There are over 2,700,000 businesses operating in Texas, with over 143,000 in Dallas alone. A diverse group of industries also make their mark on the city of Dallas, including construction, professional services, and healthcare.
Whether you own a small or a large business in Texas, you need comprehensive business insurance to protect your assets and your employees when something goes wrong. A local independent insurance agent can help you compare business insurance quotes in Dallas, TX so you can choose the coverage that’s best for you and your employees.
Is Business Insurance Required in Dallas, TX?
In general, business insurance is not required in Dallas, TX. But if your business owns any vehicles, or you drive your personal vehicle for business purposes, you are required to purchase commercial auto insurance (just like all Texas drivers are required to purchase personal auto insurance).
Texas requires commercial vehicle owners to carry 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 else is injured. Property damage liability insurance covers damage to another person's vehicle or property in an accident that is your fault.
In addition, while not required by law, most Texas business owners will need commercial property insurance and general liability insurance at a minimum to properly protect their assets. The specific coverage you need depends on your business and your risk exposures.
What’s more, certain customers, vendors, suppliers, and mortgagees may require certain types of coverage in order to do business with you.
What Does Business Insurance Cover in Dallas, TX?
Business insurance in Dallas, 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. Rather, it’s a set of individual policies that together offer comprehensive coverage for your business. A typical business insurance package in Texas will include:
- Commercial property insurance: Covers damage to a building (the structure) and its contents (computers, office equipment, and furniture, supplies, fixtures, etc.) if it is damaged by a weather event, fire, theft, vandalism, and other covered perils.
- Commercial general liability (CGL) insurance: Protects your business assets from lawsuits. It can protect your business from costs related to bodily injury and property damage claims. It pays for medical expenses, legal costs, and financial settlements or judgments. Your CGL policy even covers costs related to personal injury claims such as libel and slander.
- Business interruption coverage: Protects your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown, or some other covered event. If you are forced to close your doors for a period of time in order to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
- Workers’ compensation insurance: This makes it possible for workers to pay their medical bills and be compensated for lost wages if they are injured at work. Texas doesn’t require most private employers to have workers’ compensation. But private employers who contract with government entities must provide workers’ compensation coverage for the employees working on the project. Some contractors may require their subcontractors and independent contractors to have workers’ compensation.
- Commercial auto insurance is required for all business-owned vehicles in Texas. And if you drive a personal vehicle for work purposes, you should purchase hired and non-owned auto insurance, because personal auto policies usually exclude business use.
Every business is unique, and there is no one-size-fits-all business insurance plan. Your business needs policies and coverage that protects against its unique risk exposures.
How Much Does Business Insurance Cost in Dallas, TX?
The cost of business insurance in Dallas, TX will vary widely from company to company, and a lot depends on the policies and insurance companies that you choose.
Several factors influence your Dallas business insurance costs, including the following:
- 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
Even things like crime and the risk for natural disasters in your city will play a role in what you pay for business insurance. In Texas, there have been 360 federally declared disasters since 1953. The main risks to commercial property in Texas include:
- Flooding and water damage
- Hurricanes and tropical storms
- Burglary and property crimes
- Severe storms and lightning
In areas where these occurrences are prevalent, you may pay more to insure your commercial property.
It’s useful to consider working with an independent insurance agent who understands all of the risks that you face, and who can get business insurance quotes from multiple insurance companies in Dallas.
Who Are the Best Business Insurance Companies in Dallas, TX?
It can be simple to find the best business insurance companies in Dallas. A local independent insurance agent can help you get business insurance quotes from multiple insurance companies, so 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 Dallas, TX?
Instead of getting an online quote, find an independent insurance agent now, and get 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 Dallas, so 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.
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