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.

Why Workers Compensation Is An Essential Part Of Commercial Insurance

Jason Ridley Agency serves the Colleyville, TX community, as well as the surrounding areas. We strive to ensure that our clients have the coverage they need to protect their assets. We look forward to hopefully establishing a long-lasting partnership with you. We are proud to serve the community as an independent insurance agency.

Why Workers Compensation Is Essential

Operating a business is a significant investment. You have to put in a lot of work to make sure that your business is successful. Commercial insurance is an asset. The policy can help alleviate some stress associated with operating a business daily. Commercial insurance covers damage to your property and inventory. You are also covered if your inventory is stolen or damaged. Liability coverage protects you if you are involved in a dispute due to someone getting injured on your property. One of the most important parts of commercial insurance is workers’ compensation. Workers’ compensation helps you protect your business while simultaneously taking care of your employees.

Important Benefits

Your employees are a valuable part of your Colleyville, TX business. By adding workers’ compensation to your policy, you are showing that you value your employee’s contributions to the business’s success. If one of your employees gets injured, workers’ compensation will cover their treatment and rehabilitation. The policy also covers your employees if they become disabled. In the unfortunate event that your employee suffers a serious injury and passes away, workers’ compensation can assist with the arrangements. Having a strong worker’s compensation policy can also give your business a competitive advantage when retaining and attracting talent.

Jason Ridley Agency Can Help You Take Care of Your Business

Visit our website to learn more information on commercial insurance.

3 Questions to Ask About Your Commercial Insurance in Colleyville

When you’re a business owner in Grapevine or Colleyville, TX, your days are already filled with questions. Questions from yourself, your vendors, your employees, your customers — big and little asks that need answers.

All of these everyday quandaries can be exhausting after a while, which is why so many people will just renew their business insurance without thinking about it, or choose based on the bottom line and nothing else. But this is a dangerous shortcut for a wide variety of reasons. Jason Ridley Agency wants you to examine the three questions you should ask before you dismiss it. 

Who Does My Insurance Cover?

From your employees to your customers, you need to know about the people who are under your company’s umbrella. If you’re injured in the stockroom when you’re going through inventory, do you know if you can file a claim?

What Doesn’t My Insurance Cover?

This is often more telling than what your insurance does cover. Once you know that an event isn’t covered, you can start to assess whether you’d rather spring for the additional protection. From major storms to theft to vandalism, it’s worth checking these things out. 

Who Are You Working With?

The carrier that you’re working with will have a lot to do with the relationship you have with your insurance policy. If you’re asking these questions to the right people, you get the answers you need plus much more. 

Jason Ridley Agency is here to help the business owners of Colleyville, TX really understand what they’re signing up for. Before you think of insurance as just another thing you need to stay legal, give us a call. We can help you see where the holes in your commercial insurance are, so you can feel confident about the future. 

Commercial Insurance Add Ons For Any Building

Your place of business represents an incredible investment of time, money, and resources. Due to this, it is crucial for you to protect your place of business with the right commercial insurance policies. This includes protecting the building your company is in. However, there are all kinds of commercial insurance add ons for the building that you need to consider. When running a business in or around Colleyville, TX, our team here at Jason Ridley Agency wants to help you protect every corner of your commercial facility. 

Window Protection

Does your facility have a large number of windows? Perhaps you run a restaurant with big windows right alongside a busy street. You’ll want to protect these windows with additional insurance coverage. 

Flooding Insurance

Just like your home, you’ll want to protect your commercial property from flooding and other kinds of storms. Flooding can be extremely devastating to a business, as it may not just cause damage to your property, but to the equipment and goods within the facility as well. With flood insurance, you’ll protect your business from this. 

Protection From Vandalism

Your windows can be covered from vandalism, but if your building is tagged, you’ll want to remove the spray paint. This can be difficult and even expensive. With the right commercial insurance protection, you will not be forced to pay for all the repairs out of pocket.

It doesn’t matter what kind of business you run. You need to protect it. As every commercial facility is a bit different, your needs will not be the same as the business across the street. That is why, if you run a business around Colleyville, TX, you will want to give our staff here at Jason Ridley Agency a call. We’ll help connect you to the insurance coverage for your specific commercial property.