Category: 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.

A mobile business owner often has more flexibility than a traditional business owner. Because a mobile business owner typically provides services in a significant geographical location, they may need specialized insurance products to prevent financial loss.

Business Plan

The business plan should be assessed before insurance is sought. This will allow the business owner to identify risks that may require a specific type of coverage. Liability insurance, workers’ compensation insurance, and commercial property insurance are just a few types of insurance that a mobile business owner may need.

The number of items being transported to and from each client’s location may influence the insurance coverage amounts that a business owner seeks.

Automotive Coverage

A mobile business relies on the use of a vehicle, which may necessitate the acquisition of a comprehensive automotive policy.

Since driving to and from each client’s location will be conducted regularly, a mobile business owner and his employees are more susceptible to accidents than a standard business owner or employee.

If large equipment is towed, a business owner may require insurance add-ons. Automotive insurance add-ons fill in gaps that standard automotive insurance policies don’t cover.

Security

A mobile business owner may benefit from using security equipment. Security equipment protects a business owner’s vehicle, tools, and inventory from damage or theft in transit. The security upgrades added to a business plan could affect the type of insurance policy a mobile business owner needs.

Contact Ledford Agency LLC

Contact a representative of Ledford Agency LLC to schedule an appointment to discuss mobile business insurance products. If you own a mobile company, you will benefit from receiving help from an agent who serves Midland, TX.

In Texas, business use of your personal vehicle can get you into unexpected trouble.

At the Ledford Agency LLC, serving Midland, TX, and other locations in West Texas, many of our clients who own businesses don’t realize that their auto policies don’t cover business use. Some situations void your Texas auto insurance policy.

Here are some examples:

• You let an hourly employee drive your personal vehicle during work hours.
• You let a salaried employee drive your personal vehicle at any time.
• You transport goods or people for a fee. This includes using your vehicle for services like Instacart or Uber.
• You use your personal vehicle for picking up supplies.

There is also a situation that affects our most successful clients:

• You need more coverage because your successful business has made you a high-net-worth individual, a target of people who want to sue you.

Ledford Agency LLC offers tailored coverage for drivers in and around Midland, TX. This gives you the coverage you need at a price that doesn’t break the bank.

We tailor business vehicle coverage with the following:

• Higher liability limits: If you have business assets, you need higher liability coverage to protect them.
• "Any auto" policies: Ledford Agency LLC can write auto policies that cover the driver, not the car. That way, you and your employees can be covered whenever you use any car for business purposes. These policies cover when you are test-driving a new car, leasing or renting a car when you borrow a car, and when you haven’t gotten around to insuring a new car yet.
• Downtime reimbursement: Some insurance companies will reduce your premiums by the percentage of time your car is parked. There are similar discounts for geofencing cars used by your employees.

If you live around Midland, TX, Ledford Agency LLC can find the coverage you need. Call us for an appointment today!

In today’s digital landscape, businesses grapple with unprecedented opportunities and risks as technology becomes inseparable from operations. Cyber threats, growing in sophistication, have a profound effect on commercial insurance. At Ledford Agency LLC, providing insurance products in the greater Midland, TX region we want to help you learn more about the vital role of cybersecurity measures in protecting businesses and how insurers are adapting.

Escalating Cyber Risks

The dynamic and increasingly complex nature of cyber threats poses a substantial challenge to businesses. From data breaches to ransomware attacks, robust cybersecurity measures have become critical. Commercial insurance must evolve to cover a spectrum of cyber risks, including financial losses, reputational damage, and legal liabilities.

Tailored Cyber Insurance

Standard commercial insurance policies often fall short in addressing the specific risks associated with cyber threats. To bridge this gap, insurers now provide specialized cyber insurance policies. These are crafted to offer comprehensive coverage for expenses related to data breaches, business interruption, and the costs of investigating and mitigating cyber incidents.

Collaborative Risk Management

The intersection of cybersecurity and commercial insurance necessitates collaboration between businesses and insurers. Companies are encouraged to actively engage in risk management strategies, implementing robust cybersecurity measures to demonstrate their commitment to safeguarding sensitive information. Insurers, in turn, reward proactive risk management with tailored coverage and support.

In navigating the digital age, the synergy between cybersecurity and commercial insurance is paramount. Businesses must recognize the evolving cyber risks, invest in tailored insurance coverage, and collaborate on effective risk management strategies to protect their operations, finances, and reputation in our interconnected world. If you’re looking to purchase commercial insurance, we can help you. Call Ledford Agency LLC in Midland, TX today.

Almost 75% of businesses in the United States are underinsured. That suggests that when people experience problems, they are not protected and are in charge of paying the related expenses. Commercial insurance is essential because most organizations don’t have a lot of extra cash on hand to meet these unplanned (and usually expensive) charges.

Here is a list of questions you should ask before acquiring a commercial insurance policy because it’s critical to select the best option for your business.

What To Ask When Shopping For Commercial Insurance

How Much Coverage Should I Have?

The first thing you need to know is the value of your commercial property. Its value will determine how much coverage you need. Remember that the property’s value may fluctuate over time, requiring regular insurance adjustments. Despite the fact that you want to protect your investment, you also do not want to go overboard with insurance and end up paying more than necessary.

What Are the Deductibles?

Deductibles are the amount that you would be responsible for paying out of pocket if you had to file a claim. The higher the deductible, the lower your monthly premium will be. However, you should not set your deductible so high that you cannot pay it in the event that you ever need to file a claim.

What Is Exactly Covered By My Commercial Insurance?

Choosing the best commercial insurance for your business from the range of possibilities may be stressful and challenging. Therefore, it’s imperative to make sure that you are well aware of what commercial coverage will cover and what it won’t. Behind your primary policy, commercial insurance often serves as a kind of catch-all that handles a variety of eventualities.

Schedule A Consultation Today!

If you own a business in Midland, TX and are thinking of purchasing business insurance, do not hesitate to reach out to Ledford Agency LLC. At Ledford Agency LLC, we work with clients from Midland, TX and other nearby areas, and we help them find perfect policies based on their individual needs. 

Increasing employee retention is at the top of everyone’s priority list right now. If you are an employer who is serious about employee retention, it is important that you pay attention to the benefits that employees actually need and want. Here at Ledford Agency LLC, we want to help business owners in Midland, TX and the surrounding areas better understand these important topics. 

Benefits Are Not A Thing Of the Past

First off, it is very important that you understand that employee benefits are not a thing of the past. As much as some employers would like employees to believe this lie is true, it is not. Employee benefits are one of the most powerful employee retention tools you have, and to ignore it or experiment with not providing benefits is a recipe for high employee turnover and failure. 

Mental Health Services 

Free or very affordable mental health services are a very powerful way to send a  message to employees that you care about them, and you want them to be personally empowered. When your employees are personally empowered, it always trickles down as a success for your company. 

On-Site Child Care 

Not every business can necessarily provide this, but for businesses that can, onsite child care is the golden ticket to employee retention. Providing this type of benefit sends a very powerful message to parents that you care about all aspects of their life and you understand that in order to stay focused and productive at work, parents need to know that their kids are okay. Onsite hugely reduces the need for parents to leave work for child-related issues thus keeping employees onsite longer which also increases productivity in the long run. 

We Can Help!

If you would like to learn about commercial insurance products, please contact us at Ledford Agency LLC serving Midland,TX and the surrounding areas. 

Are you a business owner in the Midland, TX area? If so, protect your livelihood with the commercial insurance Ledford Agency LLC can provide.

Why Commercial Insurance?

Businesses need commercial insurance because it can help cover costs associated with liability and property damage claims. Without this coverage, a business owner may have to pay out-of-pocket for any damage or legal claims filed against the company. This could be financially destructive. In some cases, it can mean the difference between staying afloat or going under.

General liability insurance, referred to as commercial liability insurance, will cover the expenses of liability claims against your company. For example, if a client or customer falls and injures himself on business grounds, he could sue your company. Business liability insurance helps cover these costs.

Business income insurance will replace lost income if your business cannot operate because of a covered loss. This is the solution to meeting your payroll, paying your bills, and weathering the temporary shutdown of your business. For example, if a fire damages your company and it is closed during repairs, this coverage will replace lost income during the repair.

Workers’ compensation insurance offers financial support to those employees who are not able to work due to a job-related illness or injury. For example, if an employee receives a back injury while lifting a heavy piece of equipment, this coverage will pay for their medical expenses. 

Unemployment insurance offers benefits to employees who become displaced from their employment through no fault of theirs. 

In most states, a company with employees will need:

• Disability insurance
• Unemployment insurance
• Workers’ compensation insurance

Covered risks under a commercial insurance policy include theft, workers’ lost wages if injured on the job, and more. If your company does not have this coverage, any costs will need to be paid out-of-pocket.

Reach Out To Us

Our team of insurance experts at Ledford Agency LLC in Midland, TX can answer questions or provide a quote. Contact us today.

Are you a business owner in Midland, TX? Are your interests protected by commercial insurance? Let the insurance professionals at the Ledford Agency LLC provide the protection your company needs.

Commercial Insurance: Why You Need This Important Coverage

One of the most important aspects of a business operation is protecting it from financial loss. Being adequately prepared for a loss can mean the difference between remaining in business and having to shut your doors. The best investment you can make to avoid severe financial hardship is a commercial insurance policy.

There are several types of commercial insurance you can purchase.

The most common are:

• General liability
• Professional liability
• Cyber liability
• Commercial auto insurance
• Workers’ compensation insurance for employees

Most small businesses would need a BOP, which combines business income insurance, business property, and business liability. A BOP protects the physical location of your business and its assets.

Just like home, auto, flood, or umbrella coverage, commercial insurance helps cover costs as a result of property damage and liability claims. Rather than protecting individuals, commercial insurance protects businesses against risks such as:

• Accidents
• Ill or injured employees (includes access to lost income and rehabilitation programs)
• Lawsuits
• Property damage
• Professional errors and omissions (E&O)
• Theft

If one of these happens and you do not have commercial coverage, the associated expenses could drain the resources of your business and you will have to close your doors.

Because all businesses are different, your commercial policy will be tailored to your business requirements. Basically, commercial insurance is relatively affordable. The average liability policy costs approximately $42 per month and only increases to $53 if property liability coverage is added under a BOP.

Bear in mind that what you pay for this coverage depends primarily on the business, location, annual revenue, and the number of employees. Don’t be without it.

Give Us A Call

If you want to start protecting your livelihood, contact the Ledford Agency LLC today. We are happy to serve business owners in Midland, TX and surrounding areas.

When it comes to business, there are a lot of things that you need to think about if you want to remain ahead of the game and keep your company afloat. One of the most important things you need is to get commercial insurance for your business. This might seem like an unnecessary expense, but if something happens to your business, you will be very glad that you have it.

Consult with Ledford Agency LLC in Midland, TX for expert insurance advice. 

Here are some reasons you need to get commercial insurance for your business:

1. To Protect Your Business From Liability

If something happens and someone gets hurt on your property or because of something that your business does, you could be held liable. This means that you could end up having to pay a lot of money in damages. If you have commercial insurance, your insurance company will cover these damages up to your policy’s limit.

2. To Protect Your Business Property

One of the most important assets for any business is its property. This includes the building that your business is located in, as well as any equipment or inventory that you have. If this property is damaged or destroyed, it can be very expensive to replace. Commercial insurance will help to ensure that you can replace this property if it is ever damaged or destroyed.

3. To Comply With The Law

In many states and municipalities, it is actually required by law that businesses have certain types of commercial insurance. For example, most businesses are required to have workers’ compensation insurance. You may also be required to have liability insurance if your business is considered to be high risk.

Contact Us Today

These are just a few of the reasons why you need to make sure that your business has commercial insurance. Ledford Agency LLC in Midland, TX can help you find the right policy for your business. Give us a call today to learn more about our services.

If you have an e-business, the risks might be slightly different from a brick-and-mortar business, but you still need business insurance. If you are wondering what kind of coverage you need for your e-commerce, you are in the right place because Ledford Agency LLC in Midland, TX is your trusted partner in all business insurance matters.

Here are the coverage options you need for your online-based business:

Cyber liability insurance

This coverage protects your business when there is a data breach. This coverage pays for notification costs, PR, and legal expenses when sued. Cyber liability coverage shouldn’t be confused with insurance for your computers and IT infrastructure. You need commercial property insurance for that.

General liability insurance

This coverage protects your business when sued for property damage, bodily or advertising injury. While this insurance isn’t mandatory, you should never ignore it because it saves your business significant financial losses.

Product liability insurance

If you sell goods, consumers can be harmed by your product. For instance, consumers could suffer from an allergic reaction after consuming your products. You need product liability coverage to cover medical costs and legal charges when faced with such claims.

Professional liability insurance

As an e-business, you could be an accountant, dietician, financial advisor, or IT specialist. If you offer professional advice, you should invest in professional liability insurance to cover you when sued for malpractice, missed deadlines, and incomplete work.

Commercial property insurance

You may not have a physical office, but your business could have invested in computer equipment and other assets. If you sell merchandise online, you probably have delivery vehicles, inventories, and warehouses. Invest in property insurance to cover your assets against damage and losses from fire, theft, natural disasters, and other perils listed in your policy.

Want to invest in business insurance in Midland, TX? Please contact Ledford Agency LLC for a competitive quote.