When am I required to carry commercial insurance?

The Desoto, TX area is a great place for anyone to work and live. Going along with this, the city is an excellent place to start a business. When you are going to start a company in this area of Texas, it is imperative that you are adequately covered by insurance. There are several situations when carrying commercial insurance will be a requirement for you and your situation. 

When you Took Out a Loan

If you have taken out a loan from a bank, you are going to need to have commercial insurance at all times. Lenders are aware of how much value commercial insurance can provide to a company. Due to this, they are undoubtedly going to require that a customer carry this insurance as long as the loan is outstanding as it will continue to protect the bank’s collateral.

Renting Space

Another situation when you will need to have commercial insurance is if you are renting space from certain landlords. When you operate out of a building, there is always a chance that you could have an accident that causes property damage. Since this risk is still present, your landlord will want you to have insurance that protects against this. 

There are a variety of situations when you are going to be required to carry commercial insurance. Even if it is not required by law, a company in the DeSoto, TX area should aim to get into an excellent policy. Since there are complexities that come with choosing this type of insurance, working with Don Atwell & Associates to pick a policy would be a great option. The team at Don Atwell & Associates can help you to find a policy that works for you and meets all requirements.