Business Insurance in Southlake, TX

Experts break down commercial insurance costs, coverages, companies, and more for business owners in Southlake, TX.

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There are more than 3,000 businesses registered in Southlake, TX. From large corporations like Sabre Holdings to the shops in Southlake Town Square to small businesses that are run out of people’s homes, every company in this city can benefit from the protections offered by a good business insurance plan.

If you are among the proud business owners in Southlake, a local independent agent can help you find the best and most affordable coverage. Arrange an obligation-free consultation with an independent insurance agent to learn more and compare customized business insurance quotes.

Is Business Insurance Required in Southlake, TX?

Business insurance is not required by law. However, there are times when some companies may need to have certain types of commercial insurance coverage. For instance:

  • If you want to take out a business loan or a commercial mortgage, your lender will likely require you to carry a business insurance policy that includes commercial property coverage until your loan is paid in full.
  • If you are a contractor, your prospective clients may require you to show proof of liability insurance before allowing you to do a job on their property.
  • If your business owns and operates a vehicle or a fleet of vehicles, Texas state law requires you to cover them with commercial vehicle insurance.
  • Any company that wants to do a job for a Texas government entity must cover their employees with workers’ compensation insurance.

A business insurance policy can prove highly beneficial if your company faces an unexpected hardship like a liability lawsuit, a natural disaster, or a forced closure.

How Much Does Business Insurance Cost in Southlake, TX?

Small businesses with few liability exposures, limited property coverage needs, and under 100 employees can often obtain all the coverage with a simple business owners policy, or “BOP.”

Businesses with more complex coverage concerns will have to purchase a traditional business insurance policy and customize it to meet their specific coverage needs.

A BOP for a small business can cost as little as a hundred dollars a month, while a business insurance policy package for a mid-sized company can cost as much as a few thousand dollars monthly. Your company’s quoted cost for coverage will be based on factors such as:

  • The type of business you own and its expected annual revenues
  • The number of employees you have and the kinds of jobs they do
  • The value of your company’s property and other assets
  • Your company’s assorted liability exposures
  • Which, if any, types of supplemental coverage you want to include in your policy

The only way to determine how much coverage will cost for your Southlake business is by requesting customized quotes from a few different insurance providers. Every company you contact is likely to quote you a different price because each has a particular way of assessing risk and calculating rates.

Comparison shopping lets you choose the policy that offers the coverage you want at the most competitive rate. Independent insurance agents make comparison shopping easy.

What Does Business Insurance Cover in Southlake, TX?

Whether you are purchasing a BOP or a traditional business insurance policy, you can expect it to provide your company with three types of coverage:

Each is explained in further detail below.

What Does Small Business Liability Insurance Cover in Southlake, TX?

Even very small businesses can wind up on the wrong end of a liability lawsuit. Commercial liability insurance products shield your company from significant financial losses by covering legal fees, court costs, mediation services, settlements, judgments, and other related expenses.

All BOPs and business insurance policies include, at a minimum, general liability insurance. General liability insurance covers many of the common liability risks businesses face. It includes:

  • Premises liability insurance: This covers third-party injuries and property damage caused by accidents on your business premises.
  • Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by a product your company produces or sells.
  • Media liability insurance: This covers accusations of copyright infringement, false advertising, deceptive pricing, and other marketing mishaps.
  • Coverage against accusations of libel or slander

General liability insurance covers a lot, but it is not enough to protect many businesses against all their liability exposures. Depending on what your company does, you may want to consider purchasing additional commercial liability products such as:

  • Employment practices liability insurance: This covers employers against accusations of discrimination, harassment, retaliation, failure to promote, wrongful termination, and other illegal employment practices.
  • Cyber liability insurance: This covers your business’s financial obligations to affected individuals if criminals hack into your company computer network and access personal, financial, or other sensitive data.
  • Environmental impairment liability insurance: This can cover cleanup costs, injuries, property damage, and other related costs if an accident or disaster causes toxic substances used, produced, or sold by your company to pollute the ground, water, or air.
  • Liquor liability insurance: This is important for businesses that sell or serve alcoholic beverages. Texas dram shop laws state that if your business serves alcohol to an intoxicated person and that person goes on to cause property damage or injuries to others, the injured party may name your company in a liability lawsuit.
  • Workers’ compensation insurance: Though not technically a liability insurance product, this insurance can shield your company from potential liability lawsuits by covering your employees’ medical care, lost wages, and other financial losses if they are injured on the job.

This is not a complete list of all the commercial liability insurance products available to your business. A local independent agent can identify your company’s liability exposures and recommend the right insurance products to protect your company against them.


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What Kinds of Property Coverage Does Business Insurance Offer to Companies in Southlake, TX?

All business insurance policies include commercial property insurance, which is designed to cover repair or replacement costs if your company-owned property is damaged or destroyed because of a covered event.

Your policy can cover your business against risks like:

  • Fires: This includes accidental fires, wildfires, explosions, and damage caused by smoke and firefighting efforts.
  • Property crimes: This includes crimes like shoplifting and vandalism.
  • Falling objects: This includes things like uprooted trees and hailstones.
  • Severe weather: This includes hazards like thunderstorms, windstorms, lightning, and tornadoes.

You will want to be sure that your company’s property coverage limits are high enough to enable you to rebuild, repair, or replace all of your business-owned property following a disaster.

In Southlake, commercial property insurance by itself may not be sufficient to cover all of your business property. Your insurance agent may therefore recommend supplementing your commercial property insurance with other products like:

  • Inland marine ins, TXurance: This covers your company-owned property when it is located away from your place of business, such as at a job site or in a warehouse, and when it is in transit over land.
  • Flood insurance: Commercial property insurance does not cover flood damage. Fortunately, only about 2% of the properties in this city have at least a 26% chance of sustaining significant flood damage over the next 30 years. If your company is among them, you can purchase an affordable commercial flood insurance policy through the National Flood Insurance Program (NFIP).
  • Bailee’s insurance: This covers your customers’ property when it is in your business’s custody, care, or control. This insurance can be beneficial if your company performs services like alterations, maintenance, or repairs on valuable items.

Independent agents live and work in your community, so they are familiar with the damaging hazards you face as a business owner in Southlake. Your agent can help by ensuring that your business property is suitably covered against all potential risks.

How Does Business Interruption Insurance Protect Companies in Southlake, TX?

The risk of tornado activity in the Southlake area is very high. Hazards like tornadoes, windstorms, and structure fires can cause significant damage to businesses, and this can necessitate them to shut down while repairs are made. If the closure is prolonged, the loss of revenue can be devastating.

Business interruption insurance, which is included in every BOP and business insurance policy, is designed to protect against this risk. It can provide a continuation of income if your company is forced to temporarily halt business operations because of damage caused by a covered event.

With business interruption insurance, your company will have the funds to continue paying regular expenses like payroll, taxes, bills, loan payments, and rent until repairs are completed and you can resume normal operations.

What Kinds of Products Can Southlake, TX Business Owners Include in Employee Benefits Packages?

Offering competitive employee benefits can help your business recruit and retain a talented workforce.

If you are planning to put together an employee benefits package, a local independent insurance agent can help you find reasonably priced products like:

Your agent can also help by ensuring that the health insurance policy you choose is accepted by many area doctors and medical facilities like Methodist Southlake Medical Center and Texas Health Harris Methodist Hospital.

What Are the Best Small-Business Insurance Companies in Southlake, TX?

The best business insurance companies in Southlake are the ones that are known to consistently provide their policyholders with exceptional customer service, reliable coverage, and competitive rates.

Independent insurance agents have teamed up with some of the top insurance providers in Texas. Therefore, you can be confident that any policies your agent recommends to you are offered by trustworthy providers.

Why Work with an Independent Insurance Agent in Southlake, TX?

Independent agents are free to work with several competing insurance companies as they search for the policies that best fit your company’s coverage and budgetary needs. These agents can combine policies from different providers in one easy-to-manage business insurance policy package.

Contact an independent insurance agent near you if you would like help assessing your company’s coverage needs and comparing customized business insurance quotes.

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