So you own a business.
You have put your money.. sweat.. tears and assets on the line. The business is like a baby to you. The big question is.. if there is an accident or you get sued , are you properly covered?
In todays blog we are going to cover the highlights of Texas business insurance.
There are three major areas that you need to cover if you are a Texas business owner.
Lets look at hypothetical business owner Geronimo. Geronimo is the owner of a restaurant in Dallas, Texas. The name of his business is G's Mexican steakhouse.
He has a location that he leases in downtown Dallas which cost him $250,000 to build out and furnish. He employs 10 staff members.
When considering to make sure he has the appropriate Texas business insurance , G has three basic things he needs to consider...
1.Texas Business Property Insurance
This will cover Geronimos "stuff". If a tornado hits Dallas, or a fire.. or some kind of accident that is covered by his insurance policy. Texas business insurance under the "business personal property" section will cover Geronimos 250k investment.
2. Texas General Liability Insurance
If someone slips and falls and is injured in his restaurant he will need insurance in Texas to cover this. Texas Liability Insurance will help cover his business in case of an accident. This coverage protects the business owner in case of an injury to others. It also may cover the expenses of an attorney in the case of a lawsuit.
3. Texas Workers Compensation Insurance
This policy covers your employees in the event they are injured in the scope of employement. So for example if a restaurant employee burns his hand on the stove (during work) Texas workers compensation will compensate him for his medical expenses. Texas workers compensation is not mandatory by Texas law. It is strictly optional.
Although the ins and outs of Texas Business Insurance is a very complex topic. These three basics are key for any Texas business owner to understand.
Here at the Mauceri Bynum agency in Mckinney Texas, we have business insurance clients from Amarillo to Dallas to Brownsville TX. We can handle all of your business or workers compensation insurance needs.
Please give us a call at 214-733-8400 for a free business review.
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