Find the Best Business Insurance Options in Texas
Texas is a coveted place to open a business for many folks, thanks to the large population, huge tourism draw, and many other factors. But for those who own and run a company, they need to make sure they also have a business insurance policy. With the protection provided by business insurance, your company can get important financial reimbursement after many different incidents. Without coverage, you could face bankruptcy after just one issue like a fire.
Texas is currently home to 2.7 million small businesses, and its 4.7 million small business employees also deserve protection. Luckily, an independent insurance agent in Texas can help you find the right kind of business insurance for your needs. But up first, here's an extensive breakdown of business insurance in Texas.
Best Business Insurance Companies in Texas
Business insurance policies from many insurance companies can be found in Texas. However, you want to start by shopping only the best options, which is why we've assembled this list. Start with these top-rated carriers for business insurance in Texas.
- Liberty Mutual: Liberty Mutual is a carrier that sells many types of business insurance and other coverages. It's also a Fortune 500 company with excellent ratings from AM Best and the Better Business Bureau (BBB) that offers 24/7 claims reporting.
- Nationwide: Nationwide is also a carrier that sells business insurance and many types of personal coverage. It has outstanding ratings from both AM Best and the BBB and offers 24/7 claims reporting.
- Progressive: Progressive also provides many coverage options along with business insurance. It has excellent financial strength, offers many discounts, and provides 24/7/365 customer service.
- Travelers: Travelers also sells business insurance and many personal coverages. It's known for providing excellent customer service and many discount options.
A Texas independent insurance agent can help you find the business insurance policy you need from one of these outstanding carriers.
Texas Business Insurance Requirements
Texas state law does not require employers to carry business insurance. Not even workers' compensation is mandatory in Texas, as it is in most other states. So, while business insurance is technically optional, having coverage is critical for your company to be able to recover financially after a disaster. Having commercial property insurance can help your business to rebuild after a huge fire. A business income insurance policy can help your business continue to receive expected revenue and pay employee wages during temporary covered closures.
Some common types of business insurance coverage to consider in Texas are:
- Commercial property insurance
- Commercial general liability insurance
- Cyber liability insurance
- Professional liability insurance
- Business income insurance
- Commercial auto insurance
A Texas independent insurance agent can advise you about what types of business insurance you should consider.
What Business Insurance Covers in Texas
Business insurance policies in Texas are customizable and don't come standard. That means you get to choose which coverages you put into your policy. So, you may choose to build a business insurance policy that includes coverage for company vehicles, property, employees, cyber exposures, liability, and more. A Texas independent insurance agent can help you select the right types of coverage. You'll want to be covered from every possible angle.
Liability Coverage Options for Small Businesses in Texas
Having liability coverage for your Texas business is critical to receive reimbursement if your company gets sued. There are three major types of liability coverage to choose from. Consider these coverages for your policy:
- Professional liability insurance: This can reimburse your business for the costs of third-party lawsuit if there is a claim of improper or inaccurate advice or services performed by your business.
- Commercial general liability insurance: This can reimburse your business for third-party claims of bodily injury or personal property damage against your company.
- Cyber liability insurance: This can reimburse your business for lawsuits and other costs associated with data breaches and other cyber incidents that may expose or distribute private data like credit card records.
Your Texas independent insurance agent can help you choose the type and amount of liability coverage your business needs.
Property Coverage Options for Small Businesses in Texas
Your business's property needs protection against many types of threats, as well, including fire damage, explosions, and even vandalism. So consider adding this coverage to your business insurance policy:
- Commercial property insurance: This can reimburse your business for necessary repair or replacement of company property like inventory and physical structures like office buildings after a covered disaster.
Your Texas independent insurance agent can help you add the right amount of commercial property coverage to your policy.
Other Insurance Options for Small Business Owners in Texas
There are still more types of coverage you may want to add to your business insurance policy. Consider the following options to complete yours:
- Business income insurance: This can reimburse your business for expected revenue and employee wages that would normally be earned and paid out during a temporary covered closure. These closures can be due to incidents like a fire, vandalism, etc.
- Commercial auto insurance: This can reimburse your business for incidents involving company vehicles, such as lawsuits, accidents, theft, vandalism, and more.
A Texas independent insurance agent will make sure you get every type of coverage you need in your business insurance policy.
Average Cost of Business Insurance in Texas
Since the coverages included in a Texas business insurance policy aren't standard, neither are the premiums. So, it's difficult to predict what your business insurance will cost in Texas. However, larger businesses that require more coverage can expect to pay much more for coverage, while smaller businesses will pay less. The number of employees you have and your business's operations and exact location also impact insurance premiums. Basically, the smaller and less risky your business is by nature, the cheaper insurance premiums can be.