Full Coverage or Minimum Auto Insurance?

You’ve purchased the car of your dreams and now need to choose insurance coverage to protect your investment. How much insurance should you buy? New car owners should seriously consider full coverage to fully protect their investment. If you own an older vehicle, it’s up to you to select the type of coverage you need. With the help of a Paragon Independent Insurance Agency agent, Plano, TX car owners can make wise insurance choices to protect their interests.  

Minimum Auto Coverage

Every state has mandatory minimum requirements for auto insurance coverage. In Texas, the minimum coverage is $30,000 bodily injury liability per person with a $60,000 total per accident. If you cause an accident that injures two other people, your insurer will pay up to $30,000 worth of medical expenses for each, with a limit of $60,000 for the entire accident.

If injuries exceed this limit, you could be sued for the remainder of the damages. Unless you have financial resources to cover these expenses, you would do well to select higher liability limits to protect your interests. Minimum liability coverage also doesn’t cover damages to your vehicle, which means you’ll have to pay for repairs out of pocket.

Full Coverage

With full coverage, you not only get liability protection but collision and comprehensive coverage as well. Collision coverage helps pay for repairs to your car if you crash it into another vehicle or object. Comprehensive insurance protects you against theft, vandalism and storm damage. If you own a new or fairly new car, you need extra coverage to protect your investment. Otherwise, you could wind up paying for vehicle repairs on your own.  Full coverage may cost more initially but gives you greater returns on your insurance investment when you need it most.

For help in selecting the right auto insurance package for your situation, contact Paragon Independent Insurance Agency, Plano, TX.

Types of Commercial Insurance That You Need

Owning your own small business is a very important responsibility that needs to be taken seriously.  One factor that needs to be carefully considered is what type of insurance coverage you should have in place.  For small business owners, there are a variety of types of commercial insurance coverage that you should have that will provide adequate protection. 

Workers Compensation

For business owners in the Plano, TX area, having workers compensation coverage is very important.  While the state of Texas does not necessarily require it, it still provides a business with very valuable protections.  Your workers compensation policy will provide coverage to you and your employees in the event someone is injured while at work.

Liability Coverage

Liability insurance is also very important for all small business owners to have.  If you have a product or service that you sell, you are taking on some responsibility every time you sell it and a consumer uses it.  To ensure you are fully protected, you should have a liability coverage policy in place that will provide you with coverage in the event you are sued. 

Property Coverage

If you operate a small business and have a building, whether it is a rental or if you own it, having property coverage is a necessity.  Property coverage will provide you with reimbursement for expenses that are incurred if the building or its contents are damaged or if there is an incident of theft or vandalism.  In many cases, you will also be required to carry this coverage under a lease or a loan agreement.

Before getting into any new commercial insurance policy, Plano, TX area business owners should contact Paragon Independent Insurance Agency.  Paragon Independent Insurance Agency is a leading insurance agency that can help you to better determine and understand you commercial insurance needs.