Business Insurance in Arlington, TX
Business insurance includes a variety of policies aimed at reducing financial losses caused by different risks. Whether you’re a small startup or an established corporation, having appropriate insurance coverage can determine whether your business survives or faces challenging times.
What Is Business Insurance?
Business insurance, also called commercial insurance, serves as a risk management strategy aimed at safeguarding businesses against financial losses arising from fires, theft, vandalism and other incidents. It can offer coverage for unexpected situations that may disrupt regular business operations, including lawsuits, severe weather or accidents.
What Types of Business Insurance Are Available?
The following are the most common types of commercial insurance available:
- General liability insurance
- Commercial property insurance
- Professional liability insurance
- Workers’ compensation insurance
- Commercial auto insurance
- Business income insurance
- Cybersecurity liability insurance
- Product liability insurance
How Much Does Business Insurance Cost?
The following factors can influence the cost of commercial insurance:
- Type of business
- Location
- Size of business
- Claims history
- Coverage limits
- Industry risks
- Credit score
- Policy deductibles
What Is Not Covered by Commercial Insurance?
While business insurance offers essential coverage, the following scenarios and events are not typically covered by standard policies:
- Wear and tear—Damage to business property caused by normal aging or general wear and tear is not typically covered.
- Natural disasters—Standard commercial property insurance may not cover losses from certain natural disasters (e.g., floods, earthquakes). Separate policies are needed for these risks.
- Undocumented income—Income not listed in your business’s financial records is not covered.
- Pandemics and viruses—Events such as pandemics, viruses or infectious diseases are typically excluded from coverage.
Where to Get Business Insurance
Contact Lowmas Insurance and Financial Services to discuss your business insurance needs today.