Helping businesses get the commercial coverage they need
Business Insurance In San Marcos, TX
Business Insurance Coverage Options
Having the right business insurance can give you the peace of mind you need to know you’re covered in the event of unforeseen circumstances.
This means you can focus on the future of your business without worrying about whether or not you could face financial trouble due to accidents or mishaps outside of your control.
If you’re a new business owner and you’re just getting set up, taking out the proper insurance policy for your new company is one of the first steps you should take to ensure you’re protected against unseen events. If you ask any small business owner, they’ll probably tell you that choosing the right insurance can be a daunting task. From picking the right insurer to choosing the right coverage and amounts of protection, there’s a lot to consider, so be sure to contact Matt Patterson Insurance Agency to discuss your goals, needs, and insurance needs.
Business Liability Insurance
Commercial general liability insurance (CGL) is crucial for businesses of all sizes, and helps protect against a variety of claims. The most common types of coverage provided by this policy include:
If your customer falls and hurts themselves or sustains injury on your property in any way, your business may be liable for legal fees, medical fees, and damages. This does not cover injury to employees.
If your business involves having employees visit clients or customers, there’s always a risk the staff member may accidentally cause damage to the customer’s property while on-site.
If you or an employee causes harm to the reputation of another business or business owner (intentional or otherwise), your company may be responsible for damages and loss associated with this harm.
If you or your business defame another company or person, you may wind up in court and owe money for damages caused by the defamation. These court fees and damages can quickly add up.
If your company is accused of using another person’s or company’s work in your marketing or materials, you may owe damages due to the unauthorized use of their intellectual property.
Your policy may cover employees’ personal belongings in certain scenarios (covered damages such as fires, etc.), but will vary depending on your plan and the coverage you opt for.
While general liability insurance can help you protect your company in a variety of scenarios, such as those listed above, it doesn’t shield from all potential threats. It’s a crucial core component of you need to protect your company, but you may need other forms of liability coverage.
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Commercial Property Insurance
Commercial property insurance offers protection for the property used to operate your business. This includes your company’s building, your equipment and tools, furniture, and other assets on the premises. If you sell goods that are stored on site, this coverage can also protect your inventory. In some cases, this type of coverage can protect the business owner’s personal property if these belongings are left in the workplace.
Commercial property insurance can protect your business against a variety of forms of property damage. If your company is the target of burglary and theft, this insurance will help cover your losses. If your building is subject to natural disasters such as fire or lightning strikes, your commercial insurance policy may cover the costs of damage, depending on what protections are outlined in your policy.
Workers’ Compensation Insurance
If an employee suffers injury on the job, workers’ compensation insurance can protect your employee and your business in several ways. Not only can workers’ comp cover missed wages to help your staff member cover their bills while they’re recovering, but it can help with the medical costs incurred because of the injury or illness.
Additionally, workers’ comp can help cover rehabilitation your employee might need due to bodily injury, and can even help with death benefits such as funeral costs in the unfortunate event that a staff member passes away due to a work-related accident.
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Business Life Insurance
If you own a small business, your employees count on you in a number of ways. Not only do you provide them with a paycheck to help them pay their bills and feed themselves and their families, you may help them when it comes to health insurance, planning for retirement, and more. If you pass away, business life insurance can help keep your business running while the necessary changes and transitions are made.
Key Person Life Insurance
With key person life insurance, your business can be covered in several ways in the event of your death. With this coverage, financial losses can be covered and funds can be used to help find a replacement who can take over and keep your business running. If the business winds up shutting down after your passing, debts and severance packages can be paid off with the help of this coverage.
If you have a business partner, you can opt to enter into a buy/sell agreement to help keep the business going in the event either partner passes away. In this agreement, in the event of death the surviving partner receives the death benefit that can be used to purchase the remaining half of the business, which means the family of the deceased owner receives compensation and the business has the funds necessary to continue operating.
Need Business Insurance in San Marcos, TX?
As you can see from the options outlined above, there’s a lot to consider when it comes to insuring your company as a small business owner. From liability coverage to business auto insurance, there’s different benefits to consider based on the types of risk you may experience.
There are other forms of insurance you can add on as well, such as professional liability insurance. It can be difficult to figure out how much standard and additional coverage you need to protect yourself and your company in various scenarios, but you don’t have to figure it out on your own.
Whatever unique needs you may have, we can help set up the perfect small business insurance plan to ensure you’re covered! At our San Marcos based insurance company, we hold ourselves to the highest ethics in the insurance industry and provide the insurance services you need.
Contact the Matt Patterson Insurance Agency in San Marcos, TX for all of your insurance needs. Our insurance professionals will be happy to discuss your current situation and unique needs and goals to come up with the right coverage and insurance solutions to meet and exceed your expectations without breaking your budget.
In addition to business insurance services, we also offer homeowners insurance, renters insurance, car insurance, and life insurance for residents in the San Marcos area. Simply give us a call and a friendly insurance agent will be happy to help!