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.

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.

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.

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.