How Can Commercial Insurance Be an Asset for Your Business?

An effective way to maximize business insurance is to set up your policy to only pay for the coverage you need. It's particularly important for a business to customize its insurance policy around its niche and unique operation. Here are ways to customize commercial property insurance in Texas.

Importance of Customizing Commercial Insurance

If you own commercial property, commercial insurance pays for all kinds of disasters, from fire to theft. Many times the size of the company determines the types of coverage necessary. Every commercial operation with employees needs workers’ compensation insurance to cover expenses incurred by employees when they become ill or get injured.

A larger company needs more customized types of coverage. The riskier the work, the more customized coverage you'll need. Here are the main types of business insurance that many companies start with as a base before adding customized extensions:

  • General Liability - This coverage pays for a range of legal actions that may result from your business output. It pays attorney fees and for settlements up to your coverage limits for cases in which a third party is physically or mentally injured on your property. Almost every business that reaches a large market needs this coverage.
  • Professional Liability - Even if your team is reputable and reliable, it can still face complaints from clients who feel they were cheated. They may accuse your company of neglect or poor performance, which can lead to a lawsuit. This coverage will pay the legal costs.
  • Equipment Breakdown - Equipment that is essential to your operation can malfunction at some point, bringing business activity to a halt. This coverage pays for such breakdowns.

Main Reasons to Buy Business Insurance

While there are various reasons to purchase commercial property insurance in Texas, here are some important ones:

  • Gives your company more credibility - Investing in insurance shows that your company is not a fly-by-night operation and pays attention to risks. There may be a time when your investors, partners, customers, and suppliers request proof of insurance. Buying insurance reassures them your business is professional and legitimate.
  • Pays for financial losses - Without business insurance, people can come after your personal assets if they have a bad experience with your products or services.
  • Reduces stress - The right insurance will help you sleep better, knowing your business can't be destroyed by a lawsuit.
  • Covers business interruptions - Any business may encounter disruptions due to weather or other factors, but carrying business interruption insurance will pay for losses.

Contact us at Amity Insurance Group to learn more about customizing your commercial property insurance in Texas. Our team is ready to answer your questions and help you build the right insurance coverage for your needs.