Protecting your business in Midland, Texas, requires a thoughtful approach to insurance. The right coverage not only safeguards your financial investment but also provides peace of mind. But, what insurance do you need to protect your MIdland business?

Here’s a bit of a primer on commercial/business insurance you might want to consider to keep your Midland business secure.

1. Property Insurance

Whether you own or lease your space, property insurance proves important. It covers buildings, equipment, inventory, and furniture in the event of a fire, storm, or theft. Given Midland’s susceptibility to extreme weather, such as hailstorms and tornadoes, ensure your policy covers all natural disaster-related damages.

2. Liability Insurance

Liability insurance is essential for protecting your business from lawsuits. General liability insurance covers injury or damage claims made by third parties. For businesses that provide professional services, such as consulting or financial planning, professional liability (also known as errors and omissions insurance) is crucial to protect against claims of negligence or harmful mistakes.

3. Commercial Auto Insurance

If your business uses vehicles, whether a single car for sales visits or a fleet of trucks for delivery, you’ll need commercial auto insurance. This covers damages and liability issues that aren’t covered under personal auto policies. Given the extensive driving often required in West Texas, adequate coverage is vital to mitigate the risks associated with long-distance and rural driving.

4. Workers’ Compensation

Texas doesn’t mandate workers’ compensation coverage, but providing it can be a wise decision. It covers medical expenses and lost wages if employees get injured on the job. This coverage not only supports your employees’ recovery but also protects your business from potential lawsuits related to workplace injuries.

5. Business Interruption Insurance

Business interruption insurance can be a lifesaver, especially in an area prone to natural disasters. If your business operations are disrupted due to unforeseen events like a natural disaster, this insurance helps cover lost income and other expenses incurred while your business is non-operational.

6. Cyber Liability Insurance

As businesses increasingly rely on digital operations, cyber liability insurance becomes essential. This covers your business against data breaches and other cyber threats. Given the rising cyber threats, it’s prudent to safeguard sensitive information and client data.

7. Umbrella Insurance

Umbrella insurance provides additional liability coverage above the limits of your other policies. It can be particularly useful in lawsuits where claims exceed typical policy limits, offering an extra layer of security.

Personalized Advice for Your Business

Every business in Midland is unique, and the specific types of insurance required can vary significantly based on your industry, the size of your business, and other risk factors. It’s important to discuss your specific needs with an insurance expert who understands the local business landscape and can offer tailored advice.

At Mike Lively Agency, we specialize in crafting customized insurance solutions that meet the specific needs of West Texas businesses. We’re here to help ensure that your coverage protects what matters most to you. Reach out today to discuss how we can support your business’s growth and stability with the right insurance strategies.