Why You Need Liability Insurance As Part Of Your Commercial Insurance Policy   

You have insurance for your business – and you likely already pay a pretty penny for your policy. You may be wondering whether you actually need to include liability insurance as a part of your commercial insurance policy. At Paragon Independent Insurance Agency serving Plano, TX, we’re here to explain why this addition to your standard commercial insurance policy is such an important part of your coverage. 

Imagine this scenario: you own a restaurant, and someone takes food home with them. Due to improper food storage methods, they get food poisoning. They try to put the blame on you, suing your restaurant and trying to make you responsible for their medical bills. 

Commercial liability insurance protects you in these situations and can foot the bill if your company finds itself being sued. Lawsuits can be devastating for a small business and can cause bankruptcy fast. When you have commercial liability insurance, you’re able to rest assured that your business and assets are protected in the event that you’re sued.

You know how important it is to keep your business protected. You’ve invested years of your life and thousands of hours of hard work into making the business of your dreams. It’s vital that you don’t let someone else’s actions become the reason your business fails. Commercial liability insurance is there to protect you in these tough situations.

Call Paragon

If you’re ready to get commercial liability insurance for your business, Paragon Independent Insurance Agency in Plano, TX is here to help. Stop in or give us a call to learn more about how we can help you keep your business safe. 

Businesses have to remain in compliance with city building codes if they want to keep their doors open. Fire inspections are performed to ensure that every business remains safe for consumers. Inspectors look for different factors that may raise a building’s fire risk. In Plano, TX, the agents at Paragon Independent Insurance Agency works with its commercial customers to ensure that the business runs as safely and efficiently as possible. 

Potential Fire Hazards

Potential fire hazards can be anywhere and in most cases, business owners are unaware of them. Having too many extension cords or outlets that have been damaged are common hazards that sometimes go unnoticed. The same is true for frayed electrical cords or light fixtures that have the wrong size bulb. During a fire inspection, the inspector knows how to identify potential fire hazards and will provide the business owner tips on how to reduce their fire risk.

Staying Up to Code

As upgrades are made to both the city utilities and the business itself, fire codes may change. During a fire inspection, the inspector will provide you with a list of any new upgrades as well as any ideas on how to improve your utility usage and lower your risk as a fire hazard. Some changes may be rather easy to make while other upgrades will be a little more costly.

The agents of Paragon Independent Insurance Agency are available to answer questions for Plano, TX business owners when it comes to regular fire inspections. By keeping your business up to code and minimizing fire hazards, you can protect your investment for years to come. Call the agency today and speak to an agent.

For those that are in the Plano TX area, starting a small business can be a great career option. This is a very popular Dallas suburb that offers a wide range of opportunities to small business owners. If you are going to start a business in Plano, it is extremely important that you carry commercial insurance at all times. 

When You Raise Capital or Debt

One situation when having commercial insurance is a necessity for a Plano, TX business is when they want to raise equity or debt. Starting a company comes with a lot of upfront expenses and the best way to pay for this by getting money from either investors or local banks. No matter who provides the money, the investor or bank will undoubtedly want you to have commercial insurance. This ensures that their investment is covered if you are sued for liability or suffer an asset loss due to an unforeseen incident. 

When You Have a Place of Business

Whether you choose to rent or purchase your primary place of business, having commercial insurance is going to be a necessity. Any mortgage lender will require that you have evidence of commercial insurance at all times. Additionally, a landlord of a commercial property will likely require that you provide commercial insurance when the lease is signed and maintain it during the duration of the term. 

As you are shopping for commercial insurance in the Plano, TX area, contacting the Paragon Independent Insurance Agency is a great first step to getting into a quality policy. The insurance team at the Paragon Independent Insurance Agency can help you to decipher all of your insurance options and needs based on your business. From there, they can get you into a policy that provides the right coverage. 

Did you know that a full one-quarter of companies that are shut down by a catastrophic disaster for more than a month never open their doors again? And, even when they can afford the costs associated with recovering their business, they often can’t regain customers quickly enough after they reopen to remain viable? 

If your organization suffers a temporary shutdown due to a major disaster, a Business Interruption and Extra Expense insurance policy (known also as Business Income insurance) through Paragon Independent Insurance Agency can protect your Plano, TX business from financial losses and expenses. 

What Does Business Interruption Insurance Cover? 

Your business interruption policy can keep your business running by paying: 

• Income your organization would have made if it hadn’t been damaged 
• Bills that are due even though you are closed 
• Expenses related to keeping your business open after a catastrophe, such as having to rent equipment to substitute for equipment that was lost 
• Costs associated with the use of a temporary location 
• Recovery-related income deficiencies after you reopen 

You can also opt for comprehensive coverage for loss of utility service, supply chain interruptions, equipment breakdown, and electrical breakdown, to name a few. Your policy can cover business income in the event a dependent property or anchor store closes its doors due to a loss, causing your revenue to suffer. 

Our Goal Is to Help Your Business Keep Its Doors Open 

Paragon Independent Insurance Agency provides Plano, TX business owners with insurance to protect your company from financial problems caused by income losses and recovery expenses. We work with numerous insurance carrier partners to offer a broad range of insurance policies and enhancements to protect your business from financial problems due to lost income and the expenses of recovery. Give us a call today to find out how to protect your business in the event of a disaster.