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Allen, TX 75013

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Do I Need Workers’ Compensation Insurance If I Have Commercial Insurance?

If you are a business owner, you know there are many insurance policies you need to have enough protection. One of the most important is workers’ compensation insurance. The question is, do you need it if you already have commercial insurance? Brent Davis Insurance in Allen, TX can help you decide which policy is right for your business.

Here are the differences between workers’ compensation and commercial insurance:

What Is Commercial Insurance?

Commercial insurance covers businesses for claims arising from their operations. It can protect your business from claims of negligence, property damage, personal injury, and more. Commercial insurance policies are tailored to the specific needs of the business.

What Is Workers’ Compensation Insurance?

Workers’ compensation insurance covers businesses for claims arising from injuries to their employees. It can cover medical expenses, lost wages, and death benefits. Workers’ compensation insurance is typically required by law in most jurisdictions.

Can Commercial Insurance Cover Employee Injuries?

Yes, commercial insurance can cover employee injuries. However, it’s important to note that workers’ comp typically provides more comprehensive coverage. For example, it may cover medical expenses not covered by commercial insurance.

Things like prosthetic devices and rehabilitation. Additionally, workers’ compensation insurance may provide death benefits to the family of a deceased employee. Commercial insurance typically does not.

So, Which Policy Do I Need?

Workers’ comp is not mandatory in Allen TX. However, Brent Davis Insurance always recommends that clients err on the side of caution and purchase a policy. Commercial insurance is also crucial in that it offers protection against a variety of different risks.

That said, it’ll not be enough on its own to protect your business in the event of an employee injury. The best way to ensure your business is fully protected is to purchase both policies.

Give Us A Call

As a business owner, it’s crucial to have the right insurance coverage in place. Workers’ compensation insurance and commercial insurance are both essential policies that can protect your business from different risks. Brent Davis Insurance in Allen, TX can help you determine which policy is right for your business. Contact us today to learn more.

Commercial insurance FAQs

Choosing an insurance agency that has experience helping businesses to identify and mitigate their risks is important. Once you know what the main risks are, you can get insurance to help you survive the problems that arise. At Brent Davis Insurance in Allen, TX, we take that responsibility seriously. We get to know our clients and their business. We are independent agents and work with many carriers. This allows us to find the one that can provide the coverage you need at the best price.

Commercial insurance FAQs

What commercial insurance is required in Texas?

Texas is the only state that has no commercial insurance requirements, not even workers’ compensation. Having said that, it is a good idea for most businesses to have some sort of commercial insurance to protect their assets.

What is a BOP (Business Owners Policy)?

A BOP is a combination business insurance policy that is designed for small to medium businesses and, in the most common form, includes commercial property insurance and commercial liability insurance. This offers a lot of protection and by combining the two together, the price is usually better. Another option is to include business interruption coverage, which is another important type of coverage for smaller businesses.

What does commercial property insurance cover?

Commercial property insurance covers the building if you own it and also the content. These are all the things you need to do business. Depending on what type of business you have, it can be machinery, displays, tools, inventory, office furniture and machines, electronics, and raw materials. It covers the things that you use to conduct your business.

Contact Brent Davis Insurance in Allen, TX to let us help you and your business to protect yourselves from all the things that can and will go wrong. Call us for an appointment.

Choosing the Right Commercial Insurance Policy

When you open a business, whether you open a sole proprietorship or a startup, you will need commercial insurance. The need increases if you own a business with a storefront or a service-based practice, such as a legal firm or medical practice.

Brent Davis Insurance serving Allen, TX can help you obtain the appropriate coverage for your business. Buying business insurance isn’t the same as insuring a house or car. Your business will need multiple coverage types and policies. In the insurance industry, what we refer to as a commercial insurance policy actually refers to a package of policies.

Most businesses start with a business owners policy (BOP) and add to it. The BOP consists of the four most common types of insurance a business needs. It includes structural damage, business and personal property, and liability protection.

You then add to it the specialty types of coverage you need. This includes additional general liability, glass insurance, boiler insurance, malpractice coverage, and more than 10 other types of insurance. Each kind of policy covers an event that only certain businesses experience. For example, a dry cleaning business that delivers clothing would need a commercial auto policy and inland marine insurance. The former would cover the vehicle’s liability and property damage as well as comprehensive and collision. The latter would cover the items transported by the business.

Only medical and legal practices need malpractice insurance, typically, but a medical doctor who also creates medical devices, such as prosthetics or a dentist that creates teeth straightening trays would also need error and omissions insurance. The medical devices would not be covered under malpractice insurance.

The complexities of commercial insurance warrant a consultation with Allen TX’s Brent Davis Insurance. Let one of our agents discuss your commercial business options with you. We can help you find just the right coverage for your business, so you do not spend too much or buy the wrong policy.

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