Diversified manufacturing, financial services, energy, technology and tourism support the diverse economy of this city. San Antonio’s focus on developing 21st century industries also includes fast-growing new energy, biomedical and biotechnology sectors. If you plan to make your business grow in this enterprising city, be sure to find the best San Antonio, TX business insurance for your unique business needs.
San Antonio Business Facts
- The second largest city in the state is the fastest growing of the 10 largest U.S. cities (2000 to 2010).
- The largest employers are Lackland Air Force Base and Fort Sam Houston U.S. Army Base.
- The defense industry employs over 89,000 people and contributes over $5 billion to San Antonio’s $82 billion GDP.
- The city hosts many company headquarters, including five from the Fortune 500.
- The largest city economic centers are tourism, government, health care and financial services.
Businesses benefit from an innovative research and training climate supported by the South Texas Medical Center, the University of Texas at San Antonio and the new ITT Technical Institute.
Types of San Antonio Business Insurance
Different companies need different types of coverage depending upon daily operations, location, size and other factors. Sit down with a local agent in the Trusted Choice network to determine your company’s particular requirements and bundle together a sensible package of business coverage.
Some of the types of coverage that require commercial insurance protection include the following:
- 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 helps 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 and your business against wrongful or criminal deception against you, 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 your business 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: As a business owner, you want to provide employee benefits including such things as pension plans, group life insurance and group health insurance.
Group Insurance Plans for Employees
Businesses such as those in San Antonio’s competitive technology sector and growing call center industry can use a strong package of employee benefits to attract workers. Group insurance benefits may include life insurance, health insurance, disability insurance and retirement annuities.
San Antonio 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
Factors that Affect Business Insurance Costs
The more than 109,195 companies that do business in the Southwest corner of the Texas Triangle have diverse insurance needs. From tourist shops and doctors' offices to defense contractors, manufacturers and financial service firms, each business has different risks and coverage requirements. Therefore, insurance costs will also differ.
Whereas your company may offer retail services out of one location, another local company might have multiple locations or a large staff, all of whom require workers compensation coverage. A health practice will require a specific type of professional liability insurance, known as malpractice, whereas a trucking company will have a large commercial vehicle policy. This means that each San Antonio business insurance portfolio is unique to that company.
San Antonio Commercial Insurance Quotes
Select the right business policies with help from a local Trusted Choice member agent who specializes in commercial insurance. A local member agent can assemble multiple policies, provide the assistance you need to make the most informed choice and manage all of your insurance needs out of one local office.