Opening a business means you’ll need commercial insurance. What kind of business you open decides which of the more than 20 types of commercial insurance offered by Integrity Advisors Agency LLC (Stephen Reese) your business needs. We’ll also cover how to determine which ones you need for your San Antonio, TX business.
Starting with a business owners’ policy (BOP) makes the most sense. A BOP provides the four most commonly required types of policies – business interruption, liability, property damage, and perils. You can add any type of coverage to a BOP.
Let’s say you own a dry cleaning business. You need a BOP for its four types of insurance, but you also need inland marine insurance because you take possession of individuals’ clothing and houseware items for cleaning and storage plus commercial auto insurance.
Conversely, the dentist two doors down from your business need malpractice and errors and omissions coverage added to her BOP. The owner of the building in which both of you lease office space needs commercial dwelling insurance and an umbrella policy for enhanced liability coverage.
Not only does each different kind of business need a different combination of policies, but each business within that business category or industry will have custom needs. Some may lease in a building with a boiler, requiring a boiler policy, while another might office in a building with many plate glass windows, which would require glass insurance. Their main competitor might have interior offices that have no windows, so they could skip adding that policy.
The BOP forms the foundation of most commercial business policies, but your business’ operation’s needs and peril threats will determine what you add to it.
Contact Integrity Advisors Agency LLC (Stephen Reese) serving San Antonio, TX for a custom consultation today. Let us help you protect your business endeavors.
Small businesses are particularly vulnerable to risks that can close their business. Many small businesses fail in the first year and by year 5, 50% have not made it. All businesses face risks and the best way to try to survive the risks is with good commercial insurance. If you and your business are in the San Antonio, TX area, Integrity Advisors Agency LLC (Stephen Reese) have been providing the insurance products that their clients need for 30 plus years. We will take the time to understand your needs and only recommend products that are in your best interest.
When you get sued
Small businesses are targets for a lot of legal actions. Having a commercial liability policy can offer you the protection you need to not only pay any legal actions against you but to pay for the legal assistance you need. It can be legal action by a client, a customer, or an employee.
Covered peril hits
Not every peril is a covered peril but many are and if one hits your business, you will be able to survive and rebuild. It will provide the funds you need to replace machinery, office equipment, inventory, raw materials and records. If you don’t have commercial property insurance, the cost of rebuilding will fall on you. If you own the building it will cover that but this type of commercial insurance helps renters as well.
Workers’ Compensation insurance
In Texas, employers are not required to have workers’ compensation insurance but, this doesn’t mean that they are not responsible to pay employees for injuries, illnesses and lost time. They just must pay for it themselves and all the illness, injury and lost time must be reported. Workers’ compensation insurance makes it easier for employers to follow the reporting laws.
Contact Integrity Advisors Agency LLC (Stephen Reese) in San Antonio, TX with your commercial insurance needs.
For over 30 years, Integrity Advisors Agency LLC has helped San Antonio, TX residents find insurance coverage. We hope to provide excellent customer service to our clients as we help them find the coverage they need.
The Benefits Of Commercial Insurance
Operating a business can be stressful at times. You have to deal with a lot of unpredictable variables regularly. Commercial insurance will help you protect your asset and ensure that your business remains an important part of the San Antonio, TX economy. The policy protects your property if someone tries to steal or vandalize things. Your property is also protected if it is damaged due to a fire or natural disaster. Liability coverage protects your business if one of your customers is injured on your property. You can also add workers’ compensation to protect your business and your employees if there is an injury in the workplace.
Commercial insurance is beneficial in multiple ways. The policy gives you peace of mind during tough times. Under normal circumstances, any damage caused by a fire or natural disaster could cause huge losses to your business. However, commercial insurance helps ensure that your business will continue to operate regardless of the situation. Commercial insurance also protects your business if you are involved in litigation.
Commercial insurance also makes your business look credible. You want your customers to trust you and feel safe investing in your business. Having commercial insurance signals to your customers that this is a legit business. Workers’ compensation also helps you attract the best talent in the workforce. Your employees are the foundation of your business’ success. Workers’ compensation shows that you value the contributions of your employees.
Integrity Advisors Agency LLC Will Help You Protect Your Asset
Visit our website today to learn more information on commercial insurance.
If you run an Etsy business in San Antonio, TX, the question of insurance comes down to a few factors.
- Is this your primary income? If you are running an Etsy business as a way to make an extra hundred dollars a month, if it is essentially just a hobby that pays for yourself, it might be a little early to consider buying extensive commercial insurance. On the other hand, if this is how you make a living, how you pay your bills, then you certainly don’t want to leave it at risk.
- How much volume is your business doing? If you are selling hundreds of items a month, then your level of risk is far more pronounced than that of many Etsy shop-owners.
- What sort of equipment do you have on hand? It may be worth buying commercial insurance even for a small Etsy shop if you have thousands of dollars worth of tools, supplies, and equipment on hand. You don’t want to spend hundreds investing in a silkscreening setup only to find that your home insurer excludes business property.
- Are there any special liability concerns associated with your product? Any product you could hope to sell comes with a certain degree of liability, and Etsy may provide some protection on your behalf. Still, if you are selling something that may be potentially hazardous, you will undoubtedly want to have adequate protection against lawsuits.
With many small businesses, it can be tricky to determine where the line is drawn between business and hobby. Still, once you cross that line, it’s time to call Integrity Advisors Agency and discuss buying a commercial insurance policy. Integrity Advisors Agency can get your San Antonio, TX business the protection it needs.