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.