If you are a business owner in Texas, there are two types of commercial insurance you will need to obtain for your business and a few others you may want to have to protect your investment in your business.
Workers’ Compensation Insurance
Business owners in Texas are not required to have a workers’ compensation insurance policy but it is better to be safe than sorry. If you have employees working for you at your business, you will want to have this insurance coverage for them in the event one of them is hurt while working at their job. It can pay their medical costs and partial wages that they lose if they have are injured or contract an illness as a result of their job and need to recover. If your business contracts with government agencies, you will be required to have workers’ compensation insurance coverage.
Commercial auto insurance
In Texas, all business-owned vehicles have to covered by commercial auto insurance. The state’s requirements include at least $30,000 worth of coverage for injuries incurred by each person involve din an accident, $60,000 for bodily injuries for each accident, and $25,000 worth of insurance to cover any damages to property due to an accident. If you or your employees use a personal vehicle for work purposes, you are not required to have commercial auto insurance for those but it is a good idea since many regular auto insurance policies do not cover business use.
Other types of commercial insurance you will want to obtain to give you the peace of mind you deserve include liability insurance that covers customers’ injuries or property damage, professional liability insurance that covers things like lawsuits, and cyber liability insurance to protect you legally if you are cyber attacked or someone hacks into your customers or clients’ information.
To create the best commercial insurance policy for you and your business, contact the trusted and experienced agents at the TAB Insurance Agency LLC in Austin, TX today!