Business Insurance Basics

Business insurance in Austin, TX is essential for every business owner, regardless of the industry. At a minimum, you should have property, liability, business vehicle and workers’ compensation insurance to protect your business from financial loss. For most small businesses, insurers frequently combine several coverages into one package known as a Business Owners Policy.

Business Owners Policy

Small- to medium-sized organizations that satisfy specific guidelines are eligible for a BOP, created specifically for industries facing the same degree and type of hazards, such as accountants, funeral directors, restaurant owners and hair stylists. Insurers consider factors such as the liability limit requirements, premises size, business type and the extent of offsite activity. Premiums are set by taking these factors into account along with financial stability, safety features business location, fire risks and building construction. Most BOP plans include:

  • Business income insurance
  • Major property insurance
  • Liability insurance

A BOP does not incorporate all the coverages you need, such as auto insurance, professional liability, health, life or workers’ compensation. Separate business insurance in Austin, TX is available to cover these risks.

Additional Policy Types

In addition to the basic coverages discussed, some businesses may require coverage for other policy areas, such as specialized liability, umbrella or terrorism insurance. Make sure to meet with a trusted insurance agent to learn more about business insurance in Austin, TX.

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