What Does Workers Compensation Insurance Do?

Business owners in Quinlan, TX are not required to have workers compensation insurance, but it’s a protection against financial loss that many entrepreneurs choose to invest in. Your Slaughter Insurance Agency representative can give you the full scope of what is covered. 

What Does Workers Compensation Insurance Do?

Texas law has set forth limits on what workers can receive when their employer purchases workers compensation insurance. A company owner who decides to be a non-subscriber can be subject to lawsuits to compensate for injuries to employees incurred while on the job. These have virtually no cap and can include attorneys’ fees. Common legal defenses in personal injury lawsuits are not admissible in cases involving employers.

You are required to place a poster notifying new hires of coverage or noncoverage at the place of employment, and employees have five days to waive their rights to opt-in to this provision or not. 

Those who agree to be under workers compensation will be provided with the medical and income benefits that are due to them under the law but will lose their right to sue. Workers must be notified of this tradeoff via a government form once they have made their decision. 

Under workers compensation, employees are to be covered regardless of fault when they are hurt while carrying out duties that further an employer’s interests, and this can include travel. Perils that null and void this agreement include horseplay, intentional self-harm, or being under the influence of controlled substances or alcohol. 

Death benefits may also be applicable and paid to families of someone who dies in an accident while on the job, and this operates according to limits set by law. 

Slaughter Insurance Agency Serves Business Owners 

We provide quality insurance products for those in the Quinlan, TX area, and we can put together a package for you. We invite you to reach out to us today. 

How Business Interruption Insurance Can Keep Your Business Afloat

No business is safe from potential interruption. Whether it’s due to a natural disaster, equipment failure, or something else entirely, business interruption can severely impact your bottom line. That’s where business interruption insurance from Slaughter Insurance Agency in Quinlan, TX comes in.

This type of coverage can help you make up for lost revenue and keep your business afloat during tough times:

What is business interruption insurance?

Business interruption insurance is designed to help businesses recover from a loss of income that results from a covered event. This type of insurance can help a company continue to operate after a covered event by providing funds to help cover expenses such as payroll and rent. This type of insurance can be especially beneficial for businesses that rely heavily on income from operations.

What does business interruption insurance cover?

The commercial landscape is unpredictable, especially for small businesses. You never know what’s coming around the corner to interrupt your operations. With the right business insurance, you can protect your assets from:

  • Loss of income due to damage to the insured property that prevents the business from operating

  • Loss of rent or lease payments if the insured property is unusable

  • Extra expenses are incurred to keep the business running after a covered loss.

  • Loss of profits due to a decrease in business after a covered loss

Discover more about business interruption insurance

Slaughter Insurance Agency in Quinlan, TX offers business owner’s insurance to protect your business from potential liabilities. We have the experience and knowledge to tailor a policy that meets your specific needs, and our team is committed to providing the highest level of customer service. Contact us today to learn more about our services and how we can help you protect your business.

Benefits of Commercial Insurance in Quinlan, TX

Commercial insurance is vital for businesses in Quinlan, TX. It provides coverage for various risks and can help protect your company from financial disaster. Slaughter Insurance Agency offers this guide in navigating commercial insurance.

Benefits of Commercial Insurance

Protection Against Liability Claims

One of the significant benefits of commercial insurance is protection against liability claims. If someone is harmed or their property is damaged because of your company’s operations, they may sue you. Commercial insurance can help cover the cost of legal fees and any awarded damages.

Meeting State and Local Requirements

Most states and localities require businesses to carry certain types of commercial insurance. For example, Texas requires commercial auto insurance for companies that use vehicles for business purposes. Commercial insurance can help you meet these requirements and avoid fines and penalties.

Protection Against Business Disasters

A major disaster can devastate a small business. A fire, hurricane, or tornado can destroy equipment, inventory, and office space. Commercial insurance can help you rebuild your business after a disaster. Texas has seen its share of natural disasters, and companies that don’t have commercial insurance are often left with nothing. Speak with a representative at Slaughter Insurance Agency to find the right policy for your company.

Peace of Mind

Another critical benefit of commercial insurance is peace of mind. You can focus on running your company without worrying about what could happen if something goes wrong. Knowing that your business is protected against risks can help you sleep better at night.

If you’re a business owner in Quinlan, TX, it’s essential to have commercial insurance. There are many benefits of commercial insurance, such as protection against property damage, theft, and business interruption. Slaughter Insurance Agency can help you find the right policy to meet your needs. Call us today!

Commercial Insurance FAQs

Owning a business is both a dream come true and a nightmare. Many risks exist that every business needs to be aware of and prepared to deal with. That is where your independent insurance agent comes in. At Slaughter Insurance Agency Quinlan, TX, we personalize your policy for your business so that you have the coverage you need and are not paying for what you don’t. 

Does commercial property insurance only cover the building?

No, commercial property insurance does cover the building if you own it, but it covers much more than that. It covers the things you need to conduct business, which can be machinery, office equipment, tools, electronics, raw materials, and inventory. It is important coverage for both property owners and renters. 

Do I need to have commercial insurance in Texas?

No, commercial insurance is not required in Texas. In fact, Texas is the only state that doesn’t require workers’ compensation insurance. Just because it isn’t required, doesn’t mean it is a good idea to be without it. Bad things happen to businesses, even in Texas. Commercial liability is particularly important since one in three businesses will be involved in legal action every year. 

Do home-based businesses need commercial insurance?

Yes, you do. Many home policies will be woefully inadequate when it comes to covering a business that you operate out of your home. You need commercial liability and commercial property coverage. 

What coverage does business interruption insurance provide?

If your business is damaged by a covered peril and you are forced to close while it is being repaired, you won’t have any income. Just because you have no income, your expenses will not diminish. This insurance helps you pay bills and salaries. Surviving or not can depend on this insurance.

In Quinlan, TX, contact Slaughter Insurance Agency with all your commercial insurance needs. 

When is it important to have commercial insurance in Texas?

Those that are in the Quinlan, TX area and would like to be their own boss should consider starting their own business. If you are looking to start a business when you in this part of Texas, having the right insurance is very important. Commercial insurance coverage should be considered a necessity for a few reasons. 

Coverage is Often Required

A reason that you should obtain commercial insurance in this part of the state is that it is a requirement for a lot of businesses. Many businesses of all sizes in this area will take out loans, bring in new investors, or will need to rent a place to operate out of. In almost all of these situations, the business is going to need to carry insurance as the various agreements will have insurance requirement provisions. 

Coverage Provides Necessary Protection

You should also get a commercial plan as it can provide necessary protections. Anyone that is going to start a business will need to acquire various commercial assets to get the business off the ground. With commercial coverage, you will have protection to repair or replace these assets if you incur certain losses. Further, if you have a commercial insurance plan, you are going to have the coverage needed to mitigate commercial liability risks. 

Business owners in the Quinlan, TX area need to take their commercial insurance needs seriously. If you are shopping for a new insurance plan when you are in this part of Texas, it would be wise to contact the Slaughter Insurance Agency. There are a lot of choices that come with picking commercial insurance and Slaughter Insurance Agency will help you evaluate both your needs and options. This support will help you build a plan that is ideal for your situation and business.