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Which insurance policies are recommended for Austin businesses?
Ranked as one of the best U.S. cities for startups, Austin and nearby suburbs of Georgetown and Cedar Park continue to invest in and grow a diversity of businesses. Protect your small Austin business with these common insurance products.
General liability insurance
A general liability policy protects Austin businesses from lawsuits related to customer accidents, defamation, and copyright infringement. Commercial leases often require this coverage.
BEST FOR
- Customer injuries at your business
- Libel and other advertising injuries
- Product liability insurance
Professional liability insurance
This policy covers legal costs related to mistakes and oversights, such as a consultant's advice that leads to financial loss. It's also called errors and omissions insurance (E&O).
BEST FOR
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber insurance
Cyber liability insurance covers the costs of data breaches and cyberattacks. Every Austin business that handles credit cards or other personal information should carry this coverage.
BEST FOR
- Customer notification costs
- Fraud monitoring services
- Data breach investigations
Business owner’s policy
A BOP bundles general liability coverage and commercial property insurance together at a discount. It's the policy most often recommended for small businesses in Austin.
BEST FOR
- Customer injuries
- Damaged business property
- Business interruption coverage
Workers’ compensation insurance
Workers' compensation helps pay for medical costs when an employee at your Austin business is injured. It also covers work-related medical bills for sole proprietors, which personal health insurance may not cover.
BEST FOR
- Medical bills from employee injuries
- Disability benefits
- Workplace injury lawsuits
Commercial auto insurance
All vehicles owned by Austin businesses must be covered by business auto insurance. This policy covers auto accident injuries and property damage.
BEST FOR
- Medical bills from an accident
- Property damage caused by your vehicle
- Auto accident lawsuits
Errors and omissions insurance
Consultants and professional services in Austin carry this coverage to protect against legal costs from clients harmed by your advice or services. It's sometimes called professional liability insurance.
BEST FOR
- Errors and oversights
- Late or incomplete work
- Negligence accusations
Commercial property insurance
This policy covers the cost of repair or replacement of your building's physical structure and its contents. Bundle it with general liability coverage in a BOP for a discount.
BEST FOR
- Storm damage
- Fires
- Theft and vandalism
Commercial umbrella insurance
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
BEST FOR
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Looking for different coverage? See more policies.
How to get insurance for your Austin business
View video transcript.
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Are you ready to get insurance coverage for your Austin business? Complete Insureon's easy online application to get a quote today from top-rated providers.
Which business insurance policies are required in Austin?
State and local laws can determine the type of insurance you need. These policies help you comply with Texas business insurance requirements.
Workers' compensation insurance
Unlike most other states, Texas does not mandate workers' compensation insurance for businesses. However, employers without coverage must notify the state and their employees.
Even when it's not required, workers' comp is a wise investment for protection against work-related injuries and illnesses, such as a cleaning company employee becoming sick from cleaner fumes. Your personal health insurance likely won't cover medical bills that are related to your job.
Workers' comp also provides disability benefits for injured Austin workers, and usually includes employer's liability insurance for protection against workplace injury lawsuits.
Commercial auto insurance
Texas state law requires commercial auto insurance for all vehicles that are owned by a business. This insurance policy pays for medical bills, legal costs, and property damage after an auto accident.
Austin, Houston, and Dallas businesses must meet the state's requirements for auto liability coverage, which are:
- $30,000 in bodily injury liability or death liability per person
- $60,000 in bodily injury liability or death liability to more than one person
- $25,000 in property damage per accident
Keep in mind that this is the minimum you're required to carry. It's worth considering higher limits, given the potential cost of a lawsuit. Trucking companies also may need more coverage to comply with regulations.
If you need business insurance coverage for a personal, rented, or leased vehicle, you may want to consider hired and non-owned auto insurance (HNOA) instead.
How much does business insurance cost in Austin?
Small businesses in Austin don't have to pay a lot for commercial insurance. Here are a few average costs for Texas businesses:
General liability: $42 per month
Workers' comp: $31 per month
Professional liability/E&O: $59 per month
The cost of business insurance depends on factors such as:
- Type of business
- Business revenue
- Number of employees
- Policy limits and deductibles
- Claims history
FAQs about Austin business insurance
Review answers to frequently asked questions about Austin insurance.
How do I get a certificate of insurance for my business?
Sometimes you need to get insured quickly to sign a contract or other agreement. With Insureon, you can get same-day insurance in three easy steps:
- Fill out our easy online application to get quotes from top-rated providers.
- Choose a policy and pay for it online.
- Download a certificate of insurance by logging into your account.
Our licensed insurance agents will help you get coverage options for your Austin small business that match your budget and complete your risk management plan. Most businesses can get their certificate of insurance within a few hours of applying for quotes.
Can my business be held liable for a data security breach?
Your business could be held responsible for a data breach, which is why cyber insurance is so important. Small businesses are a common target of cyberattacks, since they often have fewer security measures in place.
Texas' data breach laws require Austin businesses to notify any residents whose personal information is exposed in a data breach. Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack.
Cyber insurance covers these costs and provides resources so you can get back to business fast.
Does my industry affect Austin insurance requirements?
Yes, the city of Austin may have special requirements for business insurance and bonds, depending on the type of work you do. While Texas doesn't require a general business license, there are a few requirements for any business operating in Austin, including obtaining a Texas sales and use tax permit.
Here are a few examples of businesses with additional obligations:
- Contractors are required to register with the Austin Service Center in order to obtain permits. They may also need commercial general liability insurance or a surety bond to sign a contract or bid on a project. Having the right insurance and bonds helps you comply with state licensing requirements.
- Notaries public must carry a four-year, $10,000 surety bond to work in Austin.
- Insurance agencies need to carry a $25,000 surety bond in order to be licensed in the state.
- Physicians and nurses aren't required by Texas law to carry malpractice insurance, also called professional liability insurance, but it's typically required by the healthcare facilities where they work.
When running a business in Austin, you need to be aware of laws and regulations for Texas, Travis County, and the city of Austin.
How can I get help starting a small business in Austin?
The city of Austin has achieved several startup and small business accolades over the last few years, and continues to be a hub for economic development. Here's a list of local organizations that can help you get started:
- The Austin Public Library offers several resources for starting a small business in Austin.
- The Austin Chamber of Commerce enables networking opportunities and support for small business. There's also a Greater Austin Black Chamber, Greater Austin Asian Chamber, and Greater Austin Hispanic Chamber.
- The Texas Small Business Association (SBA) can help small businesses during times of emergency, financial need, and economic prosperity.
- The Governor's Office of Small Business Assistance assists small and medium Texas businesses with informational webinars and events, among other offerings.
- SCORE Austin offers free business advice and training, with support from experienced entrepreneurs from diverse industries and specialties.
- The Government of Austin provides many funding opportunities available to local small business startups.
- Texas Economic Development offers small business resources from moving your business to permits and minority resources.
- The Texas Workforce Commission has information on starting or expanding your business in Texas, as well as startup resources.
Keep in mind that many lenders will require you to first obtain business insurance, which is yet another reason to insure your small business.
How can I save money on Austin business insurance?
Small business owners can save money on insurance solutions by comparing quotes from different insurance companies. With Insureon, you can get free quotes from top-rated providers by filling out one easy application.
There are a few other ways to save, such as:
- Bundle policies for a discount. The most popular option is a business owner's policy.
- Choose less expensive policy options, such as lower limits or a higher deductible.
- Focus on workplace safety. Fewer accidents means fewer claims, which helps keep your premium low.
Learn more about how to find a cheap business insurance plan.
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