Tag: Midland TX

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.