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Ledford Agency LLC

1910 N Big Spring St
Midland, TX 79705

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Does Every Small Business Need Commercial Insurance?

According to the U.S. Small Business Administration, small businesses constituted 99.8% of businesses and 44.5% of employees in Texas in 2022, underscoring their significant contribution to our economy. Commercial insurance is pivotal in helping these businesses fulfill their legal and contractual obligations. For small business owners in Midland, TX, our team at Ledford Agency LLC is ready to partner with you to acquire the necessary commercial insurance.

Who Requires Commercial Insurance?

While some small businesses with no employees may occasionally bypass securing commercial insurance, this strategy can introduce risks, which include possible loss of personal assets. Additionally, certain small business owners mistakenly rely on their home or personal auto insurance for business coverage. However, home insurance typically covers only $2,500 worth of business assets, such as tools, inventory, or office equipment. Similarly, small business owners undertake considerable risks by using vehicles protected by a personal policy rather than a commercial vehicle policy, especially if employees utilize the vehicle.

Further, Texas law does not necessitate private businesses to hold Worker’s Compensation insurance. However, employees can sue uninsured businesses if they sustain injuries at work, whereas Worker’s Compensation insurance caters to these potential scenarios. Also, contracted companies for government work must carry Worker’s Compensation insurance, and numerous private businesses place similar insurance requirements on their suppliers.

While some small business owners might forego commercial insurance, most would benefit from a consultation with an agent to comprehend the costs and advantages of a policy tailored to their business.

Partnering with Ledford Agency LLC

Our team at Ledford Agency LLC caters to the private and business communities in the Midland, TX, area. Call us today at 432-940-4010 to schedule an appointment, and we can devise an insurance plan designed to protect your business.