This South Plains area city, right below the Texas Panhandle, is an economic center for the region. Agriculture, including the largest cotton growing regions in the world, large cattle ranches, and oil production fuel the economy. The city was named 12th in the top 100 places to start a small business in the United States by CNN Money. This great business-minded city can be made better for your company when you carry the right Lubbock, TX business insurance.
The Hub City is known as the center of economic growth, education and health care for the South Plains region. Education and health care are the largest and most stable employers. Agriculture is less predictable and subject to weather risk, such as the $2 billion in cotton crop losses due to the drought in Texas in 2011. Lubbock business owners and managers have a wide range of insurance needs in this diverse economy. Contact an independent agent in the Trusted Choice® network near you to compare policy options and Lubbock commercial insurance quotes for your business needs.
The Local Economic Climate
- The largest employers here are Texas Tech University Health Sciences Center and Covenant Health System; each employ about 5,000 people
- Texas produces 20% of the nation’s beef from cattle
- Cotton generates 9% of Texas’ agricultural revenues and 29% of the country’s cotton revenues
- Real median family income in Lubbock increased 3% to $56,662 in 2011, versus a slight decline on a state and national level
- Real per capital income in Lubbock increased by 2.35% in 2011, a slightly healthier rate than on a state and national level
Lubbock Business Insurance Costs
- Small business professional liability yearly cost estimate: $500 to $2,500
- Small business general liability yearly cost estimate : $500 to $15,000
- Health Insurance estimate: $500/ individual to $12,000/family
How to Save on Commercial Insurance Costs
A good location, lower operating costs, and cooperation from the city government were cited by local business owners as advantages to starting a business in this city. Finding competitive commercial insurance quotes with the help of an independent agent in the Trusted Choice network is another important place to save on costs. An agent will take the time to understand your unique requirements before offering you custom rate quotes for Lubbock business insurance.
All commercial policies are different, and must be tailored to the unique needs and risks of the business. You will need to evaluate your own insurance requirements and then shop for the best plans and rate quotes.
Types of Lubbock Business Insurance
All businesses have different needs, depending on the industry, size, location, and other factors. When you're putting together a package of insurance protection for your company, make sure you consider what coverage gaps you may be leaving, and what amounts will best protect your assets and your employees. A few options you may want to consider include:
- Property damage from fire, storms, accidents, and vandalism
- Liability in many forms, including product liability, accident/injury liability, libel, malpractice and professional liability or “errors and omissions”
- Fraud, embezzlement, extortion, or theft
- Cybercrime and data loss
- Workers compensation
- Employee group benefit insurance
Group Insurance Benefits for Employees in the City
As your businesses grows, you may want to give your employees group insurance benefits. Benefits like employer sponsored group life and health insurance plans can improve office moral, and attract top talent to your company. An independent agent in the Trusted Choice network can help you understand the costs and benefits of group benefit plans in Lubbock.
Lubbock Commercial Insurance Quotes
There is not one commercial insurance carrier that is best for every business. A Trusted Choice independent member agent can help you compare Lubbock business insurance plans and prices from a variety of insurers. Since these agents are local to the city, they understand the unique business climate and the risks your company faces.
Be sure and get the best commercial coverage at the right price from your local agent in the Trusted Choice network. Contact an independent agent for more information about Lubbock business insurance today.