Whether you run a large or small business, it’s important to protect your assets, equipment, vehicles, property, customers and employees with the right commercial insurance.
There are many aspects of commercial or business insurance, so figuring out how to get the best low cost commercial insurance in Katy Texas can seem overwhelming.
To get started, here are some facts about commercial and business insurance you should know.
In Texas, commercial property policies are not standardized. While there are minimum state requirements, insurance companies can develop their own policies. The types of commercial or business insurance policies that are available and their costs can vary from company to company.
One type of commercial insurance policy is commercial multi-peril or CMP. This type of business insurance combines multiple policies like auto, property and liability – into a single policy that is usually less expensive than individual policies. For small businesses, business owner program (BOP) policies combine liability and commercial coverage in one commercial insurance policy.
It is possible to add to your basic coverage based on your needs. A type of coverage called endorsements is used to expand your policy and your premiums. It may be important to insure buildings you use and not just those you own. You can add endorsements to your policy to cover rented or leased space or off-premise property.
Special insurance coverage for your equipment and supplies can be added as endorsements. For example, HVAC, boiler and other machinery can be insured with boiler and machinery coverage. Valuable papers coverage protects your business documents and records. There are also coverage for broken glass resulting from theft, forgery, and robbery.
As with home owners insurance, most commercial insurance does not cover flooding. Separate coverage – available from the National Flood Insurance Program - must be purchased to cover damage from floods. Generally, your buildings must be located in a community that participates in federal floodplain management programs to qualify. Since about a quarter of all flood damage occurs in areas that are considered low risk, it’s important to assess your flood insurance needs.
Commercial and business insurance providers may exclude windstorm and hail damage in some coastal areas of Texas. Coverage can be obtained from the Texas Windstorm Insurance Association.
These are just some of the many facts about Katy TX commercial insurance you should know to protect yourself, family and business. For more information, check with the Texas Department of Insurance or a local insurance expert to get a commercial insurance policy to cover your assets.
Call Insurance Agency Texas, your local Katy TX insurance agents today at 1-877-952-1010 or 281-398-1010 if you have questions about business and commercial insurance in Katy Texas.