Business Insurance - GraphicBusiness Insurance - What it Does! Business Insurance can protect your business from many risks you have as a business owner and can help it be a safer investment.
 
 
Why risk it? - Let us guide you to the best fit for your Business Insurance protection.  Buy the insurance coverage you want at a competitive price from an Austin based insurance agency. Professional service makes a difference!
 
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Insure Your Business - Select a link for insurance issues particular to your type of business.
 
 

Link to essay on keeping your business safe with insurance

Is Your Business a Safe Investment?  Link to a list of risks for business owners. This list can help you identify your enterprise's vulnerabilities so that you can better manage your risk and safeguard your profits.
 
 
Business Insurance Quote:

To obtain a customized Business Insurance quote:
 
Request a Business Insurance Quote Link   Quick Contact Form Link - Quote Austin Insurance 
 

Overview of Business Insurance Policies:
 
Business Income / Extra Expense (Generally included in a "Package Policy") - Together these insurance coverages help a firm survive the interruption of normal business operations because of an insured loss. Business Income provides funds necessary to maintain your company's financial condition while business is suspended. Extra Expense helps by providing funding to maintain business operations (relocating for example) and to accelerate your business re-opening. These consequential losses can, in some cases, exceed the loss of assets in an insured event. This protection is also often referred to as "Business Continuation Coverage."
 
Commercial Auto Insurance - Commercial auto insurance is much like a personal auto insurance policy, but with some key differences and rated for how you are using your auto in your business. Protection is focused at the many risks of owning and operating a business vehicle. Primary elements include: Auto Liability, Uninsured / Underinsured Motorist, Personal Injury Protection, Comprehensive & Collision. Special coverages only available on a Commercial Auto policy are Hired Auto & Non-Owned Auto. Auto Liability (or Financial Responsibility) is a Texas State Requirement. Large commercial vehicles (dump trucks, for example) are also required to have special permits with much higher Liability limits to meet Texas Department of Transportation filing requirements. For more information see: Work Truck Insurance
 
    Important Note: Using a vehicle insured on a personal auto policy for business purposes may result     in non-renewal and other problems with your insurance company since a personal auto policy is not      rated for commercial use.
 
Commercial General Liability - Provides protection from many legal risks for actions of you and your employees including Public Liability. Primary elements include: 
  • Products & Completed Operations - protects your business from
    consequences of your work and products sold
  • Advertising Liability - protects your business from accidental infringement of copyright from your promotional activities
  • Personal Injury Liability - protects your business from the personal injury events such as defamation of character
  • Tenant Legal Liability - protects your business for accidental damage to your rented premise 
  • Premise Liability - bodily injury or property damage caused by your business operations at your  place of work
  •  
    • Medical coverage - pays for medical expenses by patrons injured in an accident on your premise
Commercial General Liability is often required by your landlord on a leased business building and also by General Contractors at construction jobsites.
 
Commercial Property Insurance - Protection of your business tools, equipment, inventory, building and other assets. If your business assets are destroyed by an insured peril (a fire, for example) funds are provided to help your business replace those assets.
 
Garage Liability - Protects your business from your operations as an auto garage. Coverages include:
  • Garage Keepers - your risk of damaging a customer's vehicle in your
        custody
  • Products & Completed Operations - protects your business from
        consequences of your work and products sold
  • Premise Liability - protects your business from bodily injury or property
        damage caused by your business operations at your location.
For more information See: Garage & Auto Service 
 
Workers Compensation - Provides insurance protection for the employer from the risk of workers getting injured or sick while at work. Also provides compensation for the injured employee including lost wages and medical costs. Two main components: Statutory Worker's Compensation (per Texas State Law) & Employer Liability. 
 
Very important: an employer that opts not to purchase Worker's Compensation is stripped of their common law defense for a worker injury. Without Worker's Compensation Insurance, your business is  one employee injury away from disaster.
 
For more information See: Essay: Why Work Comp
 

David W. Crump - Authorized Agent Group Health Plans for Business Owners

Many business owners are grappling with the issue of health insurance for both themselves and their employees. Blue Cross Blue Shield of Texas has a unique program for small business owners wanting to offer group benefits including health, dental, life and short term disability insurance. Now your business can have a substantial benefit plan necessary to attract the employees you need to grow. 

 
Email or call David (512-444-3366) to discuss a group benefit plan for your business. 
 
 
 
 
Business Insurance Quote:

To obtain a customized Business Insurance quote:
 
Request a Business Insurance Quote Link  Quick Contact Form Link - Quote Austin Insurance
David W. Crump - Authorized AgentBusiness Insurance for Startups
By David W. Crump
  
Introduction
 
Your business is ready to launch, so what insurance do you buy? Money is tight and it is your hide on the line. This article focuses on the insurance choices faced by entrepreneurs working to get a new business running. Three main categories to consider: 1. Required Insurance, 2. Critical Risks, 3. Economic Risks.
 
Required Insurance
 
For a new business entrepreneur, a core issue is the insurance required to open the business. These requirements can come from multiple sources.
 
Landlord - Often a Landlord requirement for a leased location is an early insurance barrier. A typical office, store or other commercial space lease has several clauses that trigger insurance requirements to protect your lessor. Your landlord will want your business to protect him from lawsuits stemming from your operations with Public Liability coverage. Another frequent landlord requirement is to have property coverage for any tenant building improvements. An Indemnity or Hold Harmless Clause will force your insurance company to waive any claim payment collection from your landlord even if they contributed to a loss. Your landlord will also want to be named as an Additional Insured to have access to your insurance policy and to be notified if the policy is cancelled. Before you sign your commercial lease, have your insurance agent read it and prepare a quote to consider.
 
Bank Loan - A bank loan is also a source of initial insurance requirements. If you borrow with your business assets as collateral, your bank will want it protected. Your banker will want adequate insurance to cover their risk and to be named as a Loss Payee. This forces the insurance company to settle any claim with approval from your banker and also to provide notice if the insurance is cancelled.
 
Jobsites - Construction trades often have specific jobsite requirements. If you are an artisan subcontractor, these requirements are set by the General Contractor or Jobsite owner. Most construction jobs will require General Liability Insurance. Other requirements can include Business Auto Insurance and Worker’s Compensation. The bigger the job, normally, the more intense are the insurance requirements. Before to start to work, get a copy of the insurance requirements and have your insurance agent quote what is needed. Be very wary of any job or General Contractor that is not upfront with these requirements. They will hold your paycheck until the insurance requirements are met.
 
Government - Legal requirements come up most often with business vehicles. In Texas, there is a minimum auto liability requirement. For larger vehicles, special types of vehicles or passenger carrying vehicles, much higher legal requirements are imposed and special state filing requirements must be met. In Texas, Worker’s Compensation is voluntary but most other states impose this as a legal requirement for business owners. State licenses for some trades will impose liability insurance coverage and reporting requirements.
 
Insuring Critical Risks
 
Once the required insurance is handled, the next focus should be on the risks that are so critical that, without insurance protection, they can destroy the business. Protection for some of these risks may be already in hand with the insurance protection that was required. However, you should still review your overall situation and identify risks that you can’t afford to take and can be offset with an insurance contract.
 
Perhaps you need higher liability limits than are required for your business to be a safe investment. Maybe an asset is so expensive that replacing it would bankrupt the business. Even though it is not required in Texas, Worker’s Compensation can be critical protection from the huge risk of an employee being hurt at work. Lawsuits can come from many potential directions. From which risks does your business need liability protection? A legal review from your business lawyer can help identify points of lawsuit venerability.
 
Even if you cannot fund this added protection at business opening, you should strive to purchase insurance for these critical risks as soon as possible. Until you are able to offset your business-ending risks with insurance protection, your new business will not be a safe investment.
 
Insurance Economic Risks
 
The third priority is risks that you want to insure because the protection is a good value. Why take a substantial risk, even if you can survive the loss, when you can offset the risk with affordable insurance? Often, the economic risk worth insuring is a business asset like equipment, inventory or vehicles. Consider the trade-off over a reasonable length of time. Ask yourself: is it better to pay an insurance premium and be protected or is it better to save the insurance cost and self-insure for a potential loss? A high property deductible can be a good strategy by taking the smaller risks yourself and shifting only the large asset risks to an insurance company.
 
Your cash flow may not be sufficient to buy protection for economic risks early but have your list ready to gradually add this productive coverage as you are able. Your long-term profitability will be improved by prudent use of insurance protection for your important assets.
 
Summary
 
Insurance should be part of your business plan. Your focus will first be on the insurance requirements that are barriers in the way of starting your business. Beyond these minimum requirements, fund insurance protection for your risks that have the potential to destroy your business. Finally, as revenues become available, enhance your long-term financial outcome by adding protection for your larger assets that can be economically insured. Good luck on your new business venture. 
 
David W. Crump, Ross Gray Insurance Agency
I specialize in Business, Health and Personal Insurance sales and service.
A graduate of Texas Tech University (BBA Marketing), I began my career in retailing of Toy, Hobbies and Games. I have been a business owner but changed careers to insurance after selling my interest in a Dallas area Game Store Chain thirteen years ago. Hobbies include Gardening, Music (Bass Vocal) and Stock Investing.
Ross Gray Insurance Agency has a 30+ year history serving Central Texas on all facets of insurance. We are located in South Austin at 2404 S. IH-35. We are here to help!
Copyright 2009, Ross Gray Insurance Agency, Inc.