Garland Business Liability Insurance

Garland business liability insurance has both an aggregate limit and a single occurrence limit. The single occurrence limit is the total amount of legal fees and settlement costs that your Garland business liability insurance will cover in one particular incident. The aggregate limit is the total amount that your Texas business liability insurance will cover during an insured period. Typically, the aggregate limit is double the occurrence limit.

It's important that you understand the limits on your Garland business liability insurance and whether or not they're reasonable for your industry. That way, you can add an umbrella liability policy if necessary. An umbrella policy will take care of the "extra" cost not covered by your basic Garland business liability insurance. It essentially gives you higher limits at an affordable rate.

Your limits will vary depending on what type of business you're operating. Your particular risks will vary, too, and insuring a big Texas ranch will be different than insuring a store in downtown Garland. So, it's important to look in to the risks of your specific industry before purchasing Garland business liability insurance. It's essential that you have coverage for potential liability claims as well as loss of property, assets, or other concerns.

Liability Insurance Limits

The limits on your Garland business liability insurance may or may not include legal fees. Legal fees can be outrageously expensive, and if they are included in your limits, then your limits are considerably lower. For example, if your occurrence limit is one million, you could easily run through half of that in legal fees, and have insufficient coverage for the determined damages. If your limits exclude legal fees, you're in a much better position.

Don't underestimate the costs of legal fees in Garland, Texas. You may want to take a look at other businesses operating in your industry, and see what kind of lawsuits they've faced in the past. Find out what the damages were, relatively speaking, and so that you can set the appropriate limits for your business.

Umbrella Liability

You can also talk to a Garland business liability insurance agent about the necessary limits on your policy. If they are not sufficient, an agent can help you figure out the appropriate umbrella policy to tack on. Note that you can't purchase an umbrella policy unless you have a basic policy underneath it.

An umbrella policy will basically up your insurance limits, and it's a relatively affordable way to increase your coverage. Upping your limits directly with your Garland business liability insurance company will be more difficult. Well, at least, it will be more costly! So, if you're afraid that your limits aren't high enough, you definitely want to look into an umbrella policy.

Here's how it works: imagine that the occurrence limit on your basic business insurance is two million. Your lawsuit settles for three million. Then, your umbrella policy picks up the extra one million. As you can imagine, there are certain situations in which an umbrella policy can be a lifesaver for a Garland, TX business.

Insuring a Farm

Note that while your liability insurance will cover you for claims related to property damage, it doesn't cover you for property damage itself. So, if you own a ranch in Texas, you need to have a policy to protect your property in the case of a natural disaster. Depending on the activity at your ranch or farm, you probably need additional policies to protect you.

For example, you can add an endorsement to your farm policy to protect boarded animals. If you're breeding expensive cattle or thoroughbreds in Garland, you may want to have a policy to reimburse you if there's a natural disaster of some sort. Valuable equipment, such as a tractor, should also be insured.

Note that your risks will be significantly higher if your Garland, TX Ranch welcomes visitors. If it's a dude ranch, for example, and someone gets injured, you may face a lawsuit with a personal injury claim. Obviously, your insurance rates will be higher due to those risks.

A farm policy sometimes includes medical payments, so if anyone's injured on your property the costs are covered. It's a little bit like workers compensation. Your farm policy may also cover living expenses, if you need to relocate in the case of a natural disaster. As you've probably gathered, insuring your Garland business is a little bit complicated, and it's a good idea to talk to an agent.

Talking to a Garland business liability insurance agent can make insuring your company, restaurant, store or ranch much easier. An agent that understands your industry can help you figure out your particular risks, and make sure you have the appropriate coverage to protect you. So, find a trustworthy agent to help you navigate the complicated terminology.

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