When Does A Small Business Need Commercial Insurance?

Small businesses come in all sizes in Plano, TX. A business taking in six figures a year may technically be a small business, but so is a business that earns you just a few hundred bucks for groceries here and there. So when are you ready for commercial insurance?

Different businesses have different insurance needs, but it generally comes down to one thing:

Liability

The big question here: If something happens, is it going to come out of your pocket?

If you run a small eShop, you may have some protection through the platform you use. If you’re only earning a little extra money on items and services with no major liability concerns, you might not need to worry about it.

But at a certain point, you’ll likely cross a threshold where you have too much at risk to leave your business uninsured, and that’s when you should call Paragon Independent Insurance Agency to see about getting covered.

It’s nice to have your inventory and your equipment covered by commercial insurance, but the main reason you want to be covered is so that you won’t be left paying thousands of dollars in damages out of pocket if someone is injured on your premises or suffers losses that have to do with your product or service.

The question of when you’ve crossed that threshold, that’s a little trickier, and it varies from business to business. Some people like to buy commercial insurance as soon as they can afford it while still turning a profit, but your mileage may vary. So if you have any questions, get in touch with Paragon Independent Insurance Agency to see if your small business in Plano, TX is ready to get protected.