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Insurance Type

When you have a business of any size in Texas, there are certain insurance policies that you have to have to stay legal. In addition to this, other types of insurance are highly recommended for business owners. If you need to insure your business, or you want to add a policy, call us at All Around Insurance Agency in Katy, TX to talk to an agent.

Commercial Auto Insurance

Every Texas vehicle that is owned by a business must have a commercial auto insurance policy. If you try to put a personal auto policy on one of these vehicles, the chances are that it won’t pay out in the event of an accident. This puts your business at risk of liability and enormous medical and property damage bills. With a commercial policy, you can have peace of mind knowing that you have the right policy and that an accident that happens will be covered. Texas has a mandatory minimum amount of coverage for the bodily injury liability of one person in an accident, a higher minimum amount for all of the bodily injury liability from the accident, and a set minimum amount for the amount of property damage coverage for an accident.

If your business does not own your vehicle, but you use it for some business tasks, a personal auto insurance policy is unlikely to pay out for an accident as well. Instead, you need a policy called hired and non-owned coverage.

Workers’ Compensation Insurance

Unlike most other states, Texas does not have a workers’ compensation insurance policy mandated. However, it’s a good idea to get workers’ comp coverage to protect your employees and your business. Today’s medical bills are increasing all the time, and it would be up to your business to pay for all of the medical bills if a worker were to get hurt or develop an illness while at work. With this insurance type, the medical bills and lost wages can be paid by the insurance company. If your company does business for the government, this kind of coverage is required.