are different types of business insurance that can prevent a complete financial loss in any of those events.
There is no “one insurance for all instances.” Your insurance profile should have several types of coverage to ensure your business is protected from various angles. Our team of experts can help you figure out which ones are the right match for you. Of course, there are types of commercial generic insurance that every business needs.
No business is the same. At the end of the day, every business’s insurance profile will look vastly different from one another. However, a core set of insurance coverage options will be similar. The biggest difference will simply be how much coverage your business needs from that one coverage.
Larger businesses usually need more coverage than smaller ones because they have more assets and risks. Even businesses in the same field may tweak their options to ensure they cover everything they have.
If you’re ready to protect your business from its financial downfall, get in touch with Texas Insurance Agency. We can help you find the perfect commercial generic insurance plans to become the base of your insurance profile. Contact us to schedule a meeting, or get started by getting a free quote through our online form.
What Are Some Commercial Generic Insurance Houston, TX?
As we mentioned, there are some types of business insurance plans that most businesses need. Even if some need it less than others, it can help you ensure you’re well-protected during the most common events and surprises. Here are some examples of standard business insurance plans:
- General Liability Insurance: This kind of insurance covers claims of harm to people or property, hurt to individuals, and slander or advertising harm that happens because of your business.
- Commercial Property Insurance: This type of insurance covers the building your business owns or rents, as well as the tools, equipment, inventory, and other things that belong to the company.
- Business Interruption: This type of insurance, which is also called “Business Income Insurance,” can help pay for your business’s lost income and running costs if it can’t run because of a covered loss.
- Workers’ Compensation Insurance: This is usually needed by law if you have employees. It helps pay for medical bills and some lost wages if an employee gets sick or hurt on the job.
- Commercial Auto Insurance: This insurance is for you if your business owns, leases, or runs cars. It protects you financially against damage to your property and/or injuries to other people in car accidents, as well as against responsibility that could come up.
- Professional Liability Insurance: Also called errors and omissions, this insurance can protect your business from claims of carelessness by people who were hurt by mistakes you made or because you failed to do your job.
- Cyber Liability Insurance: This type of insurance helps businesses recover from cyberattacks and data breaches by covering the costs of doing so.
- Directors and Officers Insurance: This protects the personal assets of corporate directors and officers if they are sued by employees, vendors, competitors, investors, customers, or other parties for actual or alleged wrongdoings in running a business.
- Crime Insurance: This insurance plan covers theft, burglary, and robbery of money, stocks, and other property owned by the insured.
Always keep in mind that the best insurance plan for a business will depend on its needs and risks. To find the best insurance coverage for your business, you should talk to an insurance agent or provider. You might need all of the commercial generic insurance plans available, but you might need a number of them to ensure you’re protected against the most common risks in your field.
Overcome Excess with Umbrella Insurance
Under commercial umbrella insurance, you are covered for things that your basic business risk insurance doesn’t cover. Also called excess insurance, this is the backup to your backup plan in case something happens that falls outside of your expected risk range. Your main insurance policies, like general liability or business car, will cover more if you get this.
For instance, if a company is charged and the claim is for $1.5 million but their general liability policy only covers $1 million, a commercial umbrella insurance policy can cover the extra $500,000, as long as it covers at least that much. That’s why you’ll want to carefully decide if this type of policy is right for your business. Depending on the risks that are common within your field, you may need to consider it.
When the cost of a case is higher than what some business insurance covers, this insurance is used. However, it doesn’t replace your general liability or auto insurance. Instead, it’ll only kick in once those policies’ limits are exceeded. It’s meant to protect a company’s assets by stepping in when all of its other business risk coverage amounts have been used up.
Protect Your Business Assets Today
The right insurance can prevent your business from losing ground even after a financially crippling event. Whether it’s a fire or a big lawsuit, having the right insurance can prevent the worst from happening.
Texas Insurance Agency can help you figure out how to plan against any future events. Call us to learn more about our commercial generic insurance plans. Our Houston office is always ready to help any of our clients find what they need at an affordable rate. Check out what commercial generic insurance plans can help keep your business stable even in the face of turmoil and upset.
Houston, Texas Fun Facts:
- There are over 10,000 food options in the city.
- Tamales, breakfast tacos, pho, and Viet-Cajun crawfish are among the most eaten options.
- Houston is the city with the most food trucks in the US, promoting an “on-the-go” food culture.