Today, the home of “The World’s Littlest Skyscraper” sits among expanding business parks in the metropolitan hub of the North Texas counties of Wichita, Archer, and Clay. Growth industries include aerospace and defense, manufacturing, food processing and call centers. As Wichita Falls grows as a business center, so too do this community’s business insurance needs.
Many manufacturers in Wichita Falls provide components and parts to nearby aerospace, defense, energy and automotive industries. As critical suppliers, these companies require the right Wichita Falls, TX business insurance to ensure that they continue to operate smoothly. If you are doing business in the region, a local independent agent in the Trusted Choice® network can help you protect your business operations. Contact a Trusted Choice member agent for assistance and you can start reviewing a variety of Wichita Falls commercial insurance quotes today.
The Wichita Falls Economic Climate
- Wichita Falls has more than a dozen manufacturers that employ more than 100 people
- The city has added three new business parks to accommodate its growing business community
- The largest employment sectors in this city are Sheppard Air Force Base, education, health, and government
- Wichita Falls was rated the sixth best value for living by the Council for Community and Economic Research (C2ER) in 2010
The economy of the city is largely dependent on large government and medical employers and the smaller businesses that service them. Cryovac, the company that makes Bubble Wrap, is another large employer in the city.
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There Are Several Wichita Falls Business Insurance Types
Businesses of all sizes require different and tailored commercial insurance coverage. Small retail stores, for example, might be well covered with a simple business owners policy (BOP) package. A BOP provides coverage that is suitable for many small businesses like corner stores and home service companies.
Larger companies typically have more complicated needs, so they might have to purchase their coverage from a few different insurers. Many Wichita Falls businesses, for example, receive local tax exemptions for goods they transfer out of state. This means that commercial trucking and inland marine insurance are important coverage types they will want to discuss with a qualified commercial insurance agent.
Some of the risks your business enterprise may need to consider include:
- Property damage from fire, storms, accidents, and vandalism
- Liability in many forms, including product liability, accident/injury liability, libel, malpractice and “errors and omissions” risks
- Fraud, embezzlement, extortion, or theft
- Cybercrime and data loss
Additionally, if your business has employees, you will need to provide workers compensation to cover them against workplace injuries and disability. If you have more than 50 full-time employees, you will need to offer them affordable healthcare insurance. Providing group insurance benefits is a great way to attract and retain quality employees.
How Much Does Wichita Falls Business Insurance Cost?
Each company has unique coverage needs depending upon their line of business, size, inherent risks and many other factors.
In general, you can expect annual premiums for small business commercial insurance to start in the $500 to $15,000 range. Rates increase from there for larger businesses with more complex liability risks. For example, large businesses that need property insurance, directors and officers liability coverage, professional liability coverage, product liability coverage and insurance for a commercial fleet of vehicles often need to budget over a million dollars annually for their insurance costs.
Wichita Falls, Texas Commercial Insurance Quotes
The city’s chamber of commerce says that Wichita Falls provides a hardworking and easy-living community. If you want to increase your return on your hard work and grow your business in this city, you can turn to a local agent in the Trusted Choice network for help protecting your business so you can breathe easier.
A local member agent can help you evaluate your risks and compare Wichita Falls commercial insurance quotes. When you purchase coverage through one of these agents, you can expect professional service and knowledgeable assistance if you ever need to make policy changes or file a claim. Get started right away by contacting a local Trusted Choice network agent for more information about Wichita Falls business insurance.