Small business owners in Texas may not realize they need commercial insurance, but they do. Insurance helps absorb the costs of customer medical bills for slip and fall accidents, libelous statements, repairs to business vehicles, and medical bills of employees who get hurt while doing their jobs.
Commercial insurance, also called business insurance, protects your business in many ways through various policy types. Michael Leonard Insurance of Texas wants you to understand the multiple policies and which ones Texas requires by law.
Texas Commercial Insurance and Business Auto Coverage
Of the businesses located in Texas, 98.6 percent are small businesses and employee 4.4 million individuals. Most of these firms have less than 100 employees. That makes small businesses the backbone of the state's $1.59 trillion economy.
You can protect your business, its economy, and the operations with business insurance. The state requires a commercial auto policy for each business vehicle your company owns.
You must carry a minimum 30/60/25 liability policy for bodily injury and property damage. That means your policy will provide:
- $30,000 for bodily injury per person
- $60,000 for bodily injury per accident
- $25,000 for property damage
You can add items to that like collision or comprehensive.
Texas does not require you to carry a business owner’s policy. Although, a combination of business property insurance and general liability insurance can protect you by paying for slip and fall accidents and libel incidents. You can also add other coverage types. The state does require you to own a worker's compensation policy if you have employees.
If you own a Texas home-based business, an office, or a storefront, contact Michael Leonard Insurance of Texas to obtain the insurance you need to keep it running. We can help you understand the various policies available to cover your business adequately.