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.

Common Errors Business Owners Should Avoid While Researching Workers Compensation

Paragon Independent Insurance Agency offers coverage to the Plano, TX community, as well as the surrounding areas. We help our clients find the coverage they need to avoid a significant loss. We have working relationships with multiple carriers throughout Texas.

Errors To Avoid While Researching Workers Compensation

As a Plano, TX business owner, it’s important that you take care of your investment. Commercial insurance helps alleviate some of the stress involved with operating your business on a day-to-day basis. The policy covers any property or inventory damage. You are also covered if your business suffers an emergency and has to cease operations for a few days. Liability coverage is also important. If one of your customers suffers an accidental injury while visiting your business, liability coverage protects you from potentially having serious losses. Another important part of your liability coverage is workers’ compensation. Worker’s compensation protects your business and your employees if there is an employee injury in the workplace. While you are figuring out which type of worker’s compensation policy is the right fit for your business, avoid some of these common errors.

Failing To Thoroughly Research The Policy

Keep in mind that worker’s compensation policies cover more than just your employee’s injuries. The policy also covers your employee’s rehabilitation as they prepare to re-enter the workforce.

Additional Insured

Many businesses make the mistake of trying to put additional insured coverage on their worker’s compensation policies. Additional insured is a better fit for traditional liability coverage. You cannot put additional insured on your worker’s compensation policy because you are seeking to directly cover your employees if they get injured on the job.

Paragon Independent Insurance Agency Will Help You Protect Your Business

Visit our website today to learn more information about commercial insurance.

Does Your Business Have a Disaster Prep Plan?

Whether your business is small or large, having a disaster prep plan is essential to your survival. In the event of a disaster, your workforce can act quickly and decisively to protect your business interests. These tips from Paragon Independent Insurance Agency can be helpful in developing a disaster prep plan for your Plano, TX business.

Review Your Commercial Coverage

Review your commercial policy to ensure your Plano, TX business has adequate protection against disasters. This includes property coverage to protect your building, equipment, and inventory and business interruption to cover your losses if you have to close temporarily for repairs after a disaster. Your policy should protect you against common disasters in your local area.

Mobilize Your Workforce

Prepare your team by educating them on disaster readiness. Make sure your building has clearly marked escape routes and that your employees know what to do in the event of a disaster. Delegate specific duties to your managers to ensure essential tasks get done both during and after a disaster.

Protect Sensitive Documents

Make sure your sensitive documents are safely backed up in the cloud or copies stored in a separate location to prevent their loss in a disaster. This includes personnel files, customer data, financial records, business contracts, etc.

Set Up a Communications System to Handle Disasters

Set up a system for communicating with your employees, customers, suppliers, and business associates so they will know the status of your business after a disaster. This could include hiring a call center to take customer calls or using social media to keep the public informed of your situation.

By preparing for disasters in advance, your business is in a better position to handle and recover from the aftermath of a disaster. For commercial coverage protection against natural disasters, contact Paragon Independent Insurance Agency today.

Who in Plano should get commercial insurance?

In the Plano, TX area there will continue to be a lot of opportunities for success for small businesses. While there is a lot of potential here, businesses in this area of Texas do still have certain business risks. If you are going to start a company here, you can mitigate these risks with insurance. There are several scenarios when your business should obtain commercial insurance. 

Those With Insurance Requirements

One situation when a business owner here will need to get commercial insurance is when they have insurance requirements. There are a lot of situations when having commercial insurance will be required. If you have taken out a business loan, lease a building, or have raised capital from investors, you likely will have commercial insurance requirements. All of these stakeholders will require you to get coverage due to the protection it provides. 

Those Looking to Build Credibility

No matter what industry you operate in, there will always be the competition that you need to beat out to win new business. When a new customer is evaluating a potential vendor, they will want to ensure that the company is properly insured. If you have a quality commercial insurance policy in place, it can make your organization appear more credible, will reduce the risk for the customer, and could help you win more business.

Anyone that is looking for a commercial insurance policy in the Plano, TX area will have a lot of important decisions to make When you are looking for a new policy here, you should call the Paragon Independent Insurance Agency. It is always very challenging to know what coverage you should get for your company. The Paragon Independent Insurance Agency will be able to evaluate your organization and determine the best way to insure your company against certain risks. 

Should you get commercial insurance if you rent co-working space?

Co-working has taken off in the past five years for a number of reasons. Not only does the concept allow for better collaboration among fellow entrepreneurs, but co-working spaces also present a more cost-effective means of professional office spaces. Should you get commercial insurance if you rent a co-working space in Plano, TX, though? The agents at Paragon Independent Insurance Agency can help you determine if such an indemnity policy is right for your company.

What a co-working contract includes

When you subscribe to co-working, you agree to pay a set amount every month to use the provided facilities. Most co-working space owners also include general liability coverage that pays for injuries to members as well as their clients. 

What the contract leaves out

A co-working contract does not include intellectual property. You may also find yourself out of luck in the instance of theft as many co-working spaces in Plano, TX do not assume responsibility for items lost or stolen on the premises. You essentially leave your equipment at the space at your risk when you do not have your own commercial insurance plan. 

Why you should invest in a commercial insurance policy

You can craft your commercial indemnity plan to pay for lost or damaged equipment at a co-working space. You can also use the policy to protect you in the instance that you are sued for giving advice to a client that ultimately leads to financial loss. 

Let Paragon Independent Insurance Agency help

Using co-working space may be an effective way to save on the rent and other monthly expenses associated with running a business. The option is not, however, a way for you to avoid commercial insurance altogether. 

Paragon Independent Insurance Agency can help you find an indemnity policy for your unique business. Call them today to get started with a quote for coverage

What does Commercial insurance in Piano TX entail?

In the heart of Plano, TX is Paragon Independent Insurance Agency whose aim is to provide quality commercial insurance services to all its members. We give our members confidence in business prosperity, by proving competent protection through our insurance company. Under commercial insurance, we cover the areas sampled below:

Property Damage Cover.

We value our members’ business property at Paragon Independent Insurance Agency. Under property damage’ we cover your business in various critical situations such as:

  • Theft.
  • Accidents in business premises such as a fire outbreak and collapsing of your business building.

If you have not yet purchased the insurance cover, we are confident in providing business protection for you at our insurance company in Plano, TX.

Umbrella Insurance.

In every situation in your business life, it’s wise for you to have a backup plan in all your investments. Umbrella insurance is a service that we offer our members away from their commercial insurance. Umbrella insurance is meant to back your business up.in a case where the level of damage exceeds the policy you have purchased, umbrella insurance covers the extra cost.

Umbrella insurance under commercial insurance in Plano, TX gives you the certainty that you may not incur losses in your business life. A business life with no or few losses is a successful business.

 Overall business liability cover.

As a business person, you should always consider your customers’ and employees’ safety and insurance cover. On purchasing the commercial insurance in Plano, TX, it’s important to purchase the general liability cover. This is meant to cover your employees and customers in many ways such as:

  • Body injuries in the business premises.
  • Accidents during working hours.

As soon as you purchase this policy in Paragon Independent Insurance Agency, you psyche your employees and they find it very easy to work in the business hence your business grows. For more information and queries please call us at (972) 867-9797.

What types of commercial insurance is available for your Texas business

If you own a business in the Lone Star State of Texas, you will want to obtain commercial business insurance. One of the requirements in Texas is for owners of private or public businesses to obtain a workers’ compensation insurance policy. This will cover all of your employees in the event they are injured on the job or become ill because of doing their job.

You must have a commercial auto insurance policy in place to cover all vehicles used for your business and owned by your business. You must have the minimum amount of liability auto insurance under Texas law which is $25, 000 per person, $50,000 per accident, and $15,000 for property damage caused by an accident involving one of your business’ vehicles.

You will also want to have general liability insurance in place which will protect you and your business if someone claims they were injured while visiting your business or due to a product or produce or sell. This policy will cover the injured person’s medical bills associated with the mishap and damage to their property. It can also cover a dissatisfied customer who files a lawsuit.

You will also want to include in your commercial insurance policy insurance for fire, theft, vandalism, and damages to your business from a natural disaster, such as a tornado or hurricane. Your livelihood depends on your business being able to function and if there is business disruption, you will need insurance in place to cover those losses.

To create the best commercial business insurance for you and your business, contact the experienced and trusted insurance agents at the Paragon Independent Insurance Agency in Plano, TX.

The Essentials of Commercial Insurance for Plano TX Business Owners

As a hard-working business owner in Plano Tx, you need to be sure your investment is protected. Commercial insurance is a necessity that helps with expenses associated with liability claims and property damage. Here are the essentials you need to know regarding commercial insurance for Plano, TX business owners.

What Are the Standard Insurance Needs for Most Businesses?

Most businesses need a business owner’s policy (BOP). This business policy is essential because it includes:

  • Business property insurance
  • Business liability insurance
  • Business income insurance

All three of these business insurances are combined in one policy in a BOP.

Business Property Insurance

Business property insurance, often called commercial property insurance, protects your business’ physical location and your business’ assets, including furniture, documents, and tools.

Business Liability Insurance

Business liability insurance is often referred to as commercial liability insurance. This insurance helps cover the expenses if someone files a liability claim against your business.

Business Income Insurance

Business income insurance helps with replacing all income that is lost when your business can’t open due to a covered loss. As a business owner, you can use this coverage to help ensure you can continue to pay your bills, including payroll.

Is Commercial Insurance Required in Texas?

Commercial insurance is not mandatory in Texas, but we at Paragon Independent Insurance Agency recommend having at least basic insurance coverage for your business. The three levels of commercial property insurance include:

  • Basic policies
  • Broad policies
  • Special policies

Basic policies provide the least amount of coverage. Basic policies offer coverage for windstorms, sprinkler leakage, smoke, lightning, and similar instances. Broad policies cover a loss due to situations covered in a basic policy. Special policies cover a loss for everything basic policies do not cover.

Here at Paragon Independent Insurance Agency, we take pride in providing Plano, TX residents with reliable insurance coverage options for a variety of situations, including auto, home, and business insurance. Contact us to learn more about our insurance policies. We will gladly help you select the policy that best suits your needs.

How Does Commercial Insurance In Plano Work?

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.

Liability coverage

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.

Why You Need Liability Insurance As Part Of Your Commercial Insurance Policy

Why You Need Liability Insurance As Part Of Your Commercial Insurance Policy   

You have insurance for your business – and you likely already pay a pretty penny for your policy. You may be wondering whether you actually need to include liability insurance as a part of your commercial insurance policy. At Paragon Independent Insurance Agency serving Plano, TX, we’re here to explain why this addition to your standard commercial insurance policy is such an important part of your coverage. 

Imagine this scenario: you own a restaurant, and someone takes food home with them. Due to improper food storage methods, they get food poisoning. They try to put the blame on you, suing your restaurant and trying to make you responsible for their medical bills. 

Commercial liability insurance protects you in these situations and can foot the bill if your company finds itself being sued. Lawsuits can be devastating for a small business and can cause bankruptcy fast. When you have commercial liability insurance, you’re able to rest assured that your business and assets are protected in the event that you’re sued.

You know how important it is to keep your business protected. You’ve invested years of your life and thousands of hours of hard work into making the business of your dreams. It’s vital that you don’t let someone else’s actions become the reason your business fails. Commercial liability insurance is there to protect you in these tough situations.

Call Paragon

If you’re ready to get commercial liability insurance for your business, Paragon Independent Insurance Agency in Plano, TX is here to help. Stop in or give us a call to learn more about how we can help you keep your business safe.