What Types of Commercial Insurance do you Need to Sell Items Online?

Selling items online instead of in a store or at a marketplace can decrease your expenses and, in turn, increase profits. You won’t need to pay for utilities or the cost of storing the goods you’re selling. Nonetheless, you’ll still need to cover certain forms of insurance to protect your business and personal assets.

Commercial Insurance for Online Vendors

Colleyville, TX business owners who sell items on Amazon need to purchase commercial liability insurance for their goods. This is a mandatory Amazon requirement, irrespective of whether you manufacture or source the items from a third party. Other platforms, like eBay and Etsy, do not enforce an insurance requirement. However, Texas law mandates all online vendors who use a vehicle to transport goods to and from a fulfillment center to purchase commercial auto insurance. This insurance also applies if you employ a full or part-time employee to drive a car for business purposes.

Additionally, you may find value in considering other forms of insurance to safeguard yourself and your assets. For example, if you sell items on your site and collect buyers’ financial information, cyber insurance will guard you against threats like hackers. If you have business products or assets stored at home, you may want to consider commercial property insurance, as home or renter’s insurance does not cover commercial assets.

Get Expert Insurance Assistance from the Jason Ridley Agency

The insurance agents at the Jason Ridley Agency in Colleyville, TX bring more than a century’s worth of combined industry experience to the table. We offer various policy options to accommodate the needs of any online vendor and are eager to help you find the best policy for your business. Get in touch to discover more or to obtain a policy quote.

When should a Texas business start looking for a commercial insurance plan?

In recent years, business owners all over the Colleyville, TX area have benefited from the strong economy and growing population. Because of this, starting a company here could be a great idea. Whether you are beginning a new business or own an existing one, ensuring you have the right insurance is important. There are various situations when a business should start looking for a new commercial insurance plan. 

When Making Business Changes

One of the situations when you will want to look for a new commercial insurance plan is when you are making business changes. If you are starting a new business, you should ensure you have insurance in place as soon as possible. If you want to expand, offer new services, or start providing service to a different type of customer, you should evaluate your insurance needs and possibly get into a new plan. 

When Needs and Requirements Change

No two businesses are going to have the same commercial insurance needs. As your business evolves, your needs and requirements could change as well. If you enter into a new lease, take out a new loan, sign different vendor contracts, or make other vital decisions, you could be obligated to get a different type of coverage, and evaluating your needs is important. 

If you are a business owner or manager and are in Colleyville, TX, you will always want to know that you are adequately insured. One of the best ways to do this is to start your search by calling our team at the Jason Ridley Agency. Our team at the Jason Ridley Agency can help a business assess its insurance needs and then build a plan that protects your organization and keeps you in compliance with any requirements. 

Types of commercial insurance most businesses benefit from

A successful business takes a lot of hard work and enormous risks. Having commercial insurance can help to mitigate some of the risks that threaten your business. At Jason Ridley Agency in Colleyville, TX, we understand business risks and will determine the type of commercial insurance that is right for your business. We are an independent insurance agency, and we work for our clients. 

Types of commercial insurance

Commercial Property Insurance

Commercial property insurance is about not only protecting the physical building where you do business, but it also covers the content of that building and the things you need to conduct your business. It is the equivalent of home property and content insurance combined. The actual things it covers depend on the type of business you have. If you own a store, it covers the inventory, display units, electronics, and everything you use to make your business work. For a plumber, it could be tools, pipes, fixtures, etc. This is valuable coverage even if you don’t own the building itself. 

Commercial Liability Insurance

The single biggest risk that businesses of all types face is being sued. If there is a judgment against you, it could mean the end of your business if you don’t have commercial liability insurance. Commercial liability will pay the judgment up to the limit of your policy and also legal expenses.  

Commercial Auto Insurance

If your business owns a vehicle or vehicles, they need to be insured with commercial auto insurance. Your personal auto insurance will not cover you for business use, and that could leave you in a very risky situation if you have an accident while out on business. 

Workers Compensation Insurance

Texas doesn’t require workers’ compensation insurance, but that does not take away your requirement to pay employees injured on the job. 

Consult With Us

Contact our team at Jason Ridley Agency in Colleyville, TX to discuss your commercial insurance needs. 

Three things you might not know about your commercial insurance needs

You need to meet the commercial insurance coverage needs of your company to protect the future of your business. Jason Ridley Agency is an insurance provider offering commercial coverage. 

Business owners in Colleyville, TX should be properly informed about their insurance needs.

The following are three things you might not know about your commercial insurance needs:

You’ll probably need commercial insurance to take out a business loan.

If you have been operating under the assumption that you don’t need commercial insurance, you should consider the likelihood that you’ll seek a business loan in the future.

Many lenders require that businesses carry commercial insurance before they approve them for business loans. Carrying commercial insurance makes your company a more secure and reliable investment for business loan providers. 

Commercial insurance covers costs you face because of lawsuits.

Lawsuits are expensive. If your company gets sued, you’ll need to pay for a legal defense. This makes lawsuits expensive even if you are able to successfully defend yourself.

Fortunately, commercial insurance offers liability coverage that will protect your company if you get sued. In the event of a lawsuit, commercial insurance can cover the costs of your legal defense along with any amount you have to pay out as a penalty or settlement. 

Commercial insurance can help you attract clients.

Prospective customers like to see that companies are insured. Carrying commercial insurance makes your company seem more professional and safe to customers so that you more easily attract new business. 

Reach Out To Us

Do you have questions about the insurance needs of your commercial operation in Colleyville, TX? You can rely on us at Jason Ridley Agency to provide you with the information you need. Get in touch with us today. We’ll provide you with a quote on a commercial insurance policy. 

Got a Side Hustle? Find Out What Commercial Insurance Products May Be Beneficial For You

One of the biggest myths pertaining to commercial insurance is that these products are only for large business owners. Many small business owners, including those with a side hustle, can benefit from one or more commercial insurance products. Here at Jason Ridley Agency, providing commercial insurance in the greater Colleyville, TX area, we work hard to match business owners with the right commercial insurance products.

Here are some of the products that may benefit you if you have a side hustle:

Commercial Auto Insurance

If you drive your automobile as part of your side hustle, including driving your car for Uber, Lyft, Door Dash, Grub Hub, Instacart, or another similar service, your personal auto insurance does not cover you when you are earning income while driving. You need a commercial auto insurance policy to protect you and your vehicle. 

Professional Liability Insurance

Professional liability insurance, also referred to as errors and omission insurance, helps to protect you in case your business is sued by a customer or client. For example, if you make cakes and a customer claims your cake made them sick, they can file a lawsuit against your business, and potentially against you personally. Professional liability insurance helps to cover the costs associated with defending the lawsuit, so one lawsuit does not put an end to your business. 

Business Interruption Insurance

Natural disasters or health pandemics may cause your business to come to a screeching halt. Business interruption insurance helps to provide you with an income and cover the expenses associated with your business, such as rent, if your business is forced to stop operating temporarily due to one of these unexpected events. 

Give Us A Call

Commercial insurance products are not only for large businesses. Many freelancers, self-proprietors, and small business owners can also benefit from commercial insurance products. If you are looking to obtain commercial insurance in the greater Colleyville, TX area, let Jason Ridley Agency help you. Reach out to us today to learn more. 

How business owners can benefit from comprehensive commercial coverage

Jason Ridley Agency is proud to serve the insurance needs of the Colleyville, TX business community. If you are unsure that your current commercial policy is adequate for your needs, we are here to help. Contact our office today to find out more. 

Benefits of comprehensive commercial coverage

Owning and operating a successful business takes a lot of hard work and dedication. Because of this reality, it only makes sense to fully protect a company with robust insurance coverage. A comprehensive commercial policy can help to protect your company from failing due to a covered event.

Without a sufficient amount of coverage, it can be possible for one catastrophe to completely wipe out years or decades of hard work. Fortunately, a comprehensive commercial policy can provide the protection necessary to overcome setbacks and continue to be successful in spite of them. No one wants to watch their business fail due to lack of coverage. Increasing your insurance now can help your company thrive in the future. 

If it’s time to increase the level and breadth of your commercial coverage, it’s time to take a closer look at the comprehensive policies that are currently available in our area. There’s no reason to leave your business underinsured and unprotected. Find out more today about the many effective commercial policies that can meet your firm’s unique needs. 

Get The Right Coverage For Your Business

If you own or operate a business in Colleyville, TX or the surrounding area, you can rely on the team at Jason Ridley Agency for all of your insurance needs. Our team is dedicated to providing our business clients with the information they need to adequately protect their companies. Call or stop by our office to learn more about our services.

The Top 5 Mistakes Businesses Make When It Comes to Their Insurance

Believe it or not, insurance is one of the most commonly overlooked aspects of running a business. And yet, having the right insurance coverage is essential to protecting your company from devastating financial losses. To help you avoid making costly mistakes, we at Jason Ridley Agency in Colleyville, TX have put together a list of the top 5 mistakes businesses make regarding their insurance coverage. 

Business Insurance Mistakes: What You Need To Know

1. Not Having the Right Coverage

The first and arguably most important mistake businesses make is not having the right insurance coverage. Depending on the type of business you operate, there are a variety of different types of coverage you may need. For example, if you run a manufacturing company, you’ll need to carry product liability insurance in case one of your products causes injury or property damage. And if you own any business premises, you’ll need to insure it against damage from fire, theft, or other perils. 

2. Not Asking for a Quote

Another mistake businesses make is not asking for a quote. When it comes to insurance, you usually get what you pay for. So, if you don’t shop around and compare rates, you could end up overpaying for your coverage. 

3. Not Reviewing Your Coverage Regularly

Another common mistake businesses make is not reviewing their coverage regularly. Your business is constantly changing and evolving, so it’s important to make sure your insurance coverage keeps pace. For example, if you’ve added a new product to your line, you’ll need to make sure your product liability coverage is adequate. If you’ve moved to a new location, you’ll need to update your property insurance policy. And if you’ve hired new employees, you’ll need to ensure your workers’ compensation policy is up to date. 

4. Failing to Disclose Material Facts

When applying for insurance, you must disclose all material facts about your business. A material fact is any information that could reasonably impact the insurer’s decision to provide coverage. For example, if you’ve had a fire at your business premises, you’ll need to disclose this when applying for property insurance. If you’ve been sued for product liability, you’ll need to disclose this when applying for product liability insurance. Failing to disclose material facts is a serious error that could result in your policy being voided.  

5. Making Late Payments

Another mistake businesses make is making late payments. Your policy could be canceled if you don’t pay your premiums on time. So, it’s important to stay current on your payments. 

If you avoid these mistakes, you’ll be well on your way to securing the right insurance coverage for your business. Contact Jason Ridley Agency in Colleyville, TX for more information on business insurance. We’re here to help you find the right coverage for your business.

When Do You Need to Buy Commercial Insurance?

Commercial insurance is a necessary purchase for many businesses. It is important to know when you need to buy commercial insurance and how much coverage your business needs as a business owner. Here are some everyday situations where it’s best to purchase commercial insurance.

1. You Have Employees

As a business owner, you typically need to purchase workers’ compensation insurance for your employees. Worker’s compensation helps pay medical expenses and lost wages if an employee is injured in their job. Even if you have only one part-time employee, you should still consider purchasing this type of coverage.

2. You Use Equipment or Tools at Your Place of Business

Any equipment or tools you use at your business’ location need to be covered by commercial insurance. For instance, if you own a car and use it for work purposes, you will typically need to include this vehicle under your business’ auto insurance policy. In addition, if any of the equipment or tools at your place of business are stolen or damaged, you’ll be covered under your business’ property insurance policy.

3. Your Business Owns a Storefront

Not only do you need to purchase insurance for your equipment and tools, but if your business has a physical location, you should invest in commercial property insurance. Commercial property insurance will help cover any damage caused by an accident on your premises. This type of policy will also protect the contents of your building in case of damage or theft.

4. Your Business Is Engaged in a High-Risk Industry

If your business operates in a high-risk industry, such as construction, you will need to purchase additional commercial insurance coverage. Industries that utilize hazardous materials and equipment need extra liability coverage. It would be best to speak with your insurance agent about the specific types of risks associated with your business and how much extra protection you may need for this area.

As a business owner, you need to know when to buy commercial insurance. Several factors will determine how much coverage your business needs and which types of policies you need to purchase. Jason Ridley Agency can provide expert advice on what kind of coverage your business needs in Colleyville, TX. Call us today to learn more.

What can happen to a business that does not have commercial insurance?

Anyone that dreams of being their own boss should consider moving to Colleyville, TX and starting a business. There are several advantages that come with owning a company here, which include benefiting from the good local economy and support for small businesses. If you are going to start a company in this region, you need to have proper insurance. If you do not have a proper commercial insurance plan, you are at risk of a few negative outcomes. 

Loss of Major Assets

One risk that comes with not having a commercial insurance plan is the risk of losing a major asset. If you buy equipment, inventory, or other major assets for your company, there is always a risk that you could lose them to a fire, vandalism, or other situations that result in a loss. If you are not insured properly, you will not have the coverage in place to replace these items.

No Liability Mitigation

Any business owner in Texas will also need to make sure they get the right liability risk protection in place. As there is always a chance you could be named in a liability claim, having coverage and support to offset this risk is very important. If you are not insured with a commercial insurance plan, you are not going to have the necessary coverage to mitigate this risk. 

People who are in the Colleyville, TX area will always want to make sure that they have proper insurance protection for their business. To ensure you are getting the appropriate coverage, calling the Jason Ridley Agency is a good idea. The team with Jason Ridley Agency can help you identify all of your business insurance needs and then build a plan that helps to protect your company. 

Types of Commercial Insurance

Navigating the world of commercial insurance can be confusing for some business owners, especially with the different options in the market. Entrepreneurs must make the right decision in choosing the right policy if they are to protect their investment sufficiently. Below, Jason Ridley Agency takes Colleyville, TX business owners through the different types of commercial insurance.

General Liability Insurance

General liability insurance helps protect a business from common perils like a customer getting injured on your business premises or their property getting damaged. This type of commercial insurance also helps a business cover legal fees if sued for libel or slander.

Workers Compensation Insurance

Although not mandatory in Texas, it is still advisable that a business owner gets this type of policy to protect themselves and the company’s assets. It helps cover medical expenses arising from an employee getting injured or sick at the workplace. Also, if an employee decides to sue you, it can help cover the legal fees.

Commercial Auto Insurance

This type of insurance helps to protect the company’s vehicles, providing cover for property damage when the car is involved in an accident. The cost of replacing or repairing the car is covered here, allowing your company to keep running with few interruptions.

Cyber Insurance

If your company faces cyber attacks like being hacked or a data breach involving confidential customer information like account numbers, this type of insurance can provide compensation for monitoring costs, customer notification costs, and legal fees.

Professional Liability

This type of commercial insurance is common with businesses providing services such as financial or legal consultation. If your business is sued due to a mistake you made that costs a client a significant loss, professional liability can help cover the legal fees.

If you own a business in Colleyville, TX, and you want to protect yourself and your assets from financial loss in case of anything, you should get commercial insurance. You can reach out to Jason Ridley Agency, where we will help you pick the right type of commercial insurance that suits your business needs.