Owning a small business in San Antonio, TX, can be fun, exciting, stressful, and frightening. There are always many things to juggle, and there is still the nagging fear of getting bogged down in lawsuits or liability claims. Insurance for businesses gets complicated pretty quickly, and that is precisely why LeapFrog Insurance is always working to demystify the process. If your business includes any form of driving on the clock, you need to know about commercial insurance.
What Should Be Covered
The answer to this question depends on what you own and operate. If you own the vehicles being driven, then you want at least a standard commercial policy. This will typically cover liability, bodily injury, and property coverage for your vehicle. You may also consider things like rental coverage and uninsured motorist coverage.
If you don’t own the vehicle being operated (think pizza delivery), then you want a different plan. Non-owner coverage is the standard here. It covers bodily injury and liability if your driver is at fault, but it does not insure the vehicle itself. In many cases, these policies cost less than the commercial insurance listed above, so make sure you don’t overspend.
Determining Coverage Limits
Ok, but how much coverage do you need? There is no one-size-fits-all formula for this. The best solution is to talk to your insurance agent to weigh options and come to a custom fit. That said, there are some baselines to help your expectations. For most small businesses, a minimum of $100,000 in liability coverage and $50,000 in bodily injury coverage is recommended. You can investigate umbrella liability plans that might supplement that aspect of coverage if you are considered high risk or have a lot to lose. As for the vehicle, you want to base your coverage on the replacement cost. Remember, this is a vehicle that generates your income. Unlike a personal car, downtime here could be extremely costly. Aim for a plan that can keep you operational.
As always, a simple conversation can always go a long way. Contact your LeapFrog Insurance representative, serving San Antonio, TX, to see all of your options and make sure you have the right policy.
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