It's no surprise that the COVID-19 pandemic has significantly impacted many people's lives and the trucking and driving industries. Living in a state where everything is bigger and better has its perks but suffice it to say, the struggle was felt by 30 million Americans residing in Texas.
The Lone Star State has the nation's second-largest GDP at $1.77 trillion. According to the US Census Bureau, the state has 3 million small businesses that employ 4.9 million people.
If you're one of the three million small businesses that need to secure insurance coverage and get proper business insurance, read on better to grasp Texas Business Owners' Insurance (BOP).
Businesses can customize their business owners' policy (BOP) to meet their specific needs by adding optional coverages such as data breaches, business income for off-premises utility services, and other specialized coverages.
A business owner's policy (BOP) typically includes general liability insurance, commercial property insurance, and business income coverage. A standard BOP, in more detail, includes the following:
The cost of a BOP varies depending on the underwriting factors of the insured business and the additional coverages required via endorsement. A Business Owner's policy's premiums typically range from $500 to $3500 per year, with an average cost of $1200.
The premiums vary according to the amount of risk exposure and the endorsements and deductible chosen. The following are some of the major factors that influence the cost of a business owners policy:
Knowing the different types of auto insurance and their coverages is an important step in getting the right policy for you if you're shopping for auto coverage. Here are some of the most common types of car insurance, how they work, and what they cover:
Below are some of the frequently asked questions regarding business owner’s insurance:
More than 60% of small business owners claim to have insurance. However, more than 40% of people think their personal insurance provides enough protection, even for work claims.
According to data, the average yearly premium for small business insurance in Texas is currently $49 per month. Each industry has different insurance costs, as you can see when you look at each one in more detail.
General liability and property insurance are combined into one simple-to-manage policy under a business owner's policy. Your company is shielded from third-party liability claims, such as those for physical harm, property damage, and personal injury, by general liability insurance. If you have a BOP, you do not require supplementary general liability insurance.
Reliable Texas business owner's policy, as well as workers' compensation, is competitive in small businesses and large enterprises. However, finding the right BOP with business property insurance, business income insurance, bodily injury coverage, and even professional liability insurance can make a big difference in your business's future.
To learn more about business owners' policies for your business in Texas, read through our blogs at Assured Standard and grasp what smart long-term business solutions could look like for you.