Texas has a large and diverse economy. Restaurants, construction companies, health care companies, and a variety of other small businesses call the "Lone Star State" home. According to the Small Business Administration's 2017 state profile, small businesses within the state employed 4.6 million people as of 2014, accounting for 45.9% of the private workforce that year. Since every business is unique, Texas's small business owners must ensure their commercial insurance policies are tailored to their specific needs to get the right coverage.
Workers' Compensation Insurance in Texas
While Texas doesn't require most private small business owners to carry workers' compensation, many businesses opt to obtain coverage due to the financial benefits offered by this type of insurance. The policy is designed to support employees who suffer workplace-related accidents, illnesses, and injuries. In so doing, workers' comp also helps protect employers from paying for these costs out-of-pocket.
Workers' compensation typically includes the following protections for employees:
- Compensation to replace a portion of the employee's lost wages during recovery
- Medical expenses that are necessary to diagnose or treat an employee's injuries
- Death benefits for family members of an employee who's killed at work
How Workers' Compensation Benefits Employers
While offerings workers' compensation provides employees with essential protections, these policies also provide small businesses and their owners with much-needed security. If an injured employee receives workers' comp benefits, he or she may be prohibited from successfully suing you for liability related to the same injury or illness, and your workers' comp coverage can help cover the costs associated with workers' comp claims out-of-pocket.
General Liability Insurance in Texas
General liability insurance in Texas is an insurance staple for many small business. General liability policies typically include the following coverages:
- Bodily injury or property damage relating to damage you cause to someone else's property or injuries a third-party individual suffers on your business' premises
- Personal and advertising injury for libel, slander, or copyright infringement
- Defense costs, attorney representation, and other legal expenses if a lawsuit is filed against your business
What are the Differences Between General Liability Insurance and a Businessowners' Policy?
A businessowners' policy (BOP) bundles several insurance policies into one package that may offer the most economical and convenient way to protect your small business in Texas from common threats. A BOP includes the features of a general liability insurance policy, in addition to commercial property coverage. If you own property that becomes damaged by fire, vandalism, or theft, a BOP could help you recover financially.
Commercial Auto Insurance in Texas
Having commercial auto insurance in Texas is mandatory for all small businesses that use vehicles for commercial purposes. This mandate applies to any personal vehicles you use for business purposes, as well. If you or an employee is involved in an auto accident while conducting business, a commercial auto insurance policy can help to cover the costs of medical expenses, damage that's caused to your vehicle, and liability claims.
How Can I Purchase Small Business Insurance in Texas?
There are multiple factors that should go into determining how much and what kinds of insurance you may need to protect your small business in Texas. Among other things, the size of your business, the nature of your work, and how many employees you have should all be thoroughly assessed. At AmVenture, our goal is to make the process of finding small business insurance as painless and efficient as possible. As an experienced small business insurance producer, we understand the importance of helping to keep your business protected from a range of threats and have the experience you need to find the policies and coverage limits designed to help safeguard the future of your business. Give us a call to learn more about our insurance solutions, or fill out our brief form to claim your free quote.