Every business owner needs to take the time to consider what his or her commercial liability coverage should consist of. An agent with knowledge specific to this insurance policy can help you to determine what risks and exposures you need to address, making it easier to decide how to best protect your business. You may want to balance cost-effective insurance solutions with coverage that will be sufficient for any and all liability concerns related to the products and/or services you provide to clients.
A policy for commercial insurance in Austin TX can be designed specifically to address your business and should include coverage for issues relating to property, general liability, commercial auto (when applicable), as well as umbrella insurance for excess damages beyond policy limits. Umbrella insurance coverage is great to have for times when a claim exceeds your liability insurance limits on your primary coverage.
BOP and commercial package policy options
Remember that your commercial insurance coverage requirements could depend on a lot of different variables. Many business owners prefer to buy multiple policies with different insurers, but this usually isn’t very cost effective. For example, if you buy a general liability policy with one agency and then purchase a policy for property insurance from another agency you’ll end up having to do twice the work when filing claims.
By bundling your coverage for your business under one policy with one insurer, either as a commercial package policy (CPP), or a business owners policy (BOP) you’ll not only reduce your overall premium costs, but managing your insurance claims and renewals will be much easier, saving you time as well as money.
You should decide what you want your deductible amount to be since this is the amount you must pay before coverage begins. Increasing the amount of the deductible on your policies will result in reduced premiums, which may be of interest to you if you want to have more cash available on a monthly basis.
Meeting with your agent each year to discuss changes that may affect your commercial insurance in Austin TX needs can be quite beneficial. This will help you to better manage your business, as well as any personal risk you might be exposed to. You should obtain multiple commercial liability insurance quotes for your company since benefits may vary from policy to policy.