Month: September 2017

The type of commercial insurance coverage needed is different depending on the kind of property and its use. For example, commercial property that is used for a retail store needs a different type of insurance than commercial property used for a food establishment. There are also differences between insurance for apartment buildings and condominium complexes.

The agents at Paragon Independent Insurance Agency serving Plano, TX understand these special needs.

Commercial Property Coverage for Retail Operations

Retail operations are unique because they typically have lots of customer flow. There is a need for additional security efforts and insurance in the case of shoplifting in such stores. There is also a need to have insurance for slip and fall accidents, which are common in such environments.

Fast Food Service

In the fast food business, the insurance needs to protect the customer while physically at the premises and to protect the customer from contamination or illness contracted from the food being served. Many fast food retailers have been hit with major lawsuits based on the quality (or lack thereof) of the food being served. Insurance coverage for such key issues is important.

Insurance Assessment Mitigates Risk

Insurance risk includes what happens on site at the store. It also includes what happens before and after products come into the store. Product liability extends to when the products leave the store to be used by consumers. A comprehensive insurance coverage plan takes all of these factors into account and checks the insurance coverage that currently exists to look for areas where there are “gaps” in insurance coverage to fill those gaps.

Commercial Rental Property

Commercial insurance is important for rental properties. Owners buy it as a form of property insurance to protect their structures and property from damage while renting out their property.

What to do now?

Contact the good folks today at Paragon Independent Insurance Agency serving Plano, TX for a free evaluation of all commercial insurance needs. Insurance coverage delivered with a smile.

The question of whether or not you need commercial insurance from Paragon Independent Insurance Agency comes down to a number of factors. If we’re talking about a Plano, TX business that serves as your primary income, chances are you will need commercial insurance, even if you’re self-employed. But there are some exceptions, and some industries don’t always demand it.

The question of commercial insurance for a freelancer in Plano, TX, for instance, comes down to what kind of freelancing you’re doing and what kind of risks you’re taking on. If you’re visiting people’s homes to repair garage doors or install fences or something along these lines, then there is a lot of risks that you will be taking on. On the other hand, if it’s just you and a laptop, designing websites, and nobody is visiting you at your home office, then commercial insurance might be a low priority as long as your contract exempts you from certain risks.

Running an Etsy shop or an eBay store to help cover groceries might not demand commercial insurance. The question to consider when looking at a business by scale is: If something happened and it cost you the entire business, to what extent would you be in financial jeopardy? Would you have investors to pay back, would you be without income? If the worst that would happen is you’d have to put in a few extra hours at your main job, then commercial insurance might not be a necessity just yet.

When considering whether to call Paragon Independent Insurance Agency for a commercial policy, the questions to consider are whether you can afford to lose what you’ve built and whether you can afford the risks. If the answer to both questions is no, then you’re going to need commercial insurance.