Part of the Dallas-Fort Worth Metroplex, Grand Prairie is a suburb to both cities. This city has a business-friendly atmosphere that attracts new businesses in all kinds of industries. In fact, Six Flags Entertainment recently moved its corporate headquarters from New York City to Grand Prairie. If you have started your own business venture here, you may want to consider purchasing a Grand Prairie, TX business insurance policy to protect your investment.
Shopping for the right business insurance policy can be overwhelming if you are not familiar with the many available coverage options. Independent insurance agents in the Trusted Choice® network can make comparison shopping easier. These agents have relationships with a multitude of different insurance companies and can provide you with a selection of competitively-priced policies to meet your business’s unique coverage needs. Find a member agent in your neighborhood today to start comparing Grand Prairie commercial insurance quotes.
Top Small-Business Industries for Employment in Texas
- Healthcare and social assistance: about 1,280,300 jobs
- Retail trade: about 1,127,000 jobs
- Accommodation and food services: about 908,700 jobs
- Administrative support and waste management: about 830,000 jobs
- Manufacturing: about 730,600 jobs
- Professional, scientific and technical services: about 565,600 jobs
- Construction: about 539,500 jobs
Every different business industry has a unique set of risks. A commercial insurance policy can be custom built to cater to the unique coverage needs of your business industry.
Is Grand Prairie Business Insurance Mandatory?
You may be required by your financial institution to carry a business insurance policy if you have taken out a business loan. Also if you rent the building or office space in which your business is housed, it is possible that this coverage may be required as part of the terms of your lease.
More than 4,000 Texas businesses filed for bankruptcy in 2009, and many of these could have been prevented had there been a business insurance policy in place. If you have invested a lot of time and capital into your business, it only makes sense to protect it and keep it profitable.
2007 Revenue Generated by Businesses Based in Fort Worth, TX
- Manufacturers’ shipments: $39 billion
- Merchant wholesaler sales: $58 billion
- Retail sales: $33 billion
- Retail sales per capita: $13,929
- Accommodation and food service sales: $5.7 billion
Many companies are set up as an LLC or a corporation to protect the personal assets of business owners if the company is sued. These structures do not, however, protect the company in any way. Only a Grand Prairie business insurance policy can fully protect your business from the financial devastation after a liability suit.
The Make-up of Small Business Owners in Grand Prairie, 2007
- Total number of firms: 12,329
- Firms owned by women: 30.2%
- Firms owned by Hispanics: 22.8%
- Firms owned by African-Americans: 17.9%
- Firms owned by Asian-Americans: 10.7%
- Firms owned by Native Americans: 1.9%
Grand Prairie is one of the most diverse Texas cities when it comes to business ownership. The number of businesses owned by minorities is increasing every year. Business owners in this region who have developed niche marketing are succeeding in impressive numbers.
What Does Grand Prairie Business Insurance Cover?
Different companies have different risks. A business that provides medical care, for example, does not have same liability risks as a company that designs and manufactures products. Insurance providers understand this and have created commercial insurance policies that can be customized to fit the coverage needs of any type of business. Coverage options include:
- Liability coverage: This will provide compensation if your business is held liable for injuries or damages to a third-party. It will also cover related court costs and legal fees. There are three main types of liability insurance and you can opt to purchase only the type or types that are relevant to your particular company.
- General liability: This will provide coverage if someone is injured in your place of business or if employees cause injury or property damage to a third-party while working off-site.
- Product liability: If your business manufactures products and there is a defect or design flaw that causes illness or injuries to others, this insurance will provide coverage for any resultant charges.
- Professional liability: This protects businesses that provide a variety of services, including professional consulting or medical treatment services, for example, in the event they are sued for negligence in provision or malpractice.
- Property coverage: If your business experiences property damage or loss as a result of extreme weather, fire, vandalism, or theft, property coverage will compensate you for your loss. Flood damage, however, is rarely covered by these policies. Be sure that you are familiar with the coverage exclusions made by your insurance provider and purchase a separate flood insurance policy if necessary.
- Lost income coverage: If a covered event forces your business to temporarily close or results in a significant interruption in production or sales, this coverage will provide a continuation of income so that you can continue to pay employee salaries and make payments on your normal business expenses.
Find an Appropriate Grand Prairie Business Insurance Policy
There are many different kinds of businesses and each faces its own particular risks and hazards. This is why there is no such thing as a one-size-fits-all commercial insurance policy. When shopping for this type of insurance, you can benefit from the assistance of an independent agent in the Trusted Choice network. These agents can help you asses your company’s coverage requirements and can then help you review a variety of policies that can meet these needs.
Trusted Choice network representatives have offices in thousands of locations nationwide, and many can be found right here in Grand Prairie. It is therefore easy to find a member agent near your home or business to get more information. Contact a local member agent today and you can start comparing competitively-priced Grand Prairie commercial insurance quotes in no time.