This city, situated in the center of Texas’ manufacturing and technology corridor on I-35, provides country living with big city amenities nearby. Nestled between Austin and Dallas, Waco is famous as the home of the Dr. Pepper soft drink and museum. Small and large businesses that locate to Waco benefit from ongoing support for entrepreneurship and a low cost of living.
If you are operating a business in Waco’s sustainably developed business districts, a local independent agent in the Trusted Choice® network can help you find affordable Waco, TX business insurance. One of these local independent agents can answer your business policy questions and help you manage your business risks by finding the perfect coverage for you.
Waco Business Facts
- Major employers by type: health services, education, manufacturing, government
- Total number of city firms: 7,577
- Future job growth is expected to continue to outpace the national average at 34.32%
Waco may have a small population of 116,887, but this city provides world class business services. For enterprising businesses, Waco offers some of the leading entrepreneurship programs in the country. The John F. Baugh Center for Entrepreneurship at Baylor University has the number two ranked entrepreneurship program in the country, according to Princeton Review/Entrepreneur Magazine (2013). Many other business resources are available at the Center for Business Excellence along with related business centers and associations.
Waco 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
The size and type of business you run, your location, number of employees, and many other factors will determine the coverage your company requires. Basic liability coverage can range from $1,000 a year for a small business to six figures for a large company. Even though some business risks and concerns are shared by many different types of companies, each type of business will have its own major risks.
Types of Waco Business Insurance
Local Waco businesses are working closely with insurance agents to mitigate rising business risks and costs. Aircraft manufacturers, for example, are facing rising claims and insurance that has increased to over $100,000 per plane. In this environment, a local Waco aircraft company working on advanced avionics will be more eager to seek ways to reduce manufacturers’ liability insurance.
Be sure to work with a knowledgeable local agent who can help you assess a variety of industry-specific and common types of commercial insurance that your local business may require to satisfy legal regulations, improve employee morale, or reduce financial risks.
Some companies may need to purchase a variety of different policies while others may require simple, basic coverage. For example, a retail shop owner may be sufficiently protected by a product called a business owners policy (BOP). A large communications firm or manufacturer, on the other hand, will need to select several different policies from different insurance companies.
Commercial Risks You May Need to Cover
- Property damage from fire, storms, accidents, and vandalism
- Liability in many forms, including product liability, accident/injury liability, libel, and professional liability or “errors and omissions”
- Fraud, embezzlement, extortion, or theft
- Cybercrime and data loss
- Workers compensation
- Employee group benefit insurance
Waco, Texas Group Employee Benefits
While Waco enjoys a low unemployment rate, it also competes for workers with Texas’ other business centers. More employers are using employment benefits as incentives to attract and retain good workers. As your business grows, you may want to select or evaluate group insurance benefit plans, too. A local independent agent who specializes in business insurance can answer questions about different types of benefits such as retirement annuities or group disability policies.
Compare Waco Commercial Insurance Quotes
This city can be a great place to run a business. The “Heart of Texas” enjoys a friendly business climate and a convenient location. A local agent in the Trusted Choice network can help you find the right coverage for your unique business concerns. A member agent here in the city can analyze your needs, help you compare Waco commercial insurance quotes, and provide the assistance you need to make an informed choice.
The right Waco business insurance can protect your business and help your company grow. Contact a commercial agent in the Trusted Choice® network for more information and get peace of mind that your business is protected.