Texas Commercial Property Insurance (QUOTES, COST & COVERAGE)
Get Texas commercial property insurance quotes, cost & coverage fast. Property insurance covers the TX building your business owns or leases and your business personal property, including equipment, tools inventory, & furniture.
Texas Commercial Property Insurance
What if a fire breaks out in your storage room and burns your entire business to the ground? What if a major storm hits and your building’s roof blows off, destroying all of your assets? What if someone comes along and decides to spray paint graffiti all over your storefront?
These are just some of the possibilities that could occur when you rent or own a TX commercial property for your business.
Does My Business Need Texas Commercial Property Insurance?
Any business owner that has physical assets that are vital for earning revenue should have Texas commercial property insurance. It is extremely important because it ensures that your business will not suffer large out-of-pocket costs as a result of any damages that may occur from no fault of their own.
What Does Texas Commercial Property Insurance Cover?
Texas commercial property insurance is an insurance policy that covers the business property that you lease or own from any damage caused by most natural disasters, fire, theft or vandalism. It also covers your personal property, such as any tools, equipment, inventory, furniture and any other items that you may have within the property. Moreover, this type of insurance policy covers assets, such as accounts receivable and lost income.
There are several things that TX commercial property insurance can cover. Some of the items that are protected under this type of policy include:
- The structure or building
- Your business inventory
- Other peoples’ property
- Any furniture and other equipment within the building
- Exterior signs
Business owners can adjust their coverage so that suits their individual needs. For example, they can choose a basic policy, or they can add extra protections to ensure that almost all of the property of their business is protected.
What Texas Commercial Property Insurance Doesn’t Cover
CTexas commercial property insurance typically does not cover:
- TX commercial vehicles.
- Property damage resulting from employee errors.
- Property that was not purchased for business use
- Personal belongings that may be used by the business.
- Amounts beyond the policy limits and property value.
- Intentionally damage caused by the business owner or employees
Types Of TX Business Property Insurance Coverage
When it comes to Texas commercial property insurance, people who own a business have several options to choose from and can adjust their polices to their needs. However, there are three basic categories of coverage:
- Basic Coverage. A basic commercial insurance policy insures a business against fires, storms, smoke, explosions, and vandalism.
- Broad Coverage. This type of insurance covers everything that basic coverage does, but it also includes damage to glass, water damage, and any damage that is caused by fallen objects.
- All-risk Coverage. This covers everything that basic and broad coverage offer, and it also includes theft, as well as any other direct physical losses.
There are also specific types of Texas commercial property insurance coverage. Some examples include:
- Ordinance coverage. This will provide you with money for any additional costs that are associated with repairing or rebuilding your structure after it has been damaged in order to ensure that it meets building codes.
- Valuable papers. This offers limited coverage for any valuable papers that your business may record, such as receipts and other documents.
- Extra expenses. With this coverage, you will receive additional money to return your business back to the condition it was in before it was damaged.
- Personal property coverage for employees. If your employees have any personal property on the premises of your business, this coverage will provide money to replace or repair those items if they become damaged.
- Crime coverage. With this coverage, you will be protected from various types of crimes, such as robbery, forgery and theft.
How Much Does Texas Commercial Property Insurance Cost?
How much does Texas commercial property insurance cost? The premiums vary depending on the amount of risk exposure, and it depends on the endorsements and deductible selected. The cost of commercial property insurance varies. Following are some of the main factors that go into the price of a policy:
- Construction: How the building was built and its condition. Masonry or brick buildings don’t burn as fast as wooden frame.
- Occupancy: Who occupies the building influences the rates. Companies with higher fire risk (like pizza ovens, kilns etc.) can pay more.
- Risk: The insurer will determine an overall risk for the business and building before issuing a rate.
- Location: Insurers look at the location of the business. If it is located in a high-crime neighborhood, then the rates are higher.
- Protection: Things like alarms and sprinkler systems can reduce rates. Proximity to a fire station or fire hydrant also can help reduce costs.
Further Reading On Business Property Insurance
- Commercial Flood Insurance
- Commercial Property And Business Interruption Insurance
- Commercial Property Insurance Basics
- Commercial Earthquake Insurance
- Flood Insurance Requirements For Commercial Property
- How To Calculate Commercial Property Insurance Rates
- Improvements & Betterments Coverage
- Landlord Insurance
- Types Of Insurance For Landlords
- Waiver Of Subrogation In Commercial Property Insurance
TX Commercial Property Insurance Quotes
Request a Texas Commercial Property Insurance quote in Abilene, Allen, Amarillo, Arlington, Austin, Baytown, Beaumont, Brownsville, Bryan, Carrollton, College Station, Corpus Christi, Dallas, Denton, Edinburg, El Paso, Flower Mound, Fort Worth, Frisco, Garland, Grand Prairie, Houston, Irving, Killeen, Laredo, League City, Lewisville, Longview, Lubbock, McAllen, McKinney, Mesquite, Midland, Mission, Missouri City, Odessa, Pasadena, Pearland, Pharr, Plano, Richardson, Round Rock, San Angelo, San Antonio, Sugar Land, Temple, The Woodlands, Texarkana, Tyler, Waco, Wichita Falls and all other cities in TX.
Texas Insurance Rules And Regulations
In Texas, there are certain regulations governing insurance that you should be aware of. We will be discussing some of the personal and business insurance types that are mandated by law, as well as insurance types that are not necessarily mandated by law but may be useful. For example, almost every business out there carries commercial liability insurance even though there is no law stipulating that general liability must be carried by a business in order to operate within the state. We'll be looking closely at the regulations and these types of insurance in TX.
Texas Business Insurance
When it comes to business insurance, there is one type of insurance that is most common above all others - general liability insurance. This is sometimes called commercial liability insurance, and it provides payments for those businesses that have legal trouble as the result of something happening on their premises. There are many different things that general liability covers, and since businesses do not have total control over what can happen on their property, most business carry it.
However, there are also certain types of business insurance that are required by law. However Texas is a lot less stringent when it comes to insurance than most of the states out there. In fact, the only type of insurance that you can apply to business that is regulated by law is the state-mandated insurance limits that are required for drivers. Most states require Workers Comp, and most of them also require commercial auto insurance for commercial vehicles. However, Texas does not have this requirement.
TX Personal Insurance
There are a couple of different types of insurance that will be discussing in this section. Many states require that commercial vehicles carry commercial auto insurance, but in Texas, it is simply required that all drivers carry 30 000 USD for bodily injury liability for a single person and 60 000 USD per accident as well as 25 000 USD for property damage. This is sufficient for both personal insurance and commercial insurance.
As for life insurance, they are regulated by certain state statutes in Texas and cover things like a 30 day grace period for payments and protection of death claim from bankruptcy. These are the only two types of life insurance regulations that are present within the state of Texas. Texas does not provide a free look mandate like many of the states out there.
Different States Commercial Property Insurance
If you are looking for state specific Commercial Property Insurance quotes, costs and information: