Starting a new franchise business in Texas is an exciting venture that offers both opportunities and challenges for business owners. Before signing a franchise agreement or start making plans for your business, you should first make sure you have the right commercial insurance policies in place.
In today's blog post, learn about the types of Business Insurance coverage you may need for your new franchise, the protection each policy offers, and why reaching out to Aegis Insurance & Financial Services for your coverage needs is a smart move.
Commercial Property Insurance: Protecting Your Assets
Commercial Property Insurance guards your company's physical assets against common risks such as fire, theft, or natural disasters. In starting your franchise business, you'll probably need to spend a lot of money on the physical building or leased space, equipment, and inventory, so you should have insurance coverage that protects the value of these important assets.
Commercial Property coverage puts your business in a better position to fully recover from any unexpected events or losses that could hurt your company. It also protects your business finances so you don't have to cover all repair and replacement costs out of pocket.
General Liability Insurance: A Shield Against Lawsuits
You can be diligent in developing safe products, services, and business operations, but your company could still face a costly lawsuit if someone is hurt or their property is damaged on your site. General Liability Insurance covers any attorney fees, court costs, damages, and judgments you may face if your business is sued because of an on-site injury or accident.
Without this kind of coverage, a single lawsuit could tie up all your time, finances, and business resources, and any sizable judgment against your company could result in bankruptcy or total business closure. You can't ever fully eliminate the risk of accidents or injuries on your business property, but General Liability coverage provides the financial protection and peace of mind you need in case disaster strikes.
Business Interruption Insurance: Ensuring Continuity
Work disruptions and operational delays can be financially devastating, especially for young, growing franchises trying to make it in a new market. If your business is forced to temporarily close because of a covered event (like fire or weather disasters), then Business Interruption Insurance can help.
With this coverage, your business can replace lost income and cover ongoing expenses, such as:
• Rent
• Utilities
• Taxes
• Payroll
• Business bills and loan payments
Business Interruption coverage ensures that your franchise can survive any storm by fully reopening and recovering after an unforeseen event.
Workers' Compensation Insurance: Employee Protection
Workers' Compensation Insurance provides coverage for lost wages and medical expenses if an employee is hurt or becomes sick while on the job. It benefits employees by providing the financial resources they need in order to make a full recovery, all while protecting your business from lawsuits related to the injury or illness.
When your business has Workers' Compensation Insurance in place, it fosters a safer work environment and minimize the financial risks associated with workplace injuries. Employees can have peace of mind knowing they'll have the financial help they'll need if they're injured on the job.
Choose Aegis for Your Franchise Insurance Needs
If you need help navigating the complex world of commercial insurance for your specific franchise business needs, Aegis Insurance & Financial Services can help. With our decades of insurance experience and strong commitment to client satisfaction, we can guide you through the process of selecting and securing the right policies for your Texas franchise.
Contact Aegis Insurance & Financial Services at 713-850-7622 to speak with a Commercial Insurance agent, or fill out our online form to request a free quote!