When is Commercial Insurance Needed in Plano

For those that are in the Plano TX area, starting a small business can be a great career option. This is a very popular Dallas suburb that offers a wide range of opportunities to small business owners. If you are going to start a business in Plano, it is extremely important that you carry commercial insurance at all times. 

When You Raise Capital or Debt

One situation when having commercial insurance is a necessity for a Plano, TX business is when they want to raise equity or debt. Starting a company comes with a lot of upfront expenses and the best way to pay for this by getting money from either investors or local banks. No matter who provides the money, the investor or bank will undoubtedly want you to have commercial insurance. This ensures that their investment is covered if you are sued for liability or suffer an asset loss due to an unforeseen incident. 

When You Have a Place of Business

Whether you choose to rent or purchase your primary place of business, having commercial insurance is going to be a necessity. Any mortgage lender will require that you have evidence of commercial insurance at all times. Additionally, a landlord of a commercial property will likely require that you provide commercial insurance when the lease is signed and maintain it during the duration of the term. 

As you are shopping for commercial insurance in the Plano, TX area, contacting the Paragon Independent Insurance Agency is a great first step to getting into a quality policy. The insurance team at the Paragon Independent Insurance Agency can help you to decipher all of your insurance options and needs based on your business. From there, they can get you into a policy that provides the right coverage.