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Business & Commercial Insurance Information
Lubbock Business & Commercial Insurance
As a college town and one of the largest cities in the Texas Panhandle, Lubbock is a commercial hub for countless professionals. If you are starting a business, then you have a chance to do so successfully in this area. However, starting and growing a business means being prepared for anything, and that means getting business insurance.
Commercial insurance is a big marketplace. Your coverage portfolio will therefore need to include several essential pieces of coverage that apply to different risks, liability and commercial assets.
If you are a business owner who needs comprehensive business insurance, then Lone Star Insurance Group is the place to go to help you get comprehensive coverage solutions.
We believe in supplying quality business insurance solutions to every member of our community. For fast, honest help getting covered, all you must do is call us at (806) 796-3834 or request a quote now.
How does business insurance work?
Business insurance is designed to help any businessperson protect themselves, their employeesand their property against many hazards, such as:
Property damage caused by fires, severe weather, theft, vandalism and other occurrences
Injuries or property damage caused by the business to third parties.
Employee injuries that they sustain on the job.
Damage to commercial vehicles, company possessions and essential equipment.
Following these accidents, your insurer can review your coverage to see if it will insure you against the damage done by these mishaps. They will then compensate you for the loss based on your policy terms.
With the help offered by your policy, you will be able to recover from these hardships without a significant monetary loss to the business itself. Therefore, you will not put everything you have worked hard to build on the line because unfortunate accidents occur.
What business insurance do I need in Texas?
There are many types of business insurance out there, and you will likely need several types of coverage to protect the business. Some of these are:
General Liability Insurance
Business Interruption Insurance
Workers’ Compensation Insurance
Commercial Auto Insurance
Equipment Breakdown Insurance
Employment Practices Liability Insurance
Errors & Omissions Insurance
Directors & Officers Insurance
Usually, you will have to buy several of these policies as required by law or by contracts. For example, if you own or use a vehicle for business, then you must have commercial auto coverage. Also, many contractors must buy surety bonds before they can enter contracts with clients.
Please note, though Texas law does not require most businesses to have workers’ compensation insurance, it still places liability for employee injuries on employers. Therefore, employers who do not have workers’ compensation insurance will still have to pay for employee injuries out of pocket.
How can I get coverage efficiently?
Because there are so many types of business insurance, you might wonder if there is a straightforward way to get your coverage in one place? If you qualify for a business owners policy (BOP) then you will be able to achieve this solution.
BOPs offer property, general liability and business interruption coverage designed for the benefit of small business owners. You can pay only one premium for your BOP, and you can often augment the standard coverage with added policy endorsements.
If you do not qualify for a BOP, however, you can still qualify for another type of coverage package called a commercial package policy. It will offer protection better suited for larger or more risky operations.
How much will my business insurance cost?
The cost of your business insurance policies will vary based on many risk factors like the size of your business,payroll and the types and amounts of coverage you buy. If you buy a BOP, you can expect to pay an average of $1,000 - $1,200 per year.
Our agents are happy to help you search the marketplace to find the proper coverage that meets your cost needs. We know how to combine coverage, compare carrier options and review discounts opportunities to help you find the best price on this critical overhead experience.