At Paragon Independent Insurance Agency in Plano, TX, we would like to discuss how commercial insurance works. Too many businesses have been pulled down by lawsuits just because the business owners failed to insure their businesses.
Here in Plano, there are several commercial insurance coverage options. Each type of coverage protects your business from a certain type of misfortune or perils. Let’s start with the most important coverage.
Workers’ compensation insurance
If you have employees on your payroll, it is mandatory for you to purchase this policy in Plano and other cities in Texas. First, it provides funds to treat any of your employees should they sustain an injury while working for you. Secondly, it prevents them from being able to file a lawsuit against you when an accident occurs while discharging their duties and they sustain any injury.
Commercial automobile insurance
This policy is for companies who carry out their business process with the use of cars, trucks, vans, of buses. When any of the vehicles break down, this coverage will provide funds to fix it. In case of vandalism and theft, this coverage will also repair or replace the vehicle, whichever the case may be.
Also, if any of your drivers damages a third party’s property with any of the vehicles, this coverage will fix the third party property and also foot the medical bills if it leads to injuries.
If a third party sues your company for any reason, this coverage will provide the funds to hire a legal team and if it turns out that you have to settle the third party with a certain amount of money stipulated by the judge, this coverage’s got your back on that too.
Apart from the three types of coverage, there are several other coverages that you should explore. Now, you’ll agree that the primary aim of commercial insurance is to protect your business from perils. If you need further guidance or clarification, we would gladly oblige you at Paragon Independent Insurance Agency in Plano, TX.