Owning a business can take an incredible amount of work and as a business owner, you can’t let any details slip through the cracks. One of these ‘details’ is commercial insurance.

But what exactly is commercial insurance and do businesses really need it? Keep reading for the top 3 things you should know about commercial insurance!

Types of Commercial Insurance

There are a few types of commercial insurance that businesses can opt-in for. However, the most common types are property, liability, and worker’s compensation.

Property insurance covers losses and damages to the business property. Property insurance policies can usually cover damages from fires, flood, or burglary. Additional coverage can be added to this policy for more specific causes.

Liability insurance covers injuries that happen to third parties. If someone decides to sue your business for personal injuries or property damage, liability insurance will help cover those costs.

Worker’s compensation insurance covers any on-the-job-injuries that an employee might have. This policy protects the business owner from being sued by the employee for negligence.

Does My Business Need It?

Texas does not require commercial general liability insurance or worker’s compensation insurance. However, these insurance policies are important as they protect the business owner from lawsuits and paying out of pocket for costs.

Be sure to speak with your insurance agent to create a commercial insurance policy that fits with your business.

Payne Insurance Group

Payne Insurance Group provides insurance for auto, home, commercial, and much more! Payne Insurance Group has partnered with over 13 businesses across the Rio Grande Valley, As a result, we have created a one-stop-shop for all your automotive needs.

Get your FREE insurance quote today!