Business & Commercial Insurance
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Business & Commercial Insurance Information
As America’s second-largest economy, Texas offers countless commercial opportunities for businesses of all shapes and sizes. It will take hard work, but it will pay off if you play your cards right. So, to give your business the best foundation possible, you need a strong business insurance portfolio.
Business insurance offers numerous plans and coverage options that are designed to be customized in the ways that are most beneficial to the client. When you choose McLoughlin Agency as your policy provider, you can rest assured that you will receive the guidance and professional services you need to choose the plan that is optimized for you.
Common Business Insurance Questions
All business owners need business insurance because of the critical support it will provide them following unexpected or unavoidable accidents in their operations. There are countless assets and liabilities throughout any business. And should something go wrong, the recovery could wind up costing a lot of money. Tailored commercial insurance options can help you pay your recovery costs without having to sacrifice critical income that you rely on to keep the doors open.
Business insurance is not one policy. In most cases, you will need several policies to adequately cover the operation. The most essential to carry usually are:
- Property Insurance: If something damages physical property – such as your building or possessions - then this coverage can help you repair or replace them.
- General Liability Insurance: This covers the business in the event it causes property damage or bodily injuries to another party, like a client or vendor.
- Business Interruption Insurance: This helps you pay the bills if you must temporarily close after a damaging accident.
- Commercial Auto Insurance: When the company owns vehicles, this coverage will provide the requisite physical damage, liability and other benefits to help the company afford the costs of wrecks or other vehicle hazards.
- Workers Compensation Insurance: If an employee gets hurt on the job, they are often eligible for workers compensation coverage. It will provide them supplementary income during their recovery.
- Errors & Omissions Insurance: Professional advice or mistakes could cause clients a financial loss. This coverage can compensate them on behalf of the business.
- Surety Bonds: If you are contractually obligated to certain clients, then bonds will guarantee them that you will repay them if you cannot meet your obligations.
Of course, there are numerous other policies available designed to protect you against specific risks and liabilities. These include:
- Inland Marine Insurance
- Employment Practices Liability Insurance (EPLI)
- Products/Completed Operations Liability Insurance
- Cyber Liability Insurance
- Umbrella Liability Insurance
- Hired/Non-owned Auto Liability Coverage
Ask our agents about the ways you can design your policy portfolio so that it’s perfect for you. We will help you choose the policy limits, specialty endorsements and deductibles that will ensure that you receive optimized protection.
To get the right business insurance, you first usually must carry certain coverage by law. Commonly required coverage includes commercial auto, general liability, workers compensation, surety bonds and more.
If you are a small business owner who is looking for the best way to start your business insurance portfolio, then consider investing in a business owners policy (BOP). These are packages of coverage that offer essential benefits—usually property, general liability and business interruption—in one policy package. However, you can expand your plan in the best ways to offer you perfected coverage.