Bellaire is a city in southeast Texas, just minutes outside of Houston. Several large corporations, including Chevron and AT&T, have a presence in Bellaire. And there are over 3,400 other businesses that call Bellaire, TX home.
Whether you own a small or a large business, you need business insurance to protect you when something goes wrong. An independent insurance agent can help you compare business insurance quotes in Bellaire, TX to choose the best coverage for you and your employees.
How Much Does Business Insurance Cost in Bellaire, TX?
The cost of business insurance in Bellaire, TX will not be the same for every company. Many factors, including the following, influence business insurance costs:
- Your gross sales and payroll
- Your number of employees
- The size and physical location of your business
- The value of your physical assets (buildings, vehicles, machines, equipment, inventory, etc.)
- The nature of your business (what do you do?)
- Your prior claims history
If your city is prone to problems like crime and natural disasters, you’ll pay more for business insurance. In Texas, there have been 360 federally declared disasters since 1953. The main risks to commercial property in Texas are:
- Flooding and water damage
- Hurricanes and tropical storms
- Burglary and property crimes
- Severe storms and lightning
It’s important to work with an independent insurance agent who understands all of your risks.
Is Business Insurance Required in Bellaire, TX?
Business insurance is not a single insurance policy. It is a set of insurance policies covering your commercial property and liability risks. In general, business insurance is not required in Bellaire. But if your business owns any vehicles, you must purchase commercial auto insurance.
The state of Texas requires vehicle owners to buy liability coverage up to the following minimum limits:
- Bodily injury liability: $30,000 per person/$60,000 per accident
- Property damage liability: $25,000 per accident
Bodily injury liability insurance covers you if you are at fault in an accident and someone other than yourself is injured. Property damage liability insurance covers damage to another person's vehicle or property in an accident that is your fault.
In addition, most Bellaire, TX business owners will need commercial property insurance and general liability insurance to protect their assets adequately. But these types of insurance are not required by law. Most states require employers to purchase workers' compensation insurance, but Texas does not require it. Private employers who contract with the government may be required to buy workers' compensation insurance in Texas.
Finally, specific customers, vendors, suppliers, and mortgagees may require specific types of coverage to do business with you.
What Does Business Insurance Cover in Bellaire, TX?
Business insurance in Bellaire, TX, pays for covered claims, so you don't suffer financial losses when something goes wrong. Depending on your coverage, it can help you pay for property damage, liability claims, and even worker injuries and illnesses.
Business insurance is not a single policy. Instead, it's a set of individual policies that offer comprehensive coverage for your business. A typical business insurance package in Bellaire, TX, will include:
- Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, and other covered perils.
- Commercial general liability (CGL) insurance: Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your CGL policy even covers personal injury claims such as libel and slander.
- Business interruption coverage: Protects your earnings if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you are forced to close your doors for some time to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
- Workers’ compensation insurance: Pays for medical expenses and a portion of an employee's lost wages after a work-related injury.
- Commercial auto insurance: Protects your business-owned cars and trucks from property damage and liability claims.
Every business is unique, and there is no one-size-fits-all business insurance plan. Your business needs coverage that protects against its unique risk exposures.
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What Does Small Business Liability Insurance Cover in Bellaire, TX?
Liability insurance is one of the most critical components of any small business insurance program. Small business liability insurance is essentially lawsuit coverage.
Commercial general liability (CGL) insurance for small businesses provides broad protection for a wide range of lawsuits and negligence claims. These types of lawsuits happen when your business is responsible for damage or injuries to third parties.
A CGL policy has two major coverage components:
- Premises liability insurance: Covers third-party damage, injuries, or illnesses that occur due to an accident on your property.
- Product liability insurance: Covers third-party damage, injuries, or illnesses caused by a defect in a product your company produces, sells, or promotes.
Businesses often have liability risks that go beyond what CGL insurance can cover. Fortunately, there are several additional small business liability policies available. And in some cases, you can add the additional coverage you need to your CGL policy with an endorsement.
You can customize your overall business liability insurance coverage to include the following, as needed:
- Employment practices liability insurance: Covers your business against accusations of illegal business practices such as discrimination and wrongful termination.
- Environmental liability insurance: Covers your business if an accident results in your company polluting the land, water, or air.
- Liquor liability insurance: Covers businesses that sell or furnish alcohol if an intoxicated person causes injury or property damage to others.
- Professional liability insurance: Covers individuals in professional positions if an error in judgment or some other professional mistake damages a third party.
An independent agent can help you determine if these or other small business liability products are suitable for your Bellaire, TX business.
Are There Any Small Business Health Insurance Plans in Bellaire, TX?
Certain employee benefits like group health insurance serve a critical purpose for many small businesses and their employees. A good employee benefits plan that includes health insurance and other types of group insurance helps companies attract and retain top employees.
Employers who offer employee health plans may also be eligible for significant tax benefits.
There are many different health insurance policy types and options available for you to choose from. A local independent agent can help you find affordable small business health insurance plans in Bellaire, TX.
What Are the Best Small Business Insurance Companies in Bellaire, TX?
You don't need to look too hard to find the best business insurance companies in Bellaire, TX. A local independent insurance agent can help you get business insurance quotes from multiple insurance companies so that you can select the best policy for your needs and budget.
How Can an Independent Insurance Agent Help Me Find the Best Business Insurance in Bellaire, TX?
Instead of getting an online quote, finding an independent insurance agent can help you get an accurate quote along with a one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of business insurance quotes in Bellaire so that you can make the best choice.
What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
Contact an agent today for a free, no-obligation consultation.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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