When it comes to finding the right commercial insurance policy, it can be tough to know where to start. There are so many options available, and each policy seems to cover something different. How can you be sure you’re getting the best coverage for your business? Barry Insurance Group in Pearland, TX offers you a guide on choosing a commercial insurance policy.
Top 3 Things to Look for in a Commercial Insurance Policy
1. What the Policy Covers
When choosing a commercial insurance policy, the first thing you’ll want to look at is what exactly the policy covers. What types of events or accidents does it cover? Does it cover property damage, liability, or both? For example, a liability policy will protect your business if someone is injured on your property, but it won’t cover any damage to your property itself. On the other hand, a property damage policy will cover damage to your property but not any injuries that occur on it.
2. The Policy Limits
When choosing a commercial insurance policy, the second thing to look at is the policy limits. This is the maximum amount of money the insurance company will payout in the event of a covered accident or event. It’s important to choose a policy with limits that are high enough to cover the potential damages your business could face. Otherwise, you may be left footing the bill yourself if something happens.
3. The Deductible
Unfortunately, some business owners make the mistake of overlooking the deductible when selecting a commercial insurance policy. This is the amount of money you’ll have to pay before your insurance company starts paying claims. A higher deductible means a lower premium, but it also means more risk for you if something happens. Choose a deductible that you’re comfortable with and that fits your budget.
Get Commercial Insurance in Pearland, TX
If you’re looking for commercial insurance, keep these three things in mind. Barry Insurance Group offers various commercial insurance policies, so we can help you find the right one for your business. Contact us today to learn more or get a quote.
Business insurance is a critical step for all Pearland, TX companies, as it helps to protect their interests in so many ways. If you’re not sure of what kind of policy you’d like, you can talk to us at Barry Insurance Group and learn more about the different levels of protection that they provide.
Insurance Protects You From Legal Situations
You are legally required to have business insurance in most states for a reason. This type of policy will protect you from a myriad of different complex legal situations. For example, if your customer sues you after slipping and falling, your policy will pay for any damages they get from you and will ensure that you don’t experience any long-term financial troubles as a result of these changes.
Coverage Keeps Your Customers Safe
Did you know that your insurance can not only minimize your risk of a lawsuit but also avoid hurting your customers and employees? For example, if you have property damage repair insurance, you can fix-up dangerous areas of your facility and avoid lawsuits. And bodily injury coverage can protect you by paying medical expenses and fees for people hurt at your facility.
Minimize Hacking Dangers
In today’s modern business place, you need to constantly worry about the dangers of hacking and keeping your customers and your business identities safe. That’s why you need insurance to pay for things like identity protection solutions, public relations, legal fees, and any awkward liability situations. This money will go into effect only if a data breach occurs.
Protect Your Business From Danger
There are just a tiny fraction of the ways that your insurance will help you. It will also provide you with long-term benefits for business owner protection and much more. So please don’t hesitate to contact us at Barry Insurance Group, serving Pearland, TX, if you’re interested in learning more about this process.
Texas business owners should evaluate various types of commercial insurance to safeguard them against different risks common in the business environment. Why? The financial health of your business could be thrown into ruins by risks like theft, vandalism, fire, liabilities, and employee injuries. If you are a business owner in the Pearland, TX area, consider Barry Insurance Group for all your business insurance solutions.
Is commercial insurance mandatory in Texas?
Commercial auto insurance is required in Texas, but unlike many states, Texas doesn’t require private employers to carry worker’s compensation insurance. However, it’s advisable to carry workers’ comp insurance, whether mandatory or not, to protect your employees.
Is commercial insurance worth it?
Running any form of business comes with inherent risks ranging from natural calamities, employee injuries to lawsuits. Ensuring your business is adequately covered provides the following benefits:
- Liability protection: If a business venture or its operations propagates any form of injury to any other individual, liability insurance pays for the rising medical costs.
- Assets protection: Commercial property coverage pays for damages or losses to your business building and other business assets like inventory and computer when a covered peril strikes.
- Covers advertising liability: When your business violates the copyright rule of another party, it may culminate into a copyright infringement issue. Liability coverage comes to the rescue as it cushions your business against arising legal liability claims.
- Protection of workers: Although Texas does not require workers’ compensation, it’s essential coverage to consider. This coverage pays for medical expenses and partially missed income arising from illnesses and injuries for your employees.
- Protection from cyber-crimes: Cyber liability insurance offers protection for certain losses caused by data breaches. It will assist a business in settling some costs culminating from a data breach, like customer notification and legal fees.
Buying commercial insurance in Pearland, TX is a prudent move to safeguard your business and employees. If you are searching for a proper commercial insurance policy, don’t look beyond Barry Insurance Group. Contact or visit us today and initiate your insurance journey with us.
Not having commercial insurance as mandated by Texas or any other state can result in significant monetary loss from fines and business if your company is forced to close for violations. Specific to Texas, unlike in the majority of states, businesses are not required to have workers’ compensation insurance, which helps pay for costly medical bills and other damages associated with an employee’s inability to work due to workplace injury or illness. Additionally, any Texas companies that have contracts with the government must have workers’ compensation insurance. Although workers’ compensation insurance is not required in Texas, any business-owned vehicles must be covered by commercial auto insurance with at least state minimums for liability coverage. Additionally, if you own a business where employees are required to use their personal vehicles for work purposes, then it is strongly recommended that cover those vehicles with hired and non-owned auto insurance because personal auto policies generally exclude business use.
Choosing not to have commercial insurance can have a devastating impact on your livelihood by leaving your business and assets exposed. In addition, failure to carry commercial auto insurance as mandated by the state can result in costly fines and even a potential shutdown. Consequently, the vast majority of business owners turn to commercial insurance to help protect their companies. When choosing insurance, be sure to have adequate liability coverage. Depending on the type of business, it may be important to have supplemental coverage like cyber liability insurance if you are hacked or suffer a data breach. When you are ready to find the perfect policy, give Barry Insurance Group in Pearland, TX a call so we can help you customize a commercial insurance plan that best fits your business and needs.
General liability under a commercial policy can become tricky for business owners, especially when they’re deciding whether to file a claim (and if so, exactly how to file it). Barry Insurance Group in Pearland, TX wants you to know what general liability is, what it covers, and maybe even more importantly, what it doesn’t cover.
What Does General Liability Mean?
General liability refers to coverage that will pay for different expenses if it’s determined that you or your business was at fault for an event. So, let’s say an employee forgot to put down a Caution When Wet sign after mopping the floor. Whether the customer slips and breaks their leg or their expensive laptop goes flying out of their hands, general liability would help you pay for the costs to treat the injuries or replace the property.
What Does It Cover?
General liability typically covers property damage or injury claims made by clients, customers, or third-parties. If someone initiates false slander against your company to destroy your reputation, you can also use general liability for this as well. So regardless of whether you’re looking for legal help or you intend to settle the claim outright, you get the money you need to handle everything from payments to administrative costs.
What Doesn’t It Cover?
General liability doesn’t cover auto accidents, property damage to your business, and personal injury claims made by your employees. In addition, general liability will have limits placed on how much can be paid out for each claim.
If you’re concerned about your level of coverage, give Barry Insurance Group in Pearland, TX a call today to discuss your policy and how it can be adjusted to fit your needs. We’re here to help you discover the best options available.