If you’re a business owner, you likely understand the necessity of purchasing commercial insurance. However, you may have questions about which type of insurance you need and which options you should choose. If your business is in the Dallas, TX, area, and you have questions about how to choose the right policy for your workers, our team at Alloy Insurance Partners will be glad to discuss our full range of policy options with you. We’ve been working with businesses in your area since 1996.

Understanding Coinsurance in Business Insurance

One of the terms you may hear our agent use regarding health insurance is "coinsurance." Some business owners believe that coinsurance is related to health insurance. However, in business insurance policies, small businesses typically use coinsurance to cover property, business vehicles, and business equipment. These clauses specify the percentage of the property’s value your business must insure to collect a full claim payment if you sustain a property or equipment loss.

The acquisition of coinsurance is helpful for the insurance company as it informs them of the potential payment they would be responsible for. The property value on which these policies are based may be related to the cash value of the property. Accepting a coinsurance policy will help expedite policy underwriting and help the insurance company determine premiums.

Contact Us Today for Your Appointment

Whether coinsurance is the right decision for your company, our team can help you understand which insurance will work. Our experienced agents can provide this knowledge to business clients in the Dallas, TX, area. Our team at Alloy Insurance Partners is dedicated to finding personalized insurance solutions for every business. Call us for an appointment today, and let’s discuss insurance options.

If you own a business, have employees, or even use your vehicle for work-related activities, you’ll need to consider commercial insurance. It’s crucial to understand the difference between commercial and personal insurance.

• Personal Insurance protects individual assets and includes life insurance, auto insurance, and homeowner’s and renter’s insurance.
• Commercial Insurance is typically for businesses and likely includes coverage for liability claims, workers’ compensation, and property damage.

Primary Differences Between Commercial and Personal Insurance

The following are a few examples of differences between commercial and personal insurance policies.

• The Named Insured: For personal insurance, the name on the policy is an individual, couple, or possibly family. In commercial insurance policies, the name would be a business or entity.
• Property Insurance: Personal property insurance covers a home and individual assets. Commercial property insurance usually covers offices, warehouses, and assets associated with a company.
• Auto Insurance: Personal auto insurance covers individuals and families. A commercial auto insurance policy typically covers company vehicles and personal vehicles used for work-related activities.
• Liability Coverage: Personal liability is often part of homeowners insurance, covering someone who is injured on your property. Commercial liability covers companies instead of individuals. With more people working from home, individuals may need commercial insurance coverage when working from a home office.

Contact Alloy Insurance Partners in Dallas

At Alloy Insurance Partners in Dallas, TX, you’ll find an experienced team of insurance professionals working hard for Texans. We can help you find the right insurance products and services that meet your needs. We offer several types of insurance, including commercial. Contact an Alloy Insurance Partners agent in Dallas, TX, to start today.