What is Commercial Insurance?
Commercial insurance can consist of several different types of coverage designed to protect and safeguard your business. Many commercial insurance policies consist of basic coverages like property, auto, workers’ compensation, crime, and liability that protect the owner, employees, and business. However, there is no one perfect policy for each type of business, with some companies requiring more specialized coverage depending on the type of work being done. When determining how much commercial insurance coverage to purchase, there are several different factors to consider, including the type of work, the number of employees, gross annual revenue, location, and whether or not the business owns or rents their office space.
What are the Commercial Insurance Requirements in Texas?
Unlike the majority of states, Texas does not mandate that small business owners carry workers’ compensation insurance; however, it is strongly recommended. If a business does not have workers’ compensation insurance and an employee is injured or becomes sick due to their job, the business owner may be liable for their medical expenses, damages, and other charges. Consequently, having workers’ compensation insurance helps alleviate the financial burden of those potential charges. If your business owns a vehicle in Texas, then you are required to carry commercial auto insurance, which includes minimum coverage for bodily injury liability and property damage liability. While having non-owned auto insurance on personal vehicles that are being used for business purposes is not required in Texas, it is recommended as many personal auto policies do not cover business usage.
When it comes to finding commercial insurance, look no further than InsPeak in Arlington, TX. Our team of qualified and knowledgeable insurance professionals takes the time to know each of our customers so that we can make personalized recommendations tailored exactly for your needs.
