Business Insurance in Corpus Christi, TX

Forty percent of small businesses will have a liability or commercial property insurance claim in the next 10 years.^[1]Whether you’re just starting your business in Corpus Christi or you’re well established, having the right business insurance policies in place is essential to protecting your hard work and investment.

Average Business Insurance Costs in Corpus Christi

We’d love to say that business insurance rates are lower in Corpus Christi, or even in Texas. The truth is that business insurance is a broad term and the coverage you need for your business may be very different from the coverage needed by another Texas business. That’s why it’s so important to work with an agency that knows business insurance inside and out. An overlooked risk can be extremely costly to your business.

Which Types of Commercial Insurance Are Required in Texas?

You can think of your business insurance as being in one of two categories, the first of which is the coverages required for Texas businesses, while the other coverages are optional — but often prudent.

• Workers’ Compensation Coverage: Texas does not require employers to carry Workers’ Compensation Coverage^[2], but because of its importance, we’ll include this as a required coverage. Workers’ Compensation coverage protects both employers and employees, shielding employers from many negligence lawsuits and paying medical expenses as well as lost wage compensation for work-related injuries or illnesses. Not carrying coverage will leave you with no protection!
• Commercial Auto Insurance: If your Corpus Christi company operates highway vehicles, commercial auto insurance is a must. This policy provides liability coverage for bodily injury and property damage due to an auto accident. Collision and comprehensive coverage can protect your business vehicles as well.

Which Other Policies Are Recommended?

• General Liability Insurance: Slip and fall accidents are one of the most common example of general liability coverage but this policy also protects your Corpus Christi company against slander or libel claims, and even unintentional misleading advertising. Reputational harm claims, a coverage included with general liability insurance, average about $50,000, with many claims costing more.^[3] Your liability coverage can provide protection for damage caused by your ‘product’. For example, if you are a contractor and you put in new steps and railings for a deck and the railing doesn’t meet standards causing an injury you could be protected with your general liability coverage.  A restaurant would want this coverage to protect against a major food caused illness.
• Commercial Property Insurance: This coverage insures the physical assets of your business, including your building and its contents. Machinery, equipment, supplies, and on-site inventory are all insured against common risks like fire, theft and vandalism.
• Professional Liability Insurance: This coverage is recommended for Corpus Christi businesses that offer advice to clients. Also called Errors and Omissions (E&O) coverage, this policy protects your business against liability due to — you guessed it — errors and omissions. To err is human. Professional liability insurance protects your business from the inevitable.
• Business Interruption Insurance: Imagine if something brought your business to complete standstill, like a car driving into your retail showroom for example — or a devastating storm. You’re out of business for a while until repairs are made, etc. Meanwhile, you still have payroll, rent, and other normal business expenses, but no revenue with which to pay the bills. Business interruption insurance helps ensure that your Corpus Christi company is still in business when the damage is repaired and you can resume operations. Corpus Christi, TX is of course in a major wind storm area and it is very important that you include Loss of Income/Business Interruption coverage for this exposure too!
• Inland Marine Coverage: Not for your boat!  This is where you protect your mobile equipment and supplies that go off site.
• There are many more coverages that you should consider depending on the type of business you operate including Excess, Umbrella, Cyber, Data Breach, Crime, Employment Practices Liability, Director & Officer coverage just to name a few!

Balsiger Insurance, An Independent Insurance Agency

As a Corpus Christi insurance agency, we’re a small business just like your Corpus Christi business. As an independent agency, we have access to many insurance companies enabling us to help you choose the best coverage without compromising due to limited selection.

Having the right coverage can be crucial to your Corpus Christi business if the unexpected happens. Just give us a call. We work with pretty much any new business, including landscapers, general contractors, rental property owners, apartment building owners, restaurants and much more! We’ll walk you through coverage options, so you can choose the coverages you need without the unneeded add-ons. Protecting your business might cost less than you think.

^[1]https://www.insurancejournal.com/news/national/2015/04/09/363801.htm

^[2]http://www.twc.state.tx.us/news/efte/workers_compensation.html

^[3]https://www.insurancejournal.com/news/national/2015/04/09/363801.htm