Commerical Insurance

We ensure our policies cover all those little details for your peace of mind

In 2015, the percentage of businesses in Texas that were small businesses was 98.6%. These small companies accounted for more than 4.4 million employees throughout the state. Organizations with fewer than 100 employees comprised the largest share of employment. As a business owner (small or large), it is important to know the minimum commercial insurance requirements within the state.

Types of Commercial Insurance

Most companies in Texas maintain a Business Owner’s Policy (BOP) which combines general liability insurance and business property insurance into a single policy. The BOP can be tailored to meet the needs of the company with optional coverages. While not required, it is highly recommended to simplify the policies.

There are several types of commercial insurance including:

State Minimum Requirements

Unlike most other states, Texas does not require businesses to carry Business Income Insurance, Worker’s Compensation Insurance, or Professional Liability Insurance, although highly recommended. What this means is if there is property damage, any type of negligence with the service, or if a worker is injured on the job, the owner of the company is 100% liable to cover all lost income, property damage, and medical bills. The decision not to choose insurance is highly risky as it can lead to the demise of the company.

Almost all businesses carry Business Income Insurance, Professional Liability Insurance and Workers’ Compensation Insurance to ensure they and their employees are protected when there is an incident. Problems can occur at any given time, so it is essential to have a trusted commercial insurance company like the Assets Management Group. For more information on commercial insurance, stop by the Assets Management Group office in Texas or call today!