Why do Plano business owners invest in commercial insurance?

Plano, TX has continued to be a growing community outside of Dallas. It is a great place to start your own company. When you are trying to start a business, it would also be a good idea also to get insurance for it. There are various reasons why a business owner will want to invest in this type of insurance. 

Cover their Business

An important reason that any business owner in Plano will want to get commercial insurance is so they can protect their business. Any business owner in this part of Texas will have risks that could result in losses, such as losing an asset due to a fire or theft or being named liable in an accident. A commercial insurance policy offers support in these and other difficult situations. 

Meet any Insurance Requirements

It is also a good idea to get a commercial insurance plan to ensure you can meet other insurance requirements. If you start a company and want it to grow, you will eventually need to raise outside capital and enter into other agreements. Generally, the other parties involved in these contracts wish to know that your company is protected. A great way they can do this is by requiring a commercial insurance policy. 

Plano, TX can be a great area to own a business. However, some risks need to be protected against with a commercial insurance plan. Once you are ready to start looking for coverage, it can be a good idea to call the Paragon Independent Insurance Agency team. The Paragon Independent Insurance Agency professionals know the importance of commercial coverage and will offer any support necessary to build an ideal policy to protect your company. 

I own a small business with no employees. Would commercial insurance be beneficial?

Regardless of the size of your business, most business owners want to protect their business from risks and other unforeseen circumstances. This is a concern regardless of whether you have two hundred or zero employees. Commercial insurance is designed to protect businesses irrespective of their size. Our Plano, TX team at Paragon Independent Insurance Agency educates Texas business owners on commercial insurance benefits.

What is Commercial Insurance?

Commercial insurance is designed to protect and cover businesses and their employees. Commercial insurance provides coverage and protection against risks, liabilities, and other business-related issues. It’s designed to meet the specific needs of any business, regardless of the size and type of business. Our team can create a policy to suit the unique needs of your business.

As a Small Business with no Employees, Would Commercial Insurance be Beneficial?

Small businesses have assets that need protection, just like larger businesses. Investing in commercial insurance would provide coverage for property damage, lawsuits, liability, employee injury, theft, and more. A commercial insurance policy can be created to meet the unique needs of your business. It can provide protection or compensation for business interruption as well. Commercial insurance has many benefits if you’re a small business owner interested in protecting your assets and offsetting business risks. Many businesses seek commercial insurance to protect general liability, property loss, and cyber liability. Small businesses need protection from loss and risks. Investing in business/commercial insurance is a practical way to protect your business. If you have questions about the benefits of commercial insurance, call us. We can help you explore your options and get coverage to meet the unique needs of your business.

The Impact Commercial Insurance Has on the Protection of Your Company’s Assets

Commercial insurance plays a vital role in protecting your business and its assets. Think about your business and everything it relies on to function. It would help if you thought about things such as your buildings and structures, equipment, data, computer systems, and more. It can be both tangible and intangible assets that play a role in your company’s success. These assets are all things that commercial insurance can protect for any Plano, TX business. The Paragon Independent Insurance Agency team is in a position to help you understand the value of commercial insurance in more detail.

What Does Commercial Insurance Protect?

There are so many ways in which commercial insurance will protect your company’s assets. These different variables can all appear at any given time, resulting in immense losses.

Some examples of ways commercial insurance protects assets include:

  • Theft and vandalism – In the event you have theft at your company, commercial insurance can help you recoup the losses
  • Physical damage – Physical damage as a result of a covered loss or accident gets coverage
  • Bodily injury – In the event of an employee or customer injury, bodily injury coverage will help make things right.

Other examples of commercial insurance protection include medical payments coverage, collision coverage, and cyber coverage.  

As a consumer in Plano, TX, you need to understand all the ways commercial insurance can have a positive impact. Work with the Paragon Independent Insurance Agency team to better grasp your company’s needs and the protection a commercial insurance binder can provide.

Do I need commercial insurance if I have a small business?

The entrepreneurial spirit of the residents of Plano, TX, is exemplary, which is why numerous small businesses exist here. However, many small business owners haven’t purchased commercial insurance for their enterprises because they assume it’s only necessary for large-scale firms. It’s vital that you get commercial insurance if you have a small business. Here are some of the commercial coverages that Paragon Independent Insurance Agency recommends you get in the commercial insurance for your small business.

 General Liability Coverage

General liability coverage should be a priority coverage in your commercial insurance. This coverage will protect your small enterprise from claims arising from property damage or bodily injury to a third party on your business premises. For instance, if a client visits your business premises, falls, suffers a back injury, and breaks their laptop. General liability coverage will replace the customer’s laptop and pay their medical bills for their bank injury treatment.

Commercial Vehicle Insurance

This coverage protects cars used by your enterprise for work purposes, such as your delivery vans. It can include property damage liability, property damage liability, medical payments, and uninsured motorist coverages. Some commercial vehicle policies allow non-owned auto coverage, which protects your enterprise if your employees often use their personal cars for work-related errands. You need the non-owned auto coverage because your employees’ auto policy won’t cover liability emerging from utilizing their vehicle for business operations.

Home-Based Business Insurance

If you are among the Plano, TX, entrepreneurs who run their businesses from home, you need home-based business insurance. This is because your homeowners’ insurance won’t cover the liability that arises from your home-based business operations. You will violate the terms of your homeowners’ insurance if you decide to run a commercial enterprise from your home without informing your insurer.

Welcome to Paragon Independent Insurance Agency; we offer the best small business commercial insurance in Plano, TX.

Does Home Insurance Cover Flooding?

Flood insurance provides a financial backstop should flooding damage your property. You can purchase it as an add-on or a standalone policy. The insurance also covers the cost of hiring a contractor to remove water from your home. You will want to consider your home’s value, the extent of the damage, the coverage you desire, and the agent you choose to work with. 

How Does Flood Insurance Work?

Flood insurance is insurance coverage that protects people and property from floods. While most homeowners do not need flood insurance, people who live in areas prone to flooding are encouraged to purchase it. Homeowners who choose to buy flood insurance will likely have it apply to the property rather than the coverage within their policy. 

When Is Flood Insurance Necessary?

As with most homeowner’s insurance questions, the answer to this question depends on your situation. For many people, the decision to purchase flood insurance is related to paying for it in the future. While this is not the case for everyone, it is something to consider if you decide to buy flood insurance. If you choose to buy the insurance, you will likely want to know the approximate cost of protection and if that coverage would cover your house. 

Buying Flood Insurance 

Many people are surprised to learn that flood insurance is a regulated business. You can purchase flood insurance from multiple sources, including private insurers, state agencies, and local governments. It is important to remember that even with flood insurance, you are still responsible for paying for any damage caused by the flood. 

How to Access and Use Your Home Insurance Policy

Once you’ve purchased your home insurance, it’s time to access and use your policy. First, you’ll need to subscribe to a homeowners insurance plan. Next, you’ll need to visit a broker or go to a local insurance agency to purchase a policy. Once you have the policy, you’ll need to go through the access process to ensure the policy is correct and all the needed information is present. 

Wrapping Up 

Home insurance is a crucial part of every home’s protection system. Some home insurance policies provide an enhanced value option that will provide additional protection for your home against certain types of damages. While flooding is not an everyday occurrence, it does happen. If you are responsible for building and maintaining your home, it is essential to have a plan to protect it against flooding. For help, call Paragon Independent Insurance Agency in Plano, TX.

What Types Of Risks Does Commercial Insurance Cover?

Commercial insurance protects an insured company against losses when it comes to claims made by the insured company’s customers. The type of risk covered can range from liability to unpaid medical bills. Before purchases, you should determine whether an insurance policy covers your business. 

Commercial Liability Insurance 

Liability coverage helps protect you and your business against the financial losses associated with covered claims. Unlike other forms of insurance, liability coverage is not intended to provide a financial cushion against claims. It covers you against any potential lawsuits brought against you by your clients or customers. This includes anything from personal injury to property damage. For help, contact Paragon Independent Insurance Agency. 

Business Critical Illness Insurance 

When one of your employees contracts a serious illness, you might be worried about what will happen to your company if your employee needs to leave work early or cannot work. In these cases, you may consider adding "critical illness" or "serious illness" insurance to your health plan. It can also help you avoid the costs of an employee’s disability. 

Business Owners Insurance 

When starting a business, you may not have the financial stability of having a long-term, stable company. An insurance policy provides financial protection in a business’s financial loss. An asset protection plan can help reduce the risk of theft or fire while still protecting against an illness or an event that causes you to lose your job. A liability protection plan can help protect you against lawsuits, expenses, and other types of risk.

If you run a small shop, you likely have less risk than somebody who runs a multi-billion-dollar company. However, it’s still essential to have protection. Whether you’re doing business with a single customer or have thousands of customers across the globe, having insurance covering your assets and liabilities can make a huge difference. 

Summing up 

Commercial insurance provides cover against the cost of claims and covers your business against unforeseen expenses. You may want to consider increasing commercial insurance cover if you have a large liability risk or many employees. You should consider the likely cost of a claim and the amount of risk a business may face. Always shop for the best deal with help from Paragon Independent Insurance Agency in Plano, TX.

Protect your small business with a comprehensive commercial policy

Paragon Independent Insurance Agency is proud to work with the small business owners in the greater Plano, TX area. We strive to help our commercial clients secure the right insurance to meet their needs. If you want to make sure that your small business has the protection it needs, give us a call today.

Benefits of comprehensive commercial insurance for small businesses

Small businesses have different insurance needs and requirements than their corporate counterparts. If you own a small business, you know just how hard it can be to keep profit levels growing. When a catastrophe occurs that knocks your business offline, even for a short period of time, the effects can be disastrous. 

However, when you have a comprehensive commercial insurance plan in place, it becomes easier to bounce back from any disruption, no matter how large or small. Everyone understands how much hard work and dedication it takes to keep a small business afloat. To have a small business succeed and prosper is even more of a challenge.

Because all businesses need to grow to survive, it is even more important to protect all of your hard work. While the future may not always turn out as expected or hoped, planning for some eventualities can make the difference between continuing on and having to close up shop. Make sure that you have the comprehensive commercial insurance that you need!

Find out more about your commercial insurance options today!

Plano, TX area small business owners can count on Paragon Independent Insurance Agency as their commercial insurance partner. We are proud to work with our local small businesses and provide them with the insurance protection they need. If you would like to find out more, give our office a call today!

Required Commercial Insurance in Texas

If you own a business in Texas, it’s always best to have the commercial insurance you need to protect your business against a number of risks. For most businesses, there is just one type of required commercial insurance in Texas, but there are many more that you should consider in order to be better protected. If you need commercial insurance, contact us today at Paragon Independent Insurance Agency in Plano, TX to find out more. 

Commercial Auto Coverage

This type of insurance is required for all vehicles that are owned by a business in Texas. This coverage provides two different types of coverage and three amounts of that coverage. One is for a specific minimum amount for bodily injury liability when one person is injured in an accident caused by your vehicle. Another is a set minimum amount for everyone who is injured in such an accident. Both of these coverage amounts are for injuries to third parties- not to anyone in your company’s vehicle. In addition, it is also required to have a specific minimum amount of property damage liability. This pays for damages to someone else’s property, such as to a vehicle, in an accident caused by your vehicle. 

Workers’ Compensation 

This type of commercial insurance is only required for businesses that have contracts with government entities, but not for other companies. However, it’s smart to get this type of coverage for your business. It protects you in case you have an employee who becomes injured at the worksite. It pays for their medical bills and other expenses that stem from the injury. Without this coverage, you are likely to be sued by an injured employee. 

Get Your Commercial Insurance

If your business needs commercial insurance, give us a call now at Paragon Independent Insurance Agency in Plano, TX.

Commercial Insurance Requirements in Texas

In Texas, there are few requirements for commercial insurance on Texas businesses. However, there are many types of commercial insurance that could be helpful for your business, even if they aren’t required. If you have questions about commercial insurance in Texas, give us a call today at Paragon Independent Insurance Agency in Plano, TX. 

Commercial Auto Insurance

The one required type of commercial insurance in the state is commercial auto coverage for any car that your business owns. This coverage has to meet the state standards, having two different types of auto coverage in one policy. In addition to those, there are many optional types of auto coverage that are often recommended for vehicles in the state. These can be extremely helpful in the event of an accident.

The required portion of your commercial auto policy must include bodily injury liability insurance to cover other parties who are injured when your vehicle causes an accident. This requires at least one set amount for one person who is injured and another minimum amount for everyone who has injuries from the accident. It is also required that you have property damage liability. This pays for the damage to someone else’s property in the accident but not yours. If you want to have your vehicle covered in case it causes an accident, you need collision coverage, though this type isn’t required. 

Workers’ Comp

Workers’ compensation is required for businesses in most states, but in Texas, it is only required when you contract with the government. Otherwise, it is highly encouraged but not required. Workers’ compensation insurance pays for the medical bills and lost wages for your employees who get injured at work.

Commercial Insurance in Texas

If you need insurance for your business, contact us at Paragon Independent Insurance Agency in Plano, TX.

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.