Commercial Insurance in Texas

Some new small business owners here in Texas think that by incorporating or forming a limited liability company, they are protecting their personal property should they be sued. Some are clients of ours at Collum Insurance Group LLC in Richardson, TX, so it falls to us to break the news to them when they come in to discuss insurance that they need to do more than that. An LLC does protect them from personal liability so their vehicles, homes, and savings can't be touched should they lose a lawsuit or be forced to declare bankruptcy. And a corporation is a legal entity in and of itself so, in the likelihood of a lawsuit, it will be held legally liable - not its owners. But as far as the need for insurance, commercial insurance, that is, they're not off the hook. There are types of insurance that every business needs, no matter what it's structure.

Commercial Insurance For Every Business

Business structures like LLCs and corporations only protect the personal property of the business partners, and in some cases, only minimally. But that doesn't mean they don't need commercial insurance, or business insurance, as some people call it. In addition to the unemployment, disability, and worker's compensation, all businesses are mandated to get in the state of Texas. the following types of commercial insurance can fill in the gaps.

• Product Liability Insurance: For businesses that manufacture. distribute, or just plain sell products. This type of insurance will provide financial protection should a product they sell cause injury, illness, or property damage.
• Professional Liability Insurance: For businesses that provide services rather than products to their clients or customers. This type of insurance provides protection should a client take them to court over perceived errors, negligent behavior, or malpractice.
• Commercial Property Liability Insurance: For companies that own their own facilities. This type of policy will protect the company from catastrophic happenings like fire, storms, and acts of vandalism and civil disobedience.
• General Liability Insurance: For any and all businesses. General Liability, as its name suggests, protects personal and business assets from a wide range of misfortunes including bodily injury, medical expenses, libel or slander lawsuits, judgments.

Let's Talk Business

If you're starting a business in Texas, we invite you to visit us at Collum Insurance LLC so we can talk business, commercial insurance business, that is. Call us today. Our Richardson, TX office will get you started on the right track.