Commercial Insurance Tips for the New Business Owner

Are you setting up shop near Coppell, TX and need to know more about how commercial insurance from The Select Insurance Agency works? Use this quick FAQ to learn which types are needed to protect your new business venture.

Service-Oriented Business Focus on Liability

If your new business focuses on offering a service rather than a product, you will need to make sure you have the right liability insurance in place. Doctors, lawyers, accountants, financial advisors, and other advice-based ventures can face struggles when a client receives what they consider the wrong news. In our litigious society, proper liability coverage is the cost of doing business.

Protecting Your Employees

It doesn’t matter if you have one, twenty, or a thousand employees on the payroll. You will need worker’s compensation coverage that provides access to medical support for them in case of an injury while protecting your bottom line. Commercial auto insurance also allows your driver access to a company car without taking on the burden of being liable for conducting business on the road. Don’t forget about health insurance options, too.

Factory Space and Machinery Require Their Own Coverage

When you are building a new product, your manufacturing space, and equipment located in or near Coppell, TX should be properly insured against loss due to fire, theft, storm damage, and even economic uncertainty. Make sure to check with your agent about protecting property whether it is on your own or leased land. Farming? Request quotes for livestock and crop insurance, too.

Commercial insurance offers many products all ready to protect different aspects of your new business. Take the time today to speak with your personal agent at The Select Insurance Agency and make sure you have the coverage needed for a long and prosperous business venture.

What is the Difference Between Property Insurance and Homeowners Insurance?

You’ve probably heard of property insurance and homeowner’s insurance. And in fact, many people throw these two terms around interchangeably. This use is not quite correct, however. Though related, the truth is that property insurance and homeowners insurance are actually two different forms of coverage.

If you own any kind of property in the Coppell, TX area, it’s important to know what kind of coverage options you’re looking at. The experts at The Select Insurance Agency are here to answer all your questions and help you get the insurance policy you need. In the meantime, here’s what you need to know about the difference between property insurance and homeowners insurance:

Homeowner’s Insurance is Technically a Form of Property Insurance

Think of it like this: all homeowner’s policies are property insurance, but not all property policies are homeowner’s insurance. And in the insurance world, the two terms are used separately to refer to specific types of coverage. Homeowner’s insurance is a form of property insurance that focuses primarily on personal dwellings. Unlike property insurance, homeowner’s policies often cover other structures on the premises that may or may not be attached to the primary dwelling structure (your house). Homeowner’s insurance is also important for a lot of people because it also can cover your personal possessions in addition to the structure.

Property insurance meanwhile refers to policies that cover the physical property. This kind of coverage can be used for both dwellings and commercial property, and it safeguards against scenarios that could cause damage to the structure itself. Liability coverage may also be included in a property policy, but usually as a requested addition. Property insurance policies may also take the forms of renters, flood and even earthquake insurance (though obviously this last one is not a common risk in Texas).

Reach out to the experts at The Select Insurance Agency today to learn more about your property insurance options. We’ve been insuring property owners across the Coppell, TX area for years, and