At CapRock Services, we have observed that successful small business owners and entrepreneurs understand the concept of risk. More specifically, they also understand the importance of managing and controlling risk whenever possible by carrying the right types and amounts of insurance.
The Product You Hope You Never Use
When we help develop business insurance plans for our Dallas area and national clients, we like to point out that while insurance is an important risk management tool, it’s an investment that you hope you never use. On the other hand, if a covered need arises, it is often insurance that makes the difference between you suffering an inconvenience or a catastrophic loss.
The reality is that each different type of business has unique insurance needs. As we provide our insurance services in Dallas, we always take the time to ensure our clients understand which coverages are required for their activities and which are simply desirable. That allows each client to accept the level of coverage they feel is the best balance between protection and expense.
Basic Cost of Doing Business
Whether large or small, business owners should view the expense of carrying the correct levels of insurance as a basic cost of doing business. Virtually every business will carry certain basic types of coverages, such as business owner, general liability, property and auto insurance. What those types of coverages are will depend on a number of factors, starting with the type of business and industry, the product or services sold, and whether or not you have employees.
For example, here are just three different examples of how appropriate levels and types of insurance will vary:
Professional services. If you are a professional that serves as a lawyer, accountant, architect or a similar role, your clients rely on the accuracy and thoroughness of your advice and work. For that reason, you will want to carry a sufficient level of professional liability insurance, also called errors and omissions (E&O) insurance, in case your client suffers a loss that they try to blame on you. A great advantage of this insurance is the fact your carrier will provide legal assistance if you are sued.
Manufacturing. If you are a small manufacturer, you will definitely want to have product liability insurance that addresses your specific products. In fact, if you are seeking small business financing in Dallas for a manufacturing concept, you will find most banks and investors will require you to carry adequate liability coverage.
Medical professional. In addition to the E&O insurance mentioned above, many professionals such as therapists, doctors, and counselors also carry malpractice coverage tailored to their professional specialty. This insurance covers claims related to a failure to provide the expected treatment and claims of negligence or improper actions.
These are just a few of the different types of coverages we discuss when we provide our comprehensive insurance services in Texas and beyond.
When it comes to managing risk, we help our clients understand insurance from three perspectives. First, we determine what specific coverages are required by your professional license, banker and investor covenants, and landlord agreements or by other institutions.
Secondly, we will discuss those coverages that are highly recommended, such as umbrella and business continuation insurance.
Lastly, we can help you understand what additional types of coverages are available to manage any specific risks of your business.
CapRock Services Offers Comprehensive Insurance
CapRock’s comprehensive insurance services provide our clients with the protection they need and the peace of mind they deserve. Our professional and knowledgeable team is prepared to help you understand how you can protect your future with the most efficient insurance plan when you call today.