No business is too big or too small to need the proper commercial insurance coverage guarding it against the financial risks it faces. If you aren't sure where to begin in getting the right business insurance coverage for your company, take a look at some of these dos and don'ts to help you get started.
- Do you think of ways to help save money on insurance premiums. Insurance provides a necessary safety net for small and large businesses, but that doesn't mean you have to pay top dollar to get top coverage. You can get quotes from many different insurance carriers and talk to your agent about securing discounts that make the premiums less burdensome on your new company.
- Don't sugarcoat your exposure to risk. There’s nothing wrong with wanting save money on business insurance premiums, but lying to yourself about the risks that you face is not the right way to do that. Don't skip commercial auto insurance simply because you only run errands for the business in your car, don't skip commercial property insurance because you feel like your business doesn't own that much, and don't overlook business liability insurance because you think your odds of getting sued are low.
- Do you think about multiple lines of liability coverage. Businesses can benefit from general liability insurance but they need to also consider the specific liabilities they are exposed to and what kind of specialty insurance to invest in. For example, cyber risk insurance covers incidents that a general liability policy may not. The same can be said for malpractice insurance, errors and omissions, professional liability and more.
- Don't assume your hold harmless keeps you safe. Some business owners think that if they have their customers sign a hold harmless agreement they don't need liability insurance coverage. Unfortunately, a business owner could still face a lawsuit and may need to pay for representation. Also, your hold harmless may not be recognized by the court as valid which could leave you exposed to losses you have no way of anticipating.
- Do get insurance as soon as you hang your virtual or real-life shingle. The time to get insurance for your business is now, as soon as you start it.
- Don't wait until your business gets "big" before you buy insurance. Your exposure to insurable risk does not just start once your business is successful. In fact, not having the proper insurance when you first start your business could prevent it from ever reaching the point of success.
Give us a call today at 214-824-8888 and we can help you set up the right Texas business insurance for your company and your budget.