Commercial Insurance for Every Business
The world is changing, and we understand the issues businesses face every day. There is constant competition for your customers, there are challenges in attracting and retaining top talent, and your cost of goods keeps going up. Part of your planning should include an annual business insurance review. Your business changes, and so do your exposures. Here are some of the major kinds of coverage found in most business insurance programs.
Bodily Injury– Covers bodily injury to a third party.
Property Damage– Insures damage to a third party’s property (equipment building etc.).
Personal Injury– Injury to the mind or emotions, as opposed to an injury to property.
Advertising Liability– Damages arising out of advertising, libel, slander and invasion of privacy.
Workers Compensation– Wage replacement and medical benefits to employees injured in the course of employment.
Products & Completed Operations– Liability arising out of products you sell or business operations and services conducted, excluding professional services.
Premises-Covers liability arising out of injury to third parties while on your premises. (equipment building etc.).
Management Liability – This might include cyber, employment, and professional liability coverage. Directors and officers liability also might fall under this category.
Umbrella- Provides excess liability over primary auto and commercial liability policies.
Errors & Ommissions- specialized liability protection against losses not covered by traditional liability insurance.
Commercial Auto Insurance
If you own a business, you likely will want to have insurance coverage for any vehicles you own or use in your business. Your basic business owner policy rarely, if ever, includes any vehicular coverage so a separate policy is usually in order. This policy should cover both liability insurance and coverage for property damage that could occur from an accident involving you or someone from your business. TWFG can provide the lowest commercial auto insurance quotes in the Pflugerville, Georgetown, and Round Rock areas.
If you have multiple vehicles, you can either create one plan to cover all or you may wish to have multiple plans depending on the coverage you need for different vehicles. Some key factors to consider when researching and selecting plans is how the vehicles are used; who drives them; are they owned, rented, or leased; and will employees ever use their own cars for business purposes. Understanding these factors will better enable you to select the appropriate strategy for coverage.
While your personal auto policy provides coverage for some business use of your vehicle, you will not have coverage if it is determined that the vehicle in question is used primarily for business. Also, if your business owns a vehicle, you must have business auto coverage. Finally, your personal auto policy may simply not have enough coverage to protect your business in the case of an accident or lawsuit.
In fact, when selecting your commercial auto coverage, it is recommended that you insure both the vehicles your business owns as well as any other autos that may be used for the business. In this manner, you provide the best car insurance to your overall business from liability when someone is driving a personal vehicle on business.
As a business owner, you are legally liable when you allow someone to drive one of your vehicles. If you fail to take reasonable steps to determine that the driver is qualified to drive or if you allow someone to drive whom you know has a poor driving record and that person causes an accident, you could be liable for negligent entrustment. Any damages awarded for negligent entrustment would be on top of liability for the accident itself. With regard to liability coverage, many experts recommend a business auto coverage limit of $1,000,000, with $500,000 as the minimum. The higher limit does not add a great deal to the premium, considering the amount of additional protection it provides.
As you can see, business auto insurance is complicated and highly dependent upon the size and style of your business. Your policy may be simple or you may need multiple policies to cover various scenarios. The best approach is to speak an expert with regard to your concerns and needs. At TWFG, we offer a full range of business auto policies, cheap car insurance quotes, and our staff is highly skilled at matching the best insurance products to your needs. Give us a call today to initiate the process.
Contractors Insurance
The Texas real estate boom has meant that there is a huge increase in the number of carpenters, plumbers, electricians, gardeners, decorators, and many other skilled professionals required to design, build, and maintain properties. These workers are often referred to as casual or artisan contractors. This group of workers requires special insurance needs covering equipment and tools that often are shuttled regularly between multiple job sites. For many artisan contractors, the most cost effective and efficient way to obtain property and liability coverage is business owner’s policy tailored to their needs.
With regard to business property, your policy will typically cover real estate and other property that your business owns. If your business rents or leases, you are covered for most tenant improvements and betterments, including improved/new fixtures, alterations, and/or installations. It is likely that your largest potential loss is with unique and valuable equipment that moves from job site to job site. This type of property is not typically covered by standard property insurance. To cover such property, you will need to purchase floaters; a floater is a special insurance product that can cover specific equipment throughout transit, installation, and use.
Much of the casual contractor work is dangerous and as such you almost certainly need liability insurance to protect you from lawsuits claiming harm from your work. In some cases, you may be required to carry Owners and Contractors Protective Liability (OCP) coverage. This type of coverage protects a property/business owner or a general contractor from possible liability arising from the negligent acts of your work as an independent contractor or subcontractor. While you purchase the product, it is designed to protect the property/business owner or a general contractor who hires you. While your personal auto insurance may provide some coverage if you use your vehicle for work, but if you use your vehicle primarily for business you will need a business auto policy. Additionally, if a vehicle is owned by the business, you must have a business auto policy.
As always, decisions about the best insurance plan for your business operations will depend upon your specific circumstances. At TWFG, we have plenty of experience working with contractors to obtain the appropriate level of coverage to protect themselves and their livelihood. Additionally, we can facilitate other insurance needs such as cheap car insurance quotes, renters insurance quotes, and facilitate you receiving the best homeowners insurance. We welcome the opportunity to work with you to develop insurance solutions that meet your budget and business needs. Your happiness and security are our responsibility.
Restaurant Insurance
If you own and operate a food service business, you understand the risks of running such an operation. Whether you have a food truck, deli, or full-scale restaurant, you have invested your heart and soul into your business. You will want to protect your investment with property and liability insurance coverage. As a business owner, your policy will cover any real estate the business owns. If you are a renter, your policy will cover any improvements or betterments that you invested. This can include physical alterations as well as cosmetic features such as fixtures. Your policy also covers your equipment, dishes, and food. Your restaurant business policy may include both business income insurance and business interruption insurance. Income insurance is designed to pay for ongoing expenses while you are unable to operate your business. Business interruption insurance pays for costs incurred by the loss; for example, if you have to relocate your business temporarily this insurance would cover the rental costs. If your policy does not include these coverages, you can likely add them for an increase in your premium payment. As a business that handles and serves food, there is the risk of food poisoning or other diseases being transmitted in your products. You can usually add an endorsement to your policy to insure you against such instances. If your business is halted or otherwise incurs a loss of income because of a contamination event, your policy will cover lost income and other expenses.
As you can see, there are many factors to consider when selecting and purchasing a policy for your food business. If you server liquor, you will need liquor liability insurance; this coverage protects your business against loss or damages claimed as a result of a patron of your business becoming intoxicated and injuring himself or others.. Other useful coverages to consider include coverage for spoilage, equipment failure, burglary/robbery, and business vehicle insurance. Your business insurance will also cover liability issues. These risks, such as patrons slipping or falling, are part of any business situation and you need protection. The amount you are covered for will depend upon your personal budget and business situation, but it is almost always best to err on the side of too much rather than too little. Remember, insurance is part of the financial plans of your business and you need to protect your investment and livelihood.
As you can see, restaurant and food service insurance is a specialized area of insurance. There are many factors to consider and each situation demands personal attention. At TWFG, we are committed to providing our clients with the information necessary to make the best choices. TWFG Services can also help you with a myriad of other insurance needs such as health insurance quotes, the best car insurance, or getting you the lowest long term care insurance quote. Visit with us today to start protecting your business and enjoying the comfort of a proper insurance policy
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