Who Should Get Commercial Insurance?

If you live in Plano, TX area, becoming a business owner is a great career path. Starting your own business will help you to achieve your financial freedom and contribute to the local economy of the state.  However, regardless of the type of business you decide to start, it is important to have proper protection with the help of commercial insurance. Paragon Independent Insurance Agency prepared a list of those, who will benefit from commercial insurance: 

Business Owners Purchasing Expensive Assets

If you are planning to purchase important and expensive assets for your business, you definitely need commercial insurance. For example, if you are buying equipment to operate your business, you need to make sure that it will be repaired or replaced if it is stolen or broken. This is one of the main reasons why business owners decide to get business insurance. 

Business Owners Who Want to Protect Their Financial Future

Another reason why entrepreneurs purchase commercial insurance is the protection of the future of their company. If you decide to purchase a commercial insurance policy, it will help you protect your business assets and mitigate liability claim risk. Moreover, it also helps keep your business solvent if something happens and you incur a loss. 

Business Owners Who Hire Employees

One of the main purposes of commercial insurance is to protect employees who you hire. This type of coverage is called workers’ compensation. Even though it is not obligatory in the state of Texas, it is still recommended to get it as it provides financial compensation to employees if they get injured on the job. 

Paragon Independent Insurance Agency  – Your Insurance Agency For Protection of Your Business

If you decide to run a business in Plano, TX or any other nearby town, you should consider buying commercial insurance. Paragon Independent Insurance Agency is ready to help with that – our experienced and knowledgeable insurance agents will help you find the perfect policy addressing your personal commercial needs. Feel free to visit our website or give us a call – we are always here for you. 

Is Home Insurance a Worthwhile Investment?

If your home is your most precious asset, then home insurance is a worthwhile investment. A home is where you’ve spent almost, if not all, your savings. You even get to spend most of the best and memorable moments in your home. Yes, you do many things to protect your home and possessions from any loss or damages. But unfortunately, mishaps do happen, and you can do little about some risks that can cause potential damage to your home. And that’s where home insurance from Paragon Independent Insurance Agency comes in handy.

Home insurance will help you protect your investment and yourself in a variety of ways. Whether it’s a new home you are buying, or you’ve paid off the mortgage, home insurance is a must-have. Here are the reasons why home insurance is a worthwhile investment. 

It protects your assets

Your home insurance will not only cover your home structure but your assets, such as clothes, furniture, electronics, and ornaments, which don’t come cheap. A peril like fire can wipe away all your investment within a blink of an eye. However, with home insurance, the insurer will replace the loss, lessening your financial burden.

It offers liability protection 

Home insurance policy offers protection against accidental damages caused within your property to a third party. Think of how much you would spend if you got sued for damages caused or the medical bills. That’s why you need home insurance to cover such expenses.

It compensates for temporary living expenses

Imagine your home is damaged to an extent it is deemed uninhabitable. How inconvenient. But with a home insurance policy that provides additional living expenses, your headache is solved. The insurance puts you in a temporary place until the home is rebuilt or repaired.

Home insurance in Plano, TX 

Nothing beats the peace of mind that comes with having a safety net in place in case of an unfortunate event. Let home insurance be your safety net. Ready to purchase your home insurance in Plano, TX, and its environs? Please contact Paragon Independent Insurance Agency for an affordable quote.

Is Auto Insurance a Must in Texas?

Thousands of Americans get killed on the roads in auto accidents annually, and tens of thousands get injured. At Paragon Independent Insurance Agency located in Plano, TX we want you to stay safe and be guarded when accidents happen. Procuring outstanding insurance coverage from a reputable insurer is a requirement to register your car and to get a license to allow you to drive your car in Texas.

Is auto insurance a must in Texas?

 Auto insurance is mandatory in Texas. Texas requires all motorists to carry minimum liability requirements on their auto insurance policy. These liability minimums include bodily injury and property damage. The advocated auto insurance minimums by the state of Texas may not be sufficient to offer formidable cover for you and your car. It’s a wise decision to consider other available optional coverages in Plano, TX. They include:

Collision coverage: It pays for repairing or replacing your car when physical damage results from a collision with another or any other stationary object. It can also safeguard your vehicle from damage resulting from driving over potholes.

Comprehensive coverage: This is non-collision coverage that will compensate for repairs or replacement of your car when physical damage arises from imminent perils such as contact with an animal, fire, and theft, subject to your deductible.

Underinsured or uninsured motorist coverage: It assists you, your family member, or your designated driver if you are hit by another motorist who is inadequately covered or they don’t have coverage at all.

Medical payments coverage: This type of coverage reimburses costs for medical expenses accrued after seeking services like surgery, X-rays, and drugs after an accident.  

Are you a driver in Plano, TX in need of a good auto insurance policy? Please call or visit our Paragon Independent Insurance Agency for detailed information about auto insurance coverage.

What types of businesses must legally carry insurance?

What types of businesses must legally carry insurance?

The state of Texas differentiates itself in numerous ways, including how it handles business insurance requirements. While most states require commercial insurance for many types of businesses, Texas loosens those rules. Paragon Independent Insurance Agency wants Plano, TX business owners to understand the few policy types that TX law requires.

Complex Commercial Auto Requirements

Every business must carry commercial auto insurance on each of its vehicles. Whether your business owns one vehicle or a fleet of 100, each vehicle must carry insurance before you can use it. Just as with personal auto insurance, the state sets minimum amounts. Unlike most states, Texas varies the amount required, not by business type, but by vehicle weight.

If you drive a vehicle of less the 26,000 pounds, you must purchase commercial auto insurance in the following amounts:

  • Bodily injury per person in the amount of $30,000,
  • Bodily injury per accident in the amount of $60,000,
  • Property damage per accident in the amount of $25,000.

If your vehicle weighs 26,000 pounds or more, you must purchase at least $500,000 in liability insurance. For foreign businesses operating in the US, that increases to at least $750,000 in liability insurance.

Farming vehicles weighing 48,000 pounds or more require an insurance policy of at least $500,000 of continuous liability coverage.

Buses also carry varied minimum requirements. Rather than going by weight, buses use a capacity measure. Buses with a passenger capacity between 15 and 26 persons, not counting the driver, must carry liability coverage of $500,000, while buses with a passenger capacity of 26 or more persons, not counting the driver, must carry liability coverage of $5 million. Foreign businesses operating buses traveling to or operating inside the US have higher minimum requirements. Those buses capable of carrying a passenger capacity of 15 or fewer must carry insurance of $1.5 million, while those capable of a passenger capacity of 16 or more persons must carry liability coverage of at least $5 million.

Workers’ Compensation Requirements

Construction firms and motor carrier business owners must carry workers’ compensation insurance. No other type of business in the state of Texas must legally carry workers’ compensation policies, although it certainly makes a good idea to buy one anyway.

Malpractice Insurance

In Texas, doctors aren’t legally required to carry malpractice insurance, nor are attorneys. Hospitals, however, can mandate that a doctor or other medical practitioner purchase malpractice insurance before being allowed to practice medicine at its facility.

Contact Paragon Independent Insurance Agency serving Plano, TX to learn more about the commercial coverage your business must carry to comply with Texas law. Call us today!

Does My Homeowners Insurance Cover a Sewer Backup?

Homeowner’s insurance policies are designed to cover you and your home for most damage, including water damage. Water damage is covered when it is sudden and accidental; however, some damage to the house can be caused by a sewer backup. Luckily, sewer backups are considered sudden and unexpected, meaning the damage caused by the blockage is covered by your homeowner’s insurance. 

If you live in Plano, TX and wonder if your policy covers sewer backups, call the Paragon Independent Insurance Agency experts. 

Does Homeowners Insurance Cover a Sewer Backup? 

Your homeowner’s insurance policy should cover a sewer backup if you had specific sewer backup coverage included as an endorsement within the policy. This insurance coverage pays for damages associated with sump pump failures, tree roots, pipelines, and other causes related to a sewer backup. 

Top Causes of Sewer Backups

Many things can cause your sewer to back up, and when it happens, it can create a mess and damage your personal property. Some top causes for sewer backups include: 

  • Sump Pump Failures: This is the leading cause of sewer backups because the sump pump is responsible for removing and disposing of water, preventing your basement from flooding. 
  • Outdated Sewer Systems: When sewer systems get old and obsolete (40 years or older) can cause the sewer system to fail, crumble, or fall apart, causing a backup in your home. 
  • City Pipelines: Sometimes, city pipelines get flooded and backed up during storms. Additionally, city sanitary blockages can cause a backup if not detected and fixed in time. 
  • Tree Root Blockage: Tree roots are powerful and determined to get to a water source. Sometimes the roots penetrate sewer systems, which can cause a backup. 

It is very affordable to add sewer backup coverage to your homeowner’s policy in Plano, TX. Call the Paragon Independent Insurance Agency experts for more information about this additional coverage for homeowners insurance policies. 

How Much Auto Insurance Do I Really Need?

Are you about to purchase a vehicle or have you recently gotten your license and need to get automobile insurance? If so, there are some things you should know beforehand. An expert at Paragon Independent Insurance Agency of the Plano, TX region can assist you with the process so you know just how much insurance you’ll need for your situation. 

Get the Coverage You Need 

Make it a point to get adequate car insurance for your state’s minimum requirements as well as to protect your finances. If your vehicle is damaged in an accident or in some other manner, it can be costly to repair or to replace if you have a total loss. There is some type of minimum auto insurance in every state that you must have to be able to drive legally. 

Beyond this, the amount you should have in coverage depends on factors such as your car’s value, where you live, your driving habits, and your financial situation. This should be a serious discuss you have with the company from which you plan to get your policy. 

Top Considerations 

In addition to looking at your situation, you’ll want to have an agent compare the cash value of your vehicle to the cost of collision and comprehensive coverage. If this coverage would cost more than 10 percent of your car’s value minus your deductible, then it’d be best if you skip it. 

Liability insurance is a key thing to have when it comes to protecting your finances. Your agent can calculate how much you’d need in order to cover the total value of your net worth. If you have assets worth over a certain amount, they’ll recommend a specific liability policy that goes above the standard amount. 

Some other types of coverage you might consider include Personal Injury Protection, Uninsured/Underinsured Motorist, Medical Expenses, and gap insurance bridges (which do what it sounds like, covering the difference if your automobile is a total loss). 

The experts at Paragon Independent Insurance Agency of Plano, TX and beyond are ready to help you get the insurance that you want and need. Reach out to us with your questions and concerns today. 

Biggest Risks Business Owners Face

Business owners know there are risks associated with operating a Plano, TX business. Because there are risks, it is essential to have proper insurance coverage to protect yourself against any risks your business faces, including losing the business. Continue reading to learn more about the different risks business owners face, and then reach out to Paragon Independent Insurance Agency agents for more information about protecting your business. 

Business Interruption

Some businesses suffer the loss of profits due to having to stop business operations. There are several reasons why a company may need to cease operations, including severe storms and federal emergencies/mandates.

Business Liability Insurance

There is always a possibility of someone getting injured at your business. The chance of injury to a customer puts your business at risk of being sued for medical bills and other damages. 

Commercial Property Insurance

Regardless if you own the building or rent for your business, you can significantly benefit from having commercial property insurance. The benefit of this is everything you need to run your business is at risk of getting damaged or stolen. 

Data Breaches

With advancements in technology, almost all businesses today rely on computer networks to store and retrieve business-related data. As a result, cybersecurity crimes are on the rise, and all companies working online risk data breaches. 

Worker’s Injuries

There is a risk that one of your employees will get injured at work. Workers’ compensation protects business owners by covering the employee’s lost wages, medical bills, and other financial needs while recovering from the injury. 

Plano, TX business owners understand there are risks when going into business. To ensure you and your business are fully protected, call the Paragon Independent Insurance Agency experts today for additional information. 

How Home Insurance Protects You

When you own a home, it’s important to cover that home well so that your investment in it is protected.  Home insurance comes with a few different types of coverage that all work together to keep you well protected. To find out more, call us today at Paragon Independent Insurance Agency in Plano, TX. 

Covering Your Home

Part of your home insurance is coverage for the home itself. This includes every part of the dwelling and covers you for a wide variety of disasters, accidents and calamities. When there is a major incident that causes damage to your home, your policy can pay for it to be repaired or rebuilt. This is valuable coverage that protects the massive investment you have made in your home. 

Covering Liability

There are many ways that someone could be injured in your home or on your land, and home insurance covers those possibilities. When someone is injured on your property, you may be liable for their medical bills. As most of us know, medical bills can be extremely high. That makes liability coverage one of your most important types of home coverage. 

Insurance for Your Possessions

Your home itself is not the only thing that you have invested a lot of money into. All of the belongings that are in your home are also an investment that should be protected. With home insurance, you will have some protection for all of your possessions that are inside it. If an accident, disaster or other incident damages or destroys some of your belongings, your policy can help you to repair or replace them. 

Get Your Home Insurance Policy

When you own a home, home insurance is an absolute must. To get a home insurance policy of your own, call us at Paragon Independent Insurance Agency in Plano, TX.

Key Terms for Understanding Auto Insurance

Most people shopping for auto insurance go through the challenge of understanding the different terms used. It is even harder for people to buy insurance for the first time as the words are foreign to them. To help you understand, Paragon Independent Insurance Agency of Plano, TX takes you through some key terms you should know.

At Fault

At-fault refers to the person/ party responsible for an accident and liable for any harm caused. If you are the one that caused an accident, automatically, you are responsible for all the resulting costs of property damage and injuries. 

Damages

Most people confuse damage with damage, but the two have different meanings in insurance. Damage is the resulting destruction caused after an accident, while damage is the money that the party at fault is required to pay for the destruction of property and the injuries caused. Often, after the liable party is sued, they will pay damages or compensate the person harmed in the accident.

Liability

Liability is the legal responsibility befalling the party that caused property damage or bodily harm during an accident. The party at fault for the damage is required to pay for the costs of repair and the medical treatment of the injured party.

Coverage

This term is used to refer to the different protection offered by an auto insurance company. It includes items covered under a policy, such as liability coverage, comprehensive coverage, and underinsured/ uninsured coverage.

Premiums

The amount of money you need to pay for your auto policy is referred to as premiums. They are paid in monthly installments or annually and the insurance company will determine the premium you pay.

Claim

This is a formal request to your insurer asking for payments depending on your policy terms.

If you reside in Plano, TX, and want to learn more about auto insurance, contact Paragon Independent Insurance Agency. We are ready to answer any questions you may have.

Why do companies in Texas need commercial insurance?

The Plano, TX area has been one of the fastest-growing areas of the state for the past decade. Those that are in this area could find it is a great place to start and run a business. If you are going to start a business in this area of the state, you need to insure it as well as you can. A commercial insurance plan could be needed for a few different reasons. 

Coverage Will Protect Business

A reason that you should get a commercial plan for your business in Texas is that it can protect the organization. Insurance for a business protects a business in many ways. One form of coverage you will receive is liability support, which will be helpful if you are ever named liable in an accident. You will also benefit by having insurance protection that will cover your commercial assets if they are damaged or stolen.

Coverage is Required

You should also get a commercial plan because it is a requirement. There are many situations in which a business in this state will need to carry insurance. If your business has taken out a loan or raised outside capital, the investor or lender will likely want you to be fully insured. Further, having insurance could be required for you to provide services to certain commercial clients. 

Business owners that operate out of the Plano, TX area are going to have a lot of opportunities for success. To ensure that your business is covered, getting commercial insurance is important. The team with Paragon Independent Insurance Agency can help any business owner build and maintain a commercial insurance plan. When you call Paragon Independent Insurance Agency, you can learn a lot about your different options to ensure you remain fully covered and protected going forward.