Running a small business involves unique challenges and risks, including property loss, fire damage, theft, customer injuries, workplace accidents, etc. All these can lead to lawsuits and settlements, causing you financial hardships. This is where you will learn the importance of buying small business insurance in Amarillo, Texas.
What Is Small Business Insurance?
A small business insurance policy helps protect a business’s assets, income, and property against unforeseen events, natural disasters, and liability lawsuits/claims.
Small Business Insurance Coverages to Choose From
General Liability
This type of insurance protects your business from third-party bodily injuries, property damage (caused on your premises or by your operations or employees), and related lawsuits.
Business Interruption
This reimburses lost income while your business is temporarily closed after a loss or damage from covered perils, including lightning, fire, theft, wind, and falling objects. It also covers additional expenses incurred, such as moving your business to a new location and employee wages.
Cyber Liability
Cyber Liability covers data breaches and cyber-attacks, and related lawsuits. It also reimburses for notifying customers about the incident, retrieving lost data, and offering free credit monitoring.
Commercial Property
It covers loss or damage to your business property and its contents (including your equipment, building, tools, outdoor fixtures, inventory, and personal property used for business) caused by lightning, fire, wind, theft, and vandalism.
Commercial Auto
It protects your business vehicles from:
- Third-party physical injury and property damage claims arising from at-fault accidents
- Collision damages
- Damage/loss caused by theft, vandalism, and fire
- Accidents caused by uninsured/underinsured motorists
- Lawsuits if you are sued for causing accidents
Errors and Omission
It protects your business from lawsuits filed by customers for providing inaccurate information, negligence, and violation of good faith and fair dealing. It covers legal expenses and settlements associated with such lawsuits.
Commercial Umbrella
It provides extended coverage for claims exceeding your standard insurance coverage limits. It also covers third-party liabilities and related lawsuits.
Workers Compensation
It protects your business against lawsuits arising from workplace accidents while paying injured employees:
- Medical bills
- Disability expenses
- Lost wages
- Ongoing care costs
- Death benefits (in fatal incidents)
Inland Marine
It pays for your goods that are stolen, damaged, or lost while being transported over land by truck or train.
Directors and Officers Liability
It protects your business and its directors, officers, and board members from lawsuits filed by employees, customers, or vendors for alleged wrongdoing, including:
- Misrepresentation of company assets
- Breach of fiduciary duty
- Violating workplace laws
Product Liability
It protects your business from third-party bodily injuries and property damage caused by your products and related lawsuits.
How to Save on Your Business Insurance?
Buying a small business owner’s policy (BOP) is a way to save on your commercial insurance. A BOP is a packaged policy that includes three coverages (such as income coverage, liability coverage, and property coverage) to protect your business from:
- Third-party bodily injury and property damage
- Lost income
- Liability lawsuits and related expenses
Connect with Us for Comprehensive Business Insurance in Amarillo, Texas
At Advanced Insurance Group, we offer all-inclusive business coverage tailored to your specific requirements and risk exposures, ensuring protection at all times. Contact us today to learn more about our business insurance.
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