Small business owners in Texas most often buy these types of insurance.
This type of business liability insurance is important for all Texas businesses. It covers common third-party risks, and it's required by most commercial leases.
Workers’ compensation insurance is recommended for Texas businesses that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
This policy is required for business-owned vehicles in Texas. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
A BOP bundles business property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for a small business.
Professional liability insurance coverage protects professional services businesses from legal costs related to work performance. It's also called errors and omissions insurance or E&O.
E&O, sometimes called professional liability insurance, is common with professional services in Texas. It can cover the cost of lawsuits related to your work performance.
This policy covers financial losses from data breaches and cyberattacks. It's recommended for Texas businesses that handle credit card numbers and other sensitive data.
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
Hear from customers like you who purchased small business insurance.
State laws can affect which business insurance coverage you need. These policies are required everywhere in Texas, from Houston to San Antonio.
Texas law is different from most other states because it doesn’t generally mandate workers’ compensation insurance. However, this coverage is still recommended for most business owners. Companies that contract with government entities are required to have coverage.
Workers' comp helps pay for medical costs and partial missed wages from a work-related injury or illness, such as a cleaning company employee becoming sick from cleaner fumes. It also limits the employer's liability in the event of a workplace injury.
All business-owned vehicles in Texas must be covered by commercial auto insurance. This policy covers the cost of accidents involving work vehicles.
Texas' minimum requirements for auto liability insurance are:
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to a commercial general liability insurance policy or a business owner's policy.
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Commercial insurance can be affordable for business owners in Houston, Austin, Dallas, and elsewhere in the state. Average costs in Texas are:
General liability: $42 per month
Workers' comp: $31 per month
Professional liability/E&O: $59 per month
Factors that influence business insurance costs include:
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Yes – that's why cyber insurance is so crucial. Hackers are three times more likely to target small businesses, as they often have fewer resources to combat a threat.
Texas's data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Contractors often need to carry general liability insurance or surety bonds to perform certain types of work. Having the right insurance and bonds helps you comply with state licensing requirements.
Texas law does not require professional liability insurance, though it may be needed in order to get a license or work in a healthcare setting, such as a hospital.
Note that cities and counties may have their own laws, in addition to state laws.
As with any purchase, shopping around is one of the best ways to find an affordable option. With Insureon, you can compare quotes from top-rated providers by filling out a free online application.
Other ways to save include bundling insurance products for a discount, and choosing less expensive policy options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.
