Starting a business comes with ups and downs, some turmoil, and at times uncertainty. Small business owners are not exempt from risk, as maintaining one’s own business is in and of itself a risky affair. This is precisely why small business owners understand that protecting their assets and factoring in the possibility of risk is essential. The Texas economy is robust and a large part of it is composed of small businesses.

We have some tips to keep your small business protected from the inevitable risks associated with running a business.

Why Business Insurance Matters

Having some type of business insurance is necessary for any business. Based on your industry, there are different degrees of inherent risk. For example, a bookstore faces different risk factors than that of a paintball course.

Every type of business, however, will be subject to general risks including:

• Natural disaster
  
• Theft
  
• Death of a business partner
  
• False advertisement
  
• Copyright infringement
  
• Malpractice or negligence
  
• Data breach

General Liabilities

Additionally, if you have employees, you may be required to carry some form of workers’ compensation or employee liability insurance. In Texas, businesses are generally required to have ‘general liability insurance’ and business property insurance.

Business owners should consider getting insurance if:

• The business has a physical location in Texas, whether that be a storefront, office, etc.
• Your business can be sued by a customer who suffers an injury on your premises.
  
• You have assets that can be stolen, damaged, or broken. This includes tangible goods and digital services. So whether you’re a furniture store or do website design, it’s a good idea to have insurance.

Tips for Deciding What Type of Business Insurance You Need

Exploring your options for coverage and the different policies available can be overwhelming. We understand! That’s why we’ve mapped out the most important tips:

• Seek the guidance of an insurance agent. Your agent will walk you through the different options available and recommend ones based on the needs of your business.
• Explore different coverages. There are various options of coverage available, all of which aim to protect different industries. For example, your business may require property coverage, automobile coverage, or general liability insurance. By exploring different types of coverage, you’ll have a better sense of what you need in a policy.
• Homeowners’ insurance isn’t business coverage. Many people who run a business from their home will make the assumption that their homeowners' insurance will protect business assets, but this is not necessarily the case. It’s important to understand what your insurance actually covers if you run your business out of your home. 

Speak With a Business Insurance Expert in El Paso Today

At Advantage Insurance Agency, our agents can help you sort through all the necessary information pertaining to different small business insurance. Regardless of the kind of business you own and what your needs are, we’re here to help. Call us today to begin protecting the business you work hard to keep alive!