Debunking Common Commercial Property Insurance Myths

When it comes to commercial property insurance, there are a lot of myths floating around. Unfortunately, these myths can lead business owners to make costly mistakes when it comes to protecting their property. All-Tex Insurance in Granbury, TX provides this guide to debunk some of the most common commercial property insurance myths so that you can make informed decisions about your coverage.

Commercial Property Insurance Myths: What You Need To Know

1. Myth: Commercial Property Insurance Is Too Expensive

There’s no denying that commercial property insurance can be costly, but the price tag is often worth it. This type of coverage can protect your business from various potential disasters, including fires, theft, and severe weather. While you may be tempted to save money by skimping on your coverage, this could cost you more in the long run if you file a claim.

2. Myth: My Business Is Too Small to Need Commercial Property Insurance

Many business owners assume that commercial property insurance is only for large businesses. However, this isn’t the case. Even if you have a small business, it’s important to have adequate coverage in place. Your business property is likely one of your most valuable assets, so it’s worth protecting.

3. Myth: All Commercial Property Insurance Is the Same

When it comes to commercial property insurance, there is no one-size-fits-all solution. The type and amount of coverage you need will depend on various factors, including the size and location of your business, the value of your property, and the types of risks you face. It’s important to work with an experienced insurance agent to find a policy that meets your specific needs.

4. Myth: My Landlord’s Insurance Will Cover My Business Property

If you’re renting commercial space, you may assume that your landlord’s insurance will cover your property. However, this is usually not the case. Most landlord insurance policies only cover the building itself, not the contents or equipment inside. That means if your business property is damaged or destroyed, you could be left to foot the bill.

If you’re a business owner, it’s important to make sure you have adequate commercial property insurance in place. Don’t let myths about cost or coverage lead you to make costly mistakes. Work with an experienced All-Tex Insurance agent in Granbury, TX to find the right policy for your business. Call us today to get a free quote.

How much commercial insurance do I need in Texas?

Unlike most states that require small businesses to carry workers’ compensation insurance, Texas does not. However, just because it isn’t required does not mean that you shouldn’t carry any workers’ compensation coverage, as it helps pay for the medical bills, legal fees if sued, and other expenses associated with an employee being unable to work due to a workplace injury or illness. The only exception to the rule not requiring workers’ compensation insurance is if you contract with a government entity. Similar to other states, Texas does require commercial auto insurance for any business-owned vehicles with at least the below minimum coverages:

  • $30,000 bodily injury liability per person
  • $60,000 bodily injury liability per accident
  • $25,000 property damage liability per accident

If you own a trucking company, you may be required to have additional insurance to comply with government and state regulations.

In addition to workers’ compensation and commercial auto insurance, businesses in Texas can also opt for additional coverages for better protection. As an example, cyber liability insurance should be purchased by any business at risk of a cyber attack because it stores protected information such as credit card numbers, social security numbers, or healthcare data that a threat actor could easily exploit.

With so many options for commercial insurance, it can be hard to know what policies your business needs. Luckily, the team at All-Tex Insurance in Granbury, TX is ready to assist. With years of experience in the insurance industry, we know the complexities better than most. We can customize a commercial insurance policy that best protects your business and you from liability. 

Types of Commercial Insurance

If you operate a business within Granbury, TX, getting the correct type of commercial insurance will be a crucial part of helping your business succeed. Commercial policies help you protect your employees, your business’s property, and your customers. Deciding on the right type of coverage may unfortunately not be an easy task, an area that All-Tex Insurance can help with. Below, we discuss types of commercial insurance to consider purchasing.

Property Insurance

Property insurance protects your buildings and the contents within when covered perils arise and cause damage or losses. Examples of these hazards include fire, theft, or hail. When either of these happens, property insurance covers your costs of property repair and replacement costs.

General Liability

General liability protects you when your customers are injured at your workplace. It will help you cover the treatment costs and legal fees when you are sued for harm caused. In addition to this, general liability will also come in handy when you face claims related to advertising injury, including libel and copyright infringement lawsuits.

Commercial Auto Insurance

Commercial auto insurance will come in handy when you own vehicles registered in your business name. If you or your workers get into an accident while delivering products, commercial auto insurance will cover the costs of vehicle repairs and replacement.

Worker’s Compensation Insurance

If you have more than one employee in your business, worker’s compensation insurance will help you protect your labor force. When your employees get bodily harm during business hours, this policy enables you to pay for the rising consultation or treatment expenses.

Cyber Liability Insurance

Cyber liability insurance provides coverage when your business experiences data breaches. It will help you pay for costs such as client notification expenses, monitoring costs, and legal fees when your stakeholders sue you.

Professional Liability Insurance

Professional liability insurance protects you from errors and omissions. This policy will prove helpful when you offer services, with companies such as legal practices, accounting firms, and real estate practices often benefiting from its protection.

If you need any of the listed commercial policies to protect your Granbury, TX business, consider giving All-Tex Insurance a call today.

Understanding Common Commercial Insurance Risks

Some entrepreneurs in Granbury, TX have avoided commercial insurance policies for many years to cut operational expenses. However, as All-Tex Insurance has realized that those who have avoided such policies do not fully understand the commercial risks they face in their business operations. Here are some of the possible commercial insurance risks that should compel you to have business insurance for your company. 

Employee Injuries

Every business has workers who play a central role in helping the company to handle its operations. Multiple risks face such employees as they work, and any injury could have devastating impacts on the business. Without commercial insurance to cover employee injuries, the company will have to foot the medical bills and associated living expenses. 

Loss of Income

Many uncertainties and risks can easily expose a company to significant loss of income. Sometimes such problems as power outages can lead to extended downtimes that expose a company to multiple losses for weeks. Commercial insurance can help replace all the lost income during business downtime, which means a company will not suffer losses in its business operations. 

Advertisement Lawsuits

Companies advertising their products and services are vulnerable to possible lawsuits due to breach of trademarks, copyright issues, and sometimes defamation claims. These issues are likely to happen at any given time, which means that a company will be losing huge sums of money if there is no advertising liability coverage. Commercial insurance is essential in covering for advertisement lawsuits, thereby helping a company avoid huge financial losses. 

As a prominent entrepreneur in Granbury, TX, there are many commercial risks that your business faces. Having commercial insurance coverage from All-Tex Insurance protects you from such risks and ensures continuity in your entrepreneurship. Contact our office to get started with a quote.

Three situations where your commercial insurance needs change

One of the most important things you need to do regarding your commercial insurance needs is to reevaluate them over time. Your company’s insurance needs can change as your company changes. 

At All-Tex Insurance, we provide commercial insurance. The following are three situations where your commercial insurance needs change in Granbury, TX.

Changing your commercial facility location

Property insurance coverage is an important aspect of a commercial insurance policy. If you change your facility location or purchase a new commercial facility, you may need to update your commercial property coverage. 

Are your facilities covered with commercial property coverage? If not, you need to update your policy. You should also know that your insurance provider will need to evaluate your company’s new property acquisitions if you want to enjoy commercial coverage on them. 

Developing new products

Whenever your company sells a product, you are subject to various liabilities. Even before you develop a new product, you should research the insurance needs that selling this product will entail. 

That’s why it’s important to reevaluate your company’s liability coverage needs whenever you develop and begin selling new products. 

Beginning to use a vehicle for company operations.

Business owners need to understand the need for commercial auto coverage. You cannot use personal auto coverage when you are using a vehicle for business operations.

Have you recently started using a vehicle to help you with deliveries, service appointments, or other business functions? If so, you need to make sure that your commercial insurance includes commercial auto coverage. 

Let us know if you are looking for commercial insurance coverage in Granbury, TX. We’ll help you find an appropriate policy for your changing needs at All-Tex Insurance.

When does a Texas business need to get commercial insurance?

The state of Texas can be a great place to start a business. When you are looking to start or grow a company in the Granbury, TX area, there are many different important factors to consider. One factor that needs to be considered is your need for insurance. There are several reasons why a business in Texas will need a commercial insurance policy. 

When Looking to Protect Major Assets

One situation when a Texas business will need to get a commercial insurance policy is when they want to protect their significant assets. Many companies today will need to acquire major equipment and other capital items. These assets end up being the core of an organization. Due to this, they need to be protected with insurance. A full commercial insurance policy will provide protection for these assets that a business needs.

When Taking out a Loan or Raising Capital

To get a business off the ground in Texas, many companies will look to raise capital through a loan or investors. If you are going to raise capital in this fashion, you will undoubtedly be required to have a commercial insurance policy. When you have this form of insurance, it will protect your business in many different ways, which ultimately protects the capital providers’ investment. 

As you are shopping for a commercial insurance policy in the Granbury, TX area, you should reach out to the team at All-Tex Insurance. The insurance professionals at All-Tex Insurance know how meaningful a commercial insurance policy is for a small business. The team here can answer any of the questions that you have and provide a full consultation. Based on this assessment, they can also help you get into a policy that will give you and your company with the right protection.