Beaumont/Port Arthur, Texas Business Owner's Insurance

Every business has some property. And, in essence, your business is your property. Just like your home and your car, your business needs to be protected from loss, damage and liability. In addition, your business is your source of income, so you need protection from the potential loss of that income.

You may have just opened a new business or have a pre-exisiting business...What are your options?

Generally, there are two types of insurance—property and liability. Property insurance covers damage to or loss of the policyholder's property. And if somebody sued for damages caused by you or your possessions (other than a vehicle covered by your insurance policy), the cost of the suit—both defending it and settling it if necessary—would be covered by your liability insurance.

Your business may not possess all the following types of property, but you can use this list to make sure that you have considered all the property categories and any insurance coverage that may be warranted:

What types of property insurance should I consider buying?

Builders Risk Coverage- Covers buildings in the course of construction. Depending on the policy, this coverage can be for either the building's value at the time of loss or its full value at the time of completion.

Building Ordinance Coverage- Provides coverage when a community has a building ordinance stating that when a building is damaged to a specified extent, it must be rebuilt in accordance with current building codes. Special attention is required when establishing the amount of insurance.

Business Interruption Insurance- Covers the loss of rent or profits plus any continuing expenses while your business is shut down or curtailed as a result of damage or loss of business property. Also typically covered are extra expenses incurred to get back in business as quickly as possible.

Commercial Crime Coverages- Covers money and securities, stock and fixtures against theft, burglary and robbery both on and off the insured premises and from both employees and outsiders.

Excess Debris Removal Coverage- Covers the cost of removing debris after damage from fire or other covered peril that requires debris removal before reconstruction of the damaged building can begin. Many policies limit the amount of coverage for debris removal which is often inadequate and must be increased by endorsement.

Fidelity Bonds- Covers business owners for losses due to dishonest acts by their employees.

Inland Marine Insurance- Primarily covers property in transit such as from warehouse to warehouse or warehouse to retail store, as well as other people's property left on your business premises, such as clothes left at a dry cleaning business.

Steps to Lower Your Premium:

To make sure your agent is familiar with your business and the risks inherent in it, please call F.B. Taylor today at (409) 729-5551 and receive prompt service that you can trust.

Reprinted with permission from Trusted Choice®; www.TrustedChoice.com