Like many things in life, your commercial insurance isn’t something you buy and forget. West Texas Insurance Agency of Amarillo, TX, recommends reviewing your business insurance at least every year. This way, you will be paying for the right amount of premiums, and you will make the claim process smooth.

But there are the things that shouldn’t wait for a year to lapse so that you update your insurance policy. If the below happens, talk to your insurance agent ASAP.

Downsizing or expanding your business

Are you moving to a smaller office? Or perhaps you are adding the number of stores? Either way, you need to inform your commercial insurance agent. Changes in your business size affect your insurance premium, and it’s essential to inform your insurer to make the necessary adjustments.

Change of location

Moving your business to a new state? Inform your insurer to ensure they have a presence in your new location. Plus, a new location comes with a new set of risks that must be factored in your policy.

Changes in workforce

If you have invested in worker’s comp insurance, you need to update your insurer whenever there are additions or reductions in your workforce.

Purchases or disposal of equipment

It’s normal for a business to purchase new equipment. It’s equally standard for a business to get rid of old equipment, perhaps to invest in equipment with better technology. Whatever the reason, you need to inform your insurance agent to ensure that the assets covered are the ones you own.

Conversion of personal vehicle to business car

If you want to use your vehicle to run commercial errands, you need to upgrade from personal auto insurance to commercial auto insurance.

Buy commercial insurance today!

Do you need more information on commercial insurance? Ready to buy commercial insurance for your Amarillo, TX business? Please consider West Texas Insurance Agency for all your business insurance solutions.

Any responsible business owner understands the purpose and importance of commercial insurance. It helps protect your business, you as a business owner, and the employees you hire. If you are planning to purchase commercial insurance, but you need more information about it, West Texas Insurance Agency serving Amarillo, TX prepared a list of those who definitely benefit from this type of insurance:

Business Owners With Liability Concerns

There are some businesses and business owners who are more prone to liability lawsuits. Therefore, having commercial insurance for them is more important than for others. Almost all commercial insurance policies provide at least some level of liability protection – protection of the business assets when a business owner is being sued and protection of personal assets of a business owner when their business is being sued. 

Business Owners Who Hire Employees

Even though it is not mandatory in Texas to carry workers’ compensation, it is still recommended to have it because this type of commercial coverage protects both business owners and their employees from financial losses if a workplace injury occurs. 

Business Owners With Their Own Commercial Properties

Business owners with their own business properties will also benefit from business insurance. Commercial insurance covers commercial buildings, as well as all the assets and personal belongings of business owners stored inside. This means that if something happens to their building or stuff, insurance will pay for its repair or replacement. 

West Texas Insurance Agency – Find Commercial Insurance You Need

If you are a business owner from Amarillo, TX or any other nearby town or area, you should consider getting commercial insurance that will protect you and your business. West Texas Insurance Agency is an insurance company that is ready to assist you and help you find the perfect policy. If you want to discuss the insurance options available or have any questions about the insurance policies we offer, do not hesitate to call us. 

When you are in the Amarillo, TX area and are looking for a good career choice, starting your own business is a great option to consider. Anyone that is going to start a small business in this part of the state will have a lot of opportunities to be successful. At the same time, there are risks that should be mitigated. A commercial insurance plan will offer the protection needed to mitigate these risks. 

Protection for Assets

A form of coverage that is helpful to have and comes with commercial insurance is commercial asset protection. Businesses in Texas are going to need to purchase assets to grow and operate their business. If you have a proper commercial insurance plan in place, it will offer support in the event your assets need to be repaired or replaced due to damage or theft.

Liability Mitigation

Business owners will always need to ensure they have liability risk mitigation strategies in place. If you are going to operate any type of company, there is going to be a risk that you could be named in a liability lawsuit. As these damages can be significant in some situations, finding ways to reduce this risk is important. With commercial insurance, you can get the support you need to reduce this risk.  

As you are looking to protect your Amarillo, TX area business, it continues to be important that you get the right insurance coverage. The team with West Texas Insurance Agency can help you build a plan that will offer the right support for your organization. West Texas Insurance Agency is able to do this by providing guidance to ensure you are aware of your insurance needs and options and how you can best protect your business. 

Running a business comes with various challenges. You’ll face numerous risks that threaten the existence of your investment. For this reason, you need to safeguard it against expected and unexpected problems that may occur. There’s no way you can avoid these business risks entirely; you’ve to adopt effective business protection measures. 

One of the prudent decisions you can make is purchasing commercial insurance. It will protect your business from common risks that can bring down a company you’ve struggled to build for so many years. 

So, what are the business risks that you can minimize by purchasing commercial insurance? Our experts at West Texas Insurance Agency are here to help Amarillo, TX residents understand this topic. 

Property Damage

A good risk management program must consider how to deal with property damage. Hurricanes, fires, and floods can damage the physical structure of a business. The damage caused will disrupt the daily operations of your business, which will lead to lost profits. 

What should you do? Getting commercial insurance coverage is the first line of defense against property damage— however, not just any coverage. You need to ensure that the policy covers property damage and everything is insured to the right value. 

Human Capital

If you’ve employees, you’re probably facing multiple risks. When carrying out their mandates, employees get involved in all manner of accidents, which leave them injured or ill. When such situations arise, your business will spend a lot of money covering losses arising from the employee’s absence from work. You’ll also need to pay for medical expenses arising from the accident. 

What should you do? Commercial insurance coverage keeps you safe from the risks that come with employing workers. Workers’ compensation is included in most commercial insurance policies, which means you will be mitigating risks that can bring down your business.

Manage Risk with Commercial Insurance

As you can tell, there’s a direct correlation between risk management and business insurance. Risk management is all about managing the perils that may bring your business down, and insurance is right there as the first line of defense.

Do not miss out on these benefits of commercial insurance in risk management. Contact our West Texas Insurance Agency agents in Amarillo, TX, for immediate assistance.