Do all contractors need to have builders risk insurance in Texas?

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The Seguin, TX area has continued to be a region of the state where there has been a lot of development and growth. Along with this growth, there are a lot of opportunities to be successful as a contractor or business owner. If you are going to start a business, having the right insurance is a necessity. For contractors, this can mean having a proper builder’s risk insurance plan. There are various reasons why a contractor will need to have this here. 

Builder’s Risk Insurance: What You Need To Know

Protect Assets

One of the reasons a contractor should get a builder’s risk insurance plan is to protect assets and equipment when on a project site. Contractors are going to need various tools and pieces of equipment to get a job done right. If these tools are damaged, it can be a big setback. With a builders risk insurance plan, you will have protection for your assets against various risks including theft, weather damage, or vandalism. 

Protect Against Unforeseen Risks

Depending on the situation, your builder’s risk insurance can also protect against other costs and risks taken on by contractors. A contractor will always have risks of being fined, losing money due to administrative delays, and other types of risks. If you do choose to get a builder’s risk insurance plan, it can help to mitigate and offset some of these concerns. 

Contact Us Today

If you are a contractor in the Seguin, TX area, you will want to have the right insurance in place. This can include having a builder’s risk insurance plan. When looking for this coverage, it would be wise to start searching with the Allen Jones Insurance Agency. The professionals with the Allen Jones Insurance Agency understand the value of this coverage and can help you select an ideal builder’s risk insurance plan. 

Do all contractors need to have builders risk insurance in Texas?

Posted on by admin

The Seguin, TX area has continued to be a region of the state where there has been a lot of development and growth. Along with this growth, there are a lot of opportunities to be successful as a contractor or business owner. If you are going to start a business, having the right insurance is a necessity. For contractors, this can mean having a proper builder’s risk insurance plan. There are various reasons why a contractor will need to have this here. 

Builder’s Risk Insurance: What You Need To Know

Protect Assets

One of the reasons a contractor should get a builder’s risk insurance plan is to protect assets and equipment when on a project site. Contractors are going to need various tools and pieces of equipment to get a job done right. If these tools are damaged, it can be a big setback. With a builders risk insurance plan, you will have protection for your assets against various risks including theft, weather damage, or vandalism. 

Protect Against Unforeseen Risks

Depending on the situation, your builder’s risk insurance can also protect against other costs and risks taken on by contractors. A contractor will always have risks of being fined, losing money due to administrative delays, and other types of risks. If you do choose to get a builder’s risk insurance plan, it can help to mitigate and offset some of these concerns. 

Contact Us Today

If you are a contractor in the Seguin, TX area, you will want to have the right insurance in place. This can include having a builder’s risk insurance plan. When looking for this coverage, it would be wise to start searching with the Allen Jones Insurance Agency. The professionals with the Allen Jones Insurance Agency understand the value of this coverage and can help you select an ideal builder’s risk insurance plan. 

Do Online-Based Businesses Need Commercial Insurance?

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Taking your business online opens up new markets that would be out of reach if you were only operating a brick-and-mortar business. But as you digitalize your business, you may wonder what kind of insurance you need. The reality is that business insurance for online-based businesses isn’t that different from that of conventional companies. Allen Jones Insurance Agency provides you with this guide on the commercial insurance options to consider for your e-business. 

Do Online-Based Businesses Need Commercial Insurance?

Worker’s comp insurance

If you have workers in your organization, you should invest in worker’s comp insurance to cover employees’ medical costs when illnesses and work injuries occur. Worker’s comp insurance also covers partial loss of wages and final expenses for employees.

Property insurance

You probably have assets like computers, inventories, and warehouses. Like any other valuable thing, you need to protect your business assets with insurance. Property insurance compensates you whenever damage or loss occurs to your business assets.

Liability insurance

It only takes one liability claim to sink your business. For instance, assume you supply products. After consumption, your customers complain that your product is detrimental to health. After investigation, it’s found that indeed your products have adverse effects on human beings. What follows is a flurry of lawsuits, and if you don’t have sufficient liability coverage, the liability claims can be too much for your business to handle.

Cyber liability insurance

With increased internet usage, there has been a proliferation of cyberattacks targeting businesses. You probably have read about high-profile hacking cases targeting big companies in the news. Your small business is also vulnerable to cybercriminals, and that’s why you need insurance to cushion your business when faced with malicious online activities.

Commercial insurance in Seguin, TX

Are you ready to get started with commercial insurance? If you are in Seguin, TX and its environs, please get in touch with Allen Jones Insurance Agency for a personalized quote.

 

 

Auto insurance add-ons for your policy

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Most full coverage auto policies include the same components. They are the basics that most drivers feel are what makes their coverage complete. But, there are some other add-ons that you can choose to make your auto policy even more complete. At Allen Jones Insurance Agency in Seguin, TX we are independent agents and we work with our customers to customize their insurance coverage to suit their personal needs.  

Auto insurance add-ons 

Roadside assistance

Nothing feels quite as bad as going out to start your car and having a dead battery. It never happens in a convenient place or at a convenient time. If you have roadside assistance, help is just a call away. Getting a flat tire can be very disturbing, especially if it happens on the highway or at night. Not to worry if you have roadside assistance. Lock your keys in your car? It has happened to everyone at one time or another; calling roadside assistance can get you into the car in no time at all. Roadside assistance can be a lifesaver if you have a car breakdown or any of the other aforementioned issues. 

Gap Coverage

If you have purchased a car and have an auto loan, you may find in the event you have a serious accident, your car is totaled. The insurance company will tell you how much they are going to pay you for that vehicle. Depending on how much of a downpayment you put on your vehicle, you may owe more than the amount you are going to receive. This is where gap insurance comes in. It fills the gap between the amount you receive and the amount you owe. It keeps you from ending up in a negative situation. 

Contact Allen Jones Insurance Agency in Seguin, TX when you are ready to take your auto insurance to the next level. 

When Should I Update my Home Insurance?

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If you have home insurance in Seguin, TX, you need to give your policy a second look so that you can ensure it covers your current financial needs. Otherwise, you could be paying for an insurance plan that doesn’t fit your lifestyle. At Allen Jones Insurance Agency, we usually advise our clients to update their home insurance policy every year. However, you don’t need to wait for a year to lapse when the below occurs. It would help if you informed your insurance agent immediately to update your policy.

Completing a remodel

Renovating your kitchen? Adding an extra room upstairs? These significant repairs may affect the rebuilding costs of your home, and that’s why you need to adjust your home insurance plan. While this might increase your premium by a few dollars, it’s well worth it because it protects you against significant losses.

Adding a swimming pool or trampoline

When you add the above, it increases the risk of your liability claims. Suppose a guest is injured while on your premises, you could be liable for the medical costs. Worse yet, you can easily slump into a financial mess if the victim sues you. The same also goes if you add a dog. Update your home insurance by increasing your liability coverage.

Changes in local construction costs

It would help if you insured your home against the “replacement cost value” instead of the “actual cash value.” So, when the cost of the building materials changes, update the insured value of your home. When your home is insured using the replacement cost value, you will get enough compensation to rebuild or repair your home without going back into your pocket.

Home insurance in Seguin, TX

Need to learn more about home insurance? Want to invest in home insurance? Please partner with Allen Jones Insurance Agency for all your home insurance needs.

What is Bonds Insurance?

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Bonds insurance is a critical type of coverage for any business owner because it guarantees your customers payment if you fail to meet conditions laid out within the terms of the contract. Having bonds insurance can be a huge benefit for growing your customer base because it provides peace of mind to your customers that they will be paid even if you fail to live up to your terms of the deal. Surety bonds are not to be concerned with professional liability insurance because they safeguard third-party companies and not yourself from mistakes. 

Bond insurance can be confusing so let’s define a few of the key terms:

  • Principal: The business that purchases the bond is known as the principal. 
  • Obligee: The customer or company that hires your business is known as the obligee. The bond protects the obligee from any fraudulent work that the principal causes.
  • Surety Company: The financial organization that is selling the bond to your business (principal). If you do not meet the terms and conditions within your contract to the obligee, the surety company will need to do a payout. 

Bond insurance guarantees that your business will fulfill the contract terms with failure resulting in a claim being made with the surety company to recover losses. At Allen Jones Insurance Agency in Seguin, TX we understand that bond insurance can be confusing. We encourage you to give us a call to speak with one of our knowledgeable insurance professionals who can walk you through the ins and outs of bond insurance. At the end of the call, we’ll help you decide if bond insurance is right for your business. 

Protect your construction project with builder’s risk insurance

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Building a new home or commercial project is a pretty heady undertaking. The team at Allen Jones Insurance Agency here in Seguin, TX can help you protect your ongoing project with builder’s risk insurance. Give us a call and find out more today.

Why you need builder’s risk insurance for your construction project

Are you in the process of building a home or office? Every construction project comes with a particular set of requirements for insurance protection. Whether you are building on spec, or the project has been pre-sold, you will want to protect your investment and ongoing work.

There are a number of different risks that can come with a significant building project. All construction companies understand that when they begin a project, things may not go as planned. Because of this, it is important to have builder’s risk insurance in place before you begin.

Purchasers of the ongoing project will also need protection. If you have contracted with a builder for your residential or commercial project, make sure that you have the necessary insurance in place before you get started building. We all know that there are risks involved when it comes to construction projects of any size.

Whether you are a builder who constructs many buildings a year or you are working on a specialized, one-time project, be sure to sit down with your local agent before you break ground.

Building a new home or office is an exciting undertaking, but be sure to protect yourself!

Come and work with us!

Let the folks at the Allen Jones Insurance Agency help you protect your Seguin, TX area construction project. Give our office a call today and schedule an appointment to come in and learn more about this important type of insurance coverage.

Allen Jones Insurance Agency answers 5 FAQ about bond insurance

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Allen Jones Insurance Agency knows bond insurance can be confusing. But, it’s also beneficial.

Serving Seguin, TX, the agency hopes to help by answering five common questions about bond insurance.

What is a bond?

Let’s start with the basics. A bond is an instrument of debt. Essentially, it’s an "I.O.U." between a borrower and a lender. Although there are a variety of types, bonds are used most by governments, municipalities, and companies. 

What is bond insurance?

A bond insurance policy guarantees repayment in the event of default. This applies to the principal and any related interest payments. By purchasing these policies, bond issuers receive several advantages that help in selling their bonds to the public. Bond insurance is also commonly called "financial guaranty insurance."

Who needs bond insurance?

Bond insurance isn’t for everyone. It is mostly seen in tandem with asset-backed securities or municipal bonds. It can also be added to infrastructure bonds, like public-private partnerships and some regulated, non-U.S. utilities.

Why purchase bond insurance?

Bond insurance helps issuers in several ways. Primarily, these policies enhance a buyer’s credit rating. With bond insurance, companies or government entities obtain a much more favorable score because the risk is reduced. An insurer will evaluate this when determining premiums.

How does insurance affect a bondholder?

Bond insurance is attractive to potential investors too. If a bond has an improved credit rating, it is more appealing because bondholders can buy it with greater peace of mind. If a default does occur, the bondholder should face little disruption, as the insurer fills the gap by inheriting the liability and continuing to make payments.

Find an agent serving Seguin, TX

If you have any more questions regarding bond insurance, Allen Jones Insurance Agency can help. Their experienced agents are only a phone call away. Contact them today.

Why Builders Risk Insurance Matters in Texas

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Construction always comes with risk. That includes risk to the property itself. The building process leaves structures vulnerable. Projects can stop because of theft, natural disaster, or many other reasons. Builder’s risk insurance provides coverage in case of damage. At Allen Jones Insurance Agency, we serve insurance-seekers in Seguin, TX. A lot of clients ask us about builders’ risk insurance. Here’s what you need to know. 

Texas Requirements 

During construction projects, the state of Texas has some insurance requirements. Namely, it requires either the contractor or building owner to have insurance for property damage. Builder’s risk insurance can help contractors meet those coverage requirements. 

Furthermore, some cities and counties may require builders’ risk insurance, specifically. Local insurance laws vary from one area to the next. For contractors who work in multiple counties, builders’ risk insurance can help them make sure they meet all requirements no matter where they work. 

Texas Weather and Other Challenges 

Texas construction sites have some unique challenges. The weather provides one of the biggest challenges. We’re all familiar with Texas heat. And last year’s snow storms proved that Texas weather can get unpredictable. Texas is also prone to wildfires, tornados, major thunderstorms, and more. 

Construction can be unpredictable in any state. Texas adds even more unpredictability to the mix. The right insurance policy can help you stay prepared. 

Why Builders Risk Insurance Matters 

Of course, builders risk insurance matters anywhere. All construction sites could benefit from this kind of coverage. That’s because builders’ risk insurance doesn’t just cover the building itself. It also covers other construction-related things. A lot of important factors go into construction. Builders’ risk insurance is designed with those factors in mind. 

Contact Allen Jones Insurance Agency 

Insurance topics can get confusing. Let us help you make sense of your options. Visit the Allen Jones Insurance Agency website today, or give us a call. We’re happy to serve the Seguin, TX community. 

What Are The Risks Of Not Having Auto Insurance?

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In the state of Texas, car owners are required to carry proper car insurance. However, there are still people who decide to save some money and drive without insurance. If you are also thinking about doing it, Allen Jones Insurance Agency serving clients in Seguin, TX prepared a list of risks of not having auto insurance you should know about: 

Risk of Being Liable For Expensive Repairs

If you do not carry auto insurance, and you are involved in a car accident, you will be responsible for all the repairs. It may be a fortune, depending on the amount of damage. Also, if there are any other drivers or passengers involved in the accident, they may sue you for their personal injuries and damages. 

Risking Lives of Other People

If you are driving without insurance, you are putting at risk not only on yourself but other people as well. If a road accident occurs and other passengers in your car need medical attention and treatment, you will have to cover their medical bills yourself out of pocket. 

Risking of Receiving a Ticket or Being Arrested

You should know that driving without auto insurance is considered a misdemeanor offense that is punishable by a fine. Moreover, there are some cases when drivers can be punished by imprisonment. 

Auto insurance is required in Texas, and you cannot drive without proper insurance, otherwise, it is considered illegal. Allen Jones Insurance Agency serving clients in Seguin, TX and other nearby towns is ready to provide you with all the information you need to have about this type of insurance. If you have any questions, feel free to give us a call.