Richardson Business Insurance

(Where and when to purchase coverage)

Written by Candace Jenkins
Written by Candace Jenkins

Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for on a continuous basis and is here with the facts about all your insurance inquiries.


Richardson, TX, is the central city in Collin County and home to the University of Texas at Dallas. A college town can be a great place to own a business.

The primary industries in Richardson are technical services, education, and finance. With a population of 116,783 residents, your business can thrive. Connect with a local independent insurance agent on to find the coverage you need.

Why Your Richardson Small Business Needs Cyber Liability

No matter where your business is located, cyberattacks can happen to any business, anywhere. Every company is at risk of having their database hacked and sensitive information stolen. It only takes one instance for your business to be exposed to cybercrime, causing a virtual mess. Let's look at the facts:

  • Number of US identity records exposed in 2019: 164.68 million
  • Number of US data breaches in 2019: 1,473
  • 2019 identity thefts reported in TX: 75,533

Cyber liability insurance will help pay for any legal fees that may arise from a data breach. When your clients' personal information gets hacked, your business is liable. Discuss cyber liability insurance with your independent agent today.

Why Your Richardson, TX, Business Needs Liability Insurance

Commercial general liability, or CGL, is the primary policy from which your other coverages stem. When your company is liable for a claim, your CGL will provide proper protection. Let's look at what a CGL will cover exactly:

A CGL policy will protect your business's financial interests in the event of a lawsuit. It will cover for bodily injury, slander, or advertising injury to another party. Your CGL limits may start here:

  • $1,000,000 per occurrence
  • $2,000,000 aggregate

Your independent agent can go over your company's risk exposure and help you set the liability limits that make sense. 

Your Richardson, TX, Commercial Property

Richardson, TX, is known for its fair share of severe weather, putting your commercial property at risk. Damage to your structure or belongings is not something you want to pay out of pocket. See the top most reported property claims in TX:

The top five most reported property claims in TX:

  • Wildfires
  • Flooding and water damage
  • Hurricanes and tropical storms
  • Burglary and other property crimes
  • Severe storms and lightning

Your commercial property insurance will cover the majority of these above claims with one exception. Flood damage is only covered under a separate flood policy.

Flood insurance in Richardson, TX: 

Richardson has flooding on its most common property claims list. If you don't want to pay out of pocket down the road, a flood policy may be a good thing to have. Let's look at how flood insurance works:

1.) Have an independent agent pull your flood zone on your elevation certificate.

2.) Have your independent agent quote your flood insurance with FEMA approved carriers.

3.) Select the best flood insurance policy that your agent presents. 

Talk with your Richardson independent agent on the importance of flood insurance and get started on coverage.


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Why You Need Business Interruption Insurance in Richardson, TX

A fire, theft, or natural disaster may cause your business to pause services for a period of time. Just because your business isn't operating doesn't mean your bills stop coming. 

Business interruption insurance:

A policy with business interruption insurance will pay for your regular expenses when a claim renders your business out of commission. It can cover items like:

  • Mortgage payments
  • Rent payments
  • Utility payments
  • Vendor expenses
  • Payroll 

When your business goes through a crisis, you want to open back up as soon as possible. Business interruption coverage keeps your company afloat so you can be back in operation in no time. Discuss limits of coverage with your independent agent. 

How to Attract Richardson Workers with Employee Benefits 

The majority of business owners contribute a portion to their employees' healthcare costs. If you want to stay competitive in today's market, you need to offer employee benefits. Let's look at the costs of health insurance:

  • Average annual health premiums for family employee coverage in 2019: $20,576
  • Average annual health premiums for single employee coverage in 2019: $7,188

Employee benefits can consist of contributing to health, disability, and life insurance. If you are adding value, then your business should have no problem attracting top talent in Richardson. Contact your local agent to put an employee benefits package together that can wow your future staff.

Workers' Compensation Insurance for Your Richardson Business

Employees can be the lifeblood of your daily operations. When one of them gets injured or ill on the job, your company is liable. If you have workers' compensation insurance, then your coverage will protect your pocketbook. Take a look at the numbers:

  • An employee who is still unrecovered from a work injury by 12 weeks is over 70% more likely to collect disability. 

That's a significant expense your company would have to pay indefinitely without coverage. A workers' compensation policy will pay for the medical expenses and lost wages of an employee hurt on the job. 

In TX, they do not mandate workers' compensation insurance unless you work in government or the construction industry. Your Richardson agent can go over the importance of having protection from the start and find the best rates.

An Independent Agent in Richardson, TX

It's easy to get lost when looking for the perfect commercial insurance policy. Fortunately, an independent insurance agent can help obtain coverage and doesn't cost a cent. 

An independent agent can find you the best coverage and pricing in town. Connect with a Richardson agent on to get started. 

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City of Richardson