Texas is home to more than two million small businesses, and more than 19,000 of them are located in the Garland metro area. Part of the Dallas-Fort Worth metroplex, this city is the home to the headquarters of such businesses as Raytheon Intelligence and Information Systems and the Curtis Mathes Corporation. Most privately owned businesses in this area are much smaller in scope but each provides opportunities for income, growth and advancement. If you own a business this city, you may want to protect your investment by securing your business with a comprehensive Garland, TX business insurance policy.
Agents in the Trusted Choice® network can help you assess your company’s unique business coverage needs. Using their relationships with multiple insurance companies, these agents can easily find you a variety of competitively-priced policies that meet your company’s specific coverage requirements. Contact a local member agent today to get more information and obtain a selection of Garland commercial insurance quotes.
Top 6 Industries for Entrepreneurs in Texas
- Professional, scientific and technical firms: 54,700 small businesses
- Healthcare and social assistance: 48,300 small businesses
- Retail trade: 44,300 small businesses
- Construction: 38,300 small businesses
- Accommodation and food services: 31,400 small businesses
- Wholesale trade: 24,500 small businesses
Regardless of which industry your small-business falls under, you are strongly advised to consider purchasing commercial business insurance. Having such a policy in place can protect your company from financial losses caused by to unforeseen problems or catastrophes.
Is Garland Commercial Insurance Necessary?
Texas requires businesses with employees to have insurance to cover unemployment, worker’s compensation, and disability. If your business venture includes the use of company cars or trucks, you will need to purchase a commercial vehicle policy, and if you have taken out a large business loan, the financial institution that made the loan may require you to carry a commercial insurance policy.
Insurance is not required by law for small businesses that do not have employees, and these make up more than 83 percent of all of Texas’s small businesses. However, if you are the owner of a small business venture that required you to make a large initial investment, having a commercial insurance policy is a very good idea.
2007, Make-up of Businesses Based in Garland, TX
- Total number of firms: 19,734
- Firms owned by women: 28.5%
- Firms owned by Hispanic and Latino-Americans: 20.1%
- Firms owned by Asian-Americans: 13.9%
- Firms owned by African-Americans: 8.7%
- Firms owned by Native Americans: 0.8%
Garland is one of the more diverse cities in Texas when it comes to business ownership, and the number of minority-owned businesses in this city is steadily rising. If you are among this area’s small business owners, be sure to fully protect your commercial endeavor from unexpected losses with a Garland business insurance policy.
2007 Revenues Generated by Businesses Based in Garland, TX
- Manufacturers’ shipments: $4.34 billion
- Merchant wholesaler sales: $1.47 billion
- Retail sales: $2.32 billion
- Retail sales per capita: $10,679
- Accommodation and food service sales: $228 million
What Does Garland Business Insurance Cover?
Commercial insurance policies offer many different coverage options so that business owners can customize policies to meet their businesses’ unique coverage needs. A typical Garland business insurance policy will offer the following types of coverage:
- Property Insurance: This coverage is extremely important to businesses with a lot of material assets. If the building in which your business is housed or its contents are damaged due to fire, water damage, theft or vandalism, this coverage can provide compensation for repairs or replacements. This sort of coverage is particularly important if you operate a storefront, since your business is dependent on its ability to be open to the public.
- Liability Insurance: This coverage is vital as it protects your business from the excessive financial costs of liability charges. There are different types of liability insurance available according to your business’ inherent risks. Liability coverage typically provides compensation for court costs and legal fees associated with a covered event as well:
- General liability coverage will shield you from costs associated with third-party injuries such a slip and fall.
- Product liability coverage will protect your business if it is sued due to a product malfunction or faulty design.
- Professional liability coverage protects against charges of malpractice or negligence in provision.
- Loss of Income insurance: This coverage provides compensation for losses that may occur if you are unable to open or operate your business for a period of time due to damages or losses that were caused by a covered event. This coverage will provide your company with the funds necessary to continue making payments on expenses and employee salaries until it can resume operations.
- Other insurance options: There are additional coverage options available that can be used to meet specific business needs. These include extra coverage for expensive and custom-built equipment, extra liability insurance for contractors who work off-site and fidelity insurance to protect you from losses if an employee embezzles funds or performs other illegal actions.
Find the Right Garland Business Insurance Policy
Most insurance experts recommend that you obtain a minimum of three rate quotes before deciding on any insurance policy. Before you begin comparison-shopping for the right business insurance, it is best to fully assess your business’ coverage needs. An independent insurance agent in the Trusted Choice network can help you do this. These agents can also save you time and money by obtaining a variety of quotes for you and helping you compare the policies.
Agents in the Trusted Choice network have offices in more than 27,000 locations across the county, and many are right here in Garland. Contact a local agent now to get more information and start comparing competitively-priced Garland commercial insurance quotes.