The U.S. Census has listed this city as one of the nation’s fastest growing cities multiple times in the last decade. While many of its residents commute to Plano and Dallas for work, McKinney still hosts a number of businesses, both large and small, on its own. Defense giant Raytheon employs 3,600, while many others work for one of a number of manufacturers and technology companies in the area.
If you are managing a business in this booming city, finding the right McKinney, TX business insurance is an important step in your business growth. A member agent of the Trusted Choice® network can help you assess McKinney commercial insurance quotes from top-rated insurance companies.
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The City’s Economy
- McKinney has a larger white collar workforce than the state and national averages
- The manufacturing, retail and professional scientific/management sectors each employ about 12 to 13% of the workforce
- Education, health and social services employ 25.8% of workers
- McKinney enjoys a higher per capita income at $30,552 than the state or national average
- Median household income has grown at a rate of 23.50% since 2000 to $78,256 in 2010
McKinney 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
Doing business in the city that CNN Money ranks as number two among the top 10 best places to live in America does not have to involve high business costs. Membership in local business associations, for example, often provides discounts. A local member agent can advise you on the local business environment and help analyze your unique business risks.
Types of McKinney Business Insurance
The city’s Economic Development Corporation works to attract both large and small companies to the area. The first thing that most business owners and managers need to do is evaluate their own business risks and determine how to minimize those risks through the right package of commercial coverage.
Most companies share similar concerns, yet many will have their own distinct major risks. A manufacturing company may be most concerned about product liability insurance, while a financial services firm may be more concerned about professional liability or cybercrime insurance.
In addition to tailored coverage for your business needs, common types of commercial policies you can discuss with your local agent include:
- Property damage coverage: This type of coverage provides financial assistance to cover the cost to rebuild or repair your business property so that you can continue your business operations with as little interruption as possible. This coverage protects you against fire, storms, accidents and vandalism.
- Liability insurance: Liability insurance help your business cover the expenses for legal defense and damages you are obligated to pay that result from claims or lawsuits against you for many reasons, including physical and financial injuries. Liability insurance can take many forms, including product liability, accident/injury liability, libel, malpractice, and professional liability or “errors and omissions.”
- Fraud, embezzlement, extortion and theft coverage: These types of coverage protect you against wrongful or criminal deception, theft or misappropriation of funds, use of force or threats to obtain something from you and stealing from you.
- Cybercrime and data loss coverage: Cybercrime coverage protects you against illegal computer-related activity conducted against your business; while data loss coverage helps you recover from the loss of information essential to your business operations.
- Workers compensation: This coverage provides for replacing wages and providing medical coverage to employees injured in the course of employment.
- Employee group benefits insurance: As a business owner, you want to provide employee benefits including such things as pension plans, group life insurance and group health insurance.
Group Employee Benefits Insurance
A comprehensive group employee benefits plan can help attract employees in a city with a low 5.5 percent employment rate. As companies expand, group insurance benefits are key incentives to attract and retain good workers.
Some examples of group benefits you can discuss with your agent are life insurance, health insurance and annuities.
McKinney Commercial Insurance Quotes
When it's time to get the insurance coverage you need for your business, make sure you contact a member agent of the Trusted Choice network. Your local McKinney business agent can get quotes from several insurance providers and help you compare and understand the different options and prices before you select your specific coverage.
Contact an agent today for a full assessment of your needs and a sensible plan that meets your budget.