Business Insurance
Having the proper business insurance coverage at an affordable rate can make the difference between the success and failure of your business. Allow our commercial insurance experts to help guide you to success.
What is Business Insurance?
Business insurance protects your investment by minimizing financial risks associated with unexpected events such as a death of a partner, an injured employee, a lawsuit, or a natural disaster.
Business Insurance is a broad name for different coverages available to the business owner to protect against losses and to insure the continuing operation of the business.
Major Types of Business Insurance
General Liability Insurance
- A standard insurance policy issued to business organizations to protect them against liability claims for bodily injury and property damage arising out of premises, operations, products, and completed operations; and advertising and personal injury liability.
Commercial Auto Insurance
- Covers cars, trucks, motorcycles, and other road vehicles owned by or operated within a business. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom. Commercial auto insurance may also offer financial protection against theft of the vehicle and possibly damage to the vehicle, sustained from events other than traffic collisions.
Commercial Property Insurance
- Covers risk of loss to an organization’s buildings or personal property. Usually includes buildings, personal property of the insured business or business owner, personal property of others on site and in the insured’s possession. Coverage can be provided on an all risk or specific perils basis.
Commercial Umbrella Insurance
- Commercial Umbrella insurance is liability coverage that is in excess of specified other commercial insurance policies and also potentially primary insurance for losses not covered by the other policies. When an insured business is liable to someone, the insured's primary insurance policies pay up to their limits and any additional amount is paid by the umbrella policy (up to the coverage limit of the umbrella policy).
Professional Liability Insurance
- Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance that helps protect professional advice and service-providing companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. Professional liability coverage sometimes also provides for the defense costs, including when legal action turns out to be groundless.
Business Owner's Package
- A Business Owner's Package (often called a BOP) is an insurance policy that combines protection from all major property and liability risks in one package. It typically combines all the basic coverages required by a business owner into one bundle. It is usually sold at a premium that is less than the total cost of the individual coverages. Business Owners Policies usually target small and medium-sized businesses and typically contain business interruption insurance, which provides reimbursement for up to a year of lost revenue resulting from an insured property loss.
Workers Compensation
- Workers' compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence.
Group Health Insurance
- Group health insurance coverage is a policy that is purchased by an employer and is offered to eligible employees of the company (and often to the employees' family members) as a benefit of working for that company. A group health insurance plan is a major part of many employee benefits packages that employers provide for their employees.
Group Life Insurance
- Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in the underwriting. Rather, the underwriter considers the size, turnover, and financial strength of the group.
Group Disability Insurance
- Group Disability Insurance is a type of group insurance that provides regular income replacement payments to an insured member of the group in the event of an eligible disability resulting from illness or injury. Coverage is generally offered in two types: short-term disability (STD) or long-term disability (LTD).
Supplemental Insurance
- Supplemental insurance is extra or additional insurance that you can purchase to help you pay for services and out-of-pocket expenses that your regular insurance does not cover.
Why Choose TAP Insurance for Business Insurance in Wise County?
TAP Insurance Agency is an independent agency in Rhome, TX that specializes in helping local business owners find the right commercial insurance coverage at competitive rates. Because we are independent, we shop multiple carriers to compare policies and pricing, unlike captive agents who only offer one company's products. Whether you run a small business in Rhome, a restaurant in Decatur, a construction company in Boyd, or a retail shop in Bridgeport, we tailor coverage to your specific industry and risks.
Wise County businesses face unique challenges, from severe weather risks like hail and tornadoes to liability exposures along the US 287 commercial corridor. Our team understands the local business landscape and can help you build a comprehensive insurance program that includes general liability, commercial property, commercial auto, workers' compensation, and more. We also offer Business Owner's Packages (BOPs) that bundle key coverages at a discounted rate for qualifying small businesses throughout the DFW Metroplex.
Frequently Asked Questions About Business Insurance in Texas
What business insurance do I need in Texas?
The insurance you need depends on your industry, size, and risk exposure. Most Texas businesses should carry general liability insurance at a minimum. If you have employees, workers' compensation is required in many cases. Other common coverages include commercial property, commercial auto, professional liability (E&O), and a Business Owner's Package (BOP). TAP Insurance can assess your specific needs and recommend the right combination.
How much does business insurance cost in Texas?
Business insurance costs vary widely based on your industry, revenue, number of employees, location, and coverage limits. A basic general liability policy for a small business may start around $500 per year, while a comprehensive BOP could range from $1,000 to $3,000 or more. As an independent agency, TAP Insurance compares quotes from multiple carriers to help you find the most affordable option for your Wise County business.
What is a Business Owner's Package (BOP)?
A BOP combines general liability and commercial property insurance into one convenient policy, often at a lower cost than purchasing them separately. Many BOPs also include business interruption coverage, which helps replace lost income if your business is forced to close temporarily due to a covered event. BOPs are ideal for small to mid-sized businesses in Rhome, Decatur, and throughout Wise County.
Do I need workers' compensation insurance in Texas?
Texas is one of the few states where workers' compensation is not mandatory for most private employers. However, carrying workers' comp protects your business from lawsuits if an employee is injured on the job, and many contracts and clients require it. We strongly recommend workers' compensation coverage for businesses with employees, especially in industries like construction, trucking, and manufacturing.
How do I get a business insurance quote from TAP Insurance?
Getting a quote is easy. Call us at (800) 666-2254, visit our office in Rhome, TX, or fill out our online quote form. We serve businesses throughout Wise County, including Rhome, Decatur, Boyd, Bridgeport, Alvord, and Paradise, as well as the greater DFW Metroplex. As an independent agency, we compare rates from multiple carriers to get you the best coverage at the best price.
Contact us to learn more about the right business insurance for you.
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