Commercial Insurance: What it will and won’t cover

A commercial insurance plan is generally going to cover your Plano, TX business on three fronts: Property, liability and workers’ compensation.

Liability is the big one. A business, even a small business, is at special risk for litigation resulting from injuries and damages sustained on the business’s property, or sustained in relation to a business’s product or service. The cost of a lawsuit can sink a thriving business, so liability is going to be the backbone of your insurance plan.

Property insurance works like your homeowners policy: If your property suffers damage resulting from natural disaster, break-in, vandalism and etcetera, property insurance will cover it. Like your homeowners policy, it might not cover flooding, so you’ll want to read your plan over thoroughly to make sure that you know what is and isn’t covered on your basic property policy.

Workers’ compensation will keep your employees covered in the event of injury or circumstance leaving them unable to show up for work. It is not a legal requirement in Plano, TX, but can be a tie-breaker between two employers if you’re trying to recruit the best people for your company. Property and liability provide you with peace of mind, workers’ compensation provides your employees with peace of mind.

Anything you don’t see covered above, a basic commercial plan probably isn’t going to cover. This should be enough for most companies, but different industries have different insurance needs, so you may want to consider buying additional insurance to supplement your commercial plan and ensure complete coverage.

If you’re still shopping around for a great plan, or you want to see if someone can outdo your current provider, get in touch with Paragon Independent Insurance Agency and let’s see what we can do for you.

Does my small business need commercial insurance

As a small business owner in Plano, TX, you have many things to worry about. One of them doesn’t need to be whether or not your small business needs commercial insurance. As a small business owner, you may feel that you are alone with your concerns but in 2012,  98.2% of businesses in Texas were classified as small businesses by the Small Business administration, so you have lots of company. With the knowledgeable staff at Paragon Independent Insurance Agency waiting to help you, any questions you have can be quickly and easily answered.  

Before you know if you need commercial insurance you need to know a few of the things that it can protect you from. 

Worker’s Compensation

Texas law does not require business owners to carry worker’s compensation insurance however, many employers find that it makes finding and retaining employees easier if they know they are protected.  

Employment practices liability insurance

When you have employees there is the possibility that you end up being sued by a former employee for harassment or wrongful termination. Having insurance that can pay for legal expenses or any judgment against you can be a lifesaver. 

General liability

Things happen and if someone is hurt on your premises or by one of your products, this coverage provides liability protection. 

Building coverage

 In the event that your building location is damaged this coverage will help you to get the damage repaired. 

Business interruption

If the unthinkable happens and your business is so damaged that you can’t operate for a time, this coverage will get you through with income for yourself so that the bills can get paid. 

If any of this sounds good to you as a small business owner in Plano, TX, Paragon Independent Insurance Agency has the experience to help you make an informed decision.  Visit our website, give us a call or stop by for a no-obligation quote. 

Commercial Insurance for Growing Businesses

Small businesses like yours are what enhance the community. You increase revenue to the neighborhood, create employment, and offer new opportunities. You struggle to keep your business on solid ground. Make sure that you have the right kind of insurance to protect your growing businesses.

Auto Insurance

If you have the type of business that has a few cars or a fleet of trucks, you’re going to need to have commercial auto insurance. Commercial auto insurance can protect you against reckless drivers who damage your vehicles or merchandise. As you begin to grow your business, you’ll want to increase your coverage limits.

Liability Insurance

There are three types of liability insurance for certain businesses.

  • General liability insurance can protect you against costs as a result of an accident. If someone is injured in your store, you may have to pay medical expenses and defend yourself in court. You could pay legal fees and settlement costs. With liability, this cost will be less with the right coverage.

  • Product liability is mainly for businesses who manufacture, distribute, or sell products. Liability protects you if a product you sell is defective and causes purchaser harm.

  • Professional liability is for professions that require you to provide service individuals or other businesses, such as a doctor or masseur.

Commercial Property Insurance

Similar to home insurance, commercial property insurance protects your property from vandalism, fires, hailstorms, windstorms, and other disasters listed in your policy. Having this policy can help you rebuild faster. If you did not have enough coverage and a disaster strikes, you may not be able to restore your business.

Go to the Paragon Independent Insurance Agency in Plano, TX to discuss a commercial insurance policy that is right for your growing business.

Insuring your home business

There are benefits to having a home business, but it can get complicated when it comes to getting insurance for the business you run out of your home. The Paragon Independent Insurance Agency of Plano, TX can help you sort through the issues and find a policy that will work for your situation. The type of business would be very important as far as liability and other issues. A writing business with almost no overhead would need very little insurance. A small winery on the other hand, with a few employees, could get complicated fast.

There are three major ways you can ensure your business in your home. You can get increased business property limits with your regular homeowners’ policy. This is good for small operations where you do not have customers in your home and if you do not have a lot of stock or property.

An in-home business insurance policy is a middle ground of sorts, that increases coverage for more property or stock that may be stored in your home. This is good for when you have a few customers in your homes, such as a hair salon or tax preparation.

For even larger operations there is a separate business insurance policy for homeowners. This would increase your liability coverage, and keep in mind that some homeowner policies do not cover liability for business use. This option is good if the business supports the household.

Visit the Paragon Independent Insurance Agency in Plano, TX today to find out more about insurance for your home-based business. Every case is different, and we can find a policy that will best fit your individual needs. You would need to have homeowners insurance to make an addition to the policy for business coverage. You can get them at the same time.

Why Your Convenience Store Needs Commercial Insurance Today

A common business in the Plano, TX area is operating convenience stores. With convenience stores being a high traffic business and very profitable, they are often targetted by crime. If you own a convenience store in Texas, it is best to have commercial insurance that includes a variety of coverages, protecting your business. Paragon Independent Insurance Agency understands the necessity of commercial insurance and crafting it to fit the needs of the client. 

Property Insurance

Obtaining property insurance on your convenience store not only covers the structure, but the parking lot, and any equipment and inventory on the property. Should the property be damaged by an accident, theft, or stolen, your property can be replaced with commercial insurance coverage. 

Liability Insurance

Was a customer hurt on your property due to your negligence? When a customer suffers bodily injury due to conditions that could have been avoided, such as a wet floor or damaged property that was not properly identified, you may be liable for any medical expenses, fees, and other costs associated with their claim. With liability insurance, you are covered and can file these costs with your insurance and not financially draining your convenience store funds.

Crime Insurance

Unfortunately, convenience stores often fall victim theft, robberies, and vandalism. Should you or an employee be involved in one of these crimes, your property and cash loss will be covered due to your policy included the crime insurance clause. For convenience stores, this coverage in commercial policy is essential, especially for those located in high-crime areas.

Call Us Today For More Information

If you are looking to purchase your commercial insurance or upgrade it to include more coverage, contact one of our agents today at Paragon Independent Insurance Agency. We proudly serve the Plano, TX area and look forward to assisting you with your commercial insurance needs.

Can I get a discount by purchasing all my commercial insurance policies through one agent?

So you have your small business and now you need to protect it. But just like with every other business expense, you want to watch your bottom line and find the discounts where you can.

You may already know which kinds of commercial insurance your Plano, TX needs, but if you don’t, you can start by speaking with one of the representatives at Paragon Independent Insurance Agency. We’re always happy to help you sort out what your needs are, with no obligation.

Business Owners Policy (BOP) and Other Bundling Discounts

You can definitely earn discounts by bundling your policies, and you get the added advantage that the policies are more convenient to maintain and claims will be smoother with one carrier. The Business Owners Policy (BOP) is popular because it puts together the most important kinds of coverage which is tailored to your needs.

Normally, the BOP will include at least proper insurance, to protect the premises, and general liability, to shield you from lawsuits. You can also add coverage for automobiles, professional responsibility, work stoppage, and other kinds of protection.

Other Kinds of Discounts

You probably won’t get the discounts you want unless you ask for them, so don’t be shy. There are safety discounts available for some businesses, for taking preventive measures like installing burglar alarms and sprinklers. If you belong to a certain organization or group, you may qualify for a special discount. And staying with the same insurance company will earn you a loyalty discount.

You don’t want to think about these boring issues, but your Plano, TX business depends on you to keep it safe. Call Paragon Independent Insurance Agency today if you have any questions or would like more commercial business coverage.

Why You Need Commercial Insurance to Protect Your Restaurant

Like most restaurant owners you probably put in a lot of work to get your establishment up and running. Now, you have to protect your investment.

If you do not have adequate commercial insurance, then you could wind up joining a large number of unfortunate restaurants that go out of business with seeming regularity.

To help you understand just why commercial insurance is a vital necessity for restaurant owners, following are three top reasons these businesses get covered.

Accident Liability

When patrons enter your premises, you assume a duty to protect them. A “slip and fall” on a wet floor can lead to a negligence claim. Likewise, someone could get sick from your food or burned eating something a bit too hot.

You will want some commercial insurance to support you against any unplanned costs. Fortunately, Paragon Independent Insurance Agency, serving Plano, TX, can help.

Liquor Incidents

As a restaurant owner, you can be held responsible for injuries caused by your customers. Fights and vehicle accidents after drinking are common incidents.

 Do not wait until you receive a civil court summons. By then, it could be too late.

Inventory Losses

Unless you are a genius at purchasing and supply chain management, you usually have excess product to store.

Things can happen to prolong the storage time. For example, stormy weather might prevent you from opening. Perhaps the electricity is out, as well. Food could be spoiled. The cost of fully restocking your inventory, all at once, can be staggering.

Receive Professional Advice Today

Get commercial insurance to help protect your business.

Be sure to speak with the compassionate staff at Paragon Independent Insurance Agency, serving Plano, TX, about the best policies and rates for restaurants.

 

 

Insurance Regulations for Commercial Trucks

For commercial truck drivers in the Plano, TX area, insurance is one of the most critical parts of running a successful business. Without proper coverage, an accident with a commercial truck can have dire consequences for your company. The agents of Pargon Independent Insurance Agency are available to help you meet all of the Texas state requirements for commercial truck insurance.

 Commercial Insurance Liability Rules

In all states, including Texas, the Federal Motor Carrier Safety Administration requires a minimum amount of liability insurance coverage for commercial trucks. The required liability insurance will cover damages related to an accident caused by the truck driver. Payouts to the victim may cover repair costs and medical expenses. The weight and load of the commercial truck determine the amount of required liability insurance. As an example, commercial trucks over 10,001 pounds need a minimum of $750,000 in liability insurance due to federal regulations. However, in many cases, Texas requires companies to carry an additional $250,000 in coverage. Federal and state regulations can change year to year and minimum amounts are always subject to fluctuations.

Special Considerations for Truck Commercial Insurance in Plano, TX

Trucks transporting hazardous materials will need extra insurance coverage on vehicles. In Texas, companies have a requirement of $5 million in liability coverage for vehicles carrying hazardous or explosive materials. Texas will also change coverage limits and form requirements based on where the truck will be used. Commercial trucks traveling out of state must work with a trusted insurance agent to get just the right amount of required coverage. An agent will also assist you with getting the correct forms submitted to prove your commercial truck is properly insured. The required Department of Transportation forms in Texas may include BMC-99, Form H, Form E, and MCS-98.

Contact any of the agents from Paragon Independent Insurance Agency today to ensure you get the right amount of coverage for your commercial truck.

 

Protect Your Assets with Commercial Insurance in Plano, TX

Do you own a business in Plano, TX? If so, good for you. This is a great place to be a small business owner. However, have you taken the necessary steps to ensure your business is protected? The fact is, there are many issues and tragedies that could occur, which is why having commercial insurance is so important.

Do you own a business, but have yet to purchase this coverage? If so, now is the time to consider it. You can utilize the services at Paragon Independent Insurance Agency, and the tips here, to get the protection you need for a price you can afford.

1. What to Consider When Buying Commercial Insurance?

When you are ready to purchase commercial insurance, you need to figure out what you need and how much you need. There are many different types of commercial insurance to purchase. For example, general liability insurance and workman’s compensation insurance are two types that all business owners need. However, if your workers use a fleet of company vehicles, for instance, you may also need to purchase a commercial auto insurance policy. Be sure to review all of your assets to determine the type of commercial coverage that you need.

2. Buy Smart

When it is time to purchase one or more commercial insurance policies, be sure to be smart about it. Compare prices and policies and work with a reputable agent. This will help ensure you get the coverage you need for a price you can afford.

If you are ready to purchase commercial insurance coverage in Plano, TX, reach out to the professionals at Paragon Independent Insurance Agency. They will help you determine the exact coverage you need and help you stick within your budget.

Keeping Your Dryer Vent Clean and Safe

Your dryer is an important appliance in your home, but it does need to be maintained properly in order to keep working efficiently and safely. Here are some tips on that from Paragon Independent Insurance Agency serving the Plano, TX area.

Cleaning the lint tray

Remove all lint from the dryer’s lint area every time you run the dryer, even if there is just a small amount of lint in there. It only takes a moment but makes a big difference. There will likely be more lint when you are washing certain items, such as new towels and blankets. Also make sure you clean around the dryer area, such as on the floor, because dust and lint can accumulate there and become a safety hazard.

Cleaning the dryer vent

Periodically do a more thorough cleaning of your dryer vent using specifically designed tools that can get further into the dryer vent. It will not take much time to do this and will be a worthwhile task.

Maintaining the dryer vent

Occasionally hire a professional who can perform a cleaning of your dryer vent. You will not have to do that very often, but it will be worth it as you make the effort to keep your dryer vent clean and safe. It is definitely an affordable investment in keeping your dryer running smoothly and safely.

Properly maintaining and cleaning the dryer vent provides numerous benefits, including improving home safety and helping an important appliance to function at its full potential. Write these tasks on your "to do" list or calendar, and make sure to do them as needed. If you need more tips about home safety or need assistance with home insurance, feel free to contact Paragon Independent Insurance Agency serving the Plano, TX area.