Have you recently started your own company? If so, amidst all the decisions and steps needed to open your doors you may have overlooked insurance. As a business, you need coverage for a number of different scenarios. Otherwise, what you currently carry may not extend should certain disasters arise. How much coverage does your business need?
- General Liability: General coverage safeguards you against accidents that may result in injury or damage, coverage should you need to settle a libel lawsuit, or accidents/injuries from people using your products.
- Errors & Omissions: This actually differs from general liability. With E&O, this provides coverage should your products or actions as a company cause someone financial problems or physical/mental distress.
What About My Vehicles?
If your business owns vehicles or you have cars/trucks used by your employees then you may need a commercial auto policy. You can obtain a policy that includes liability, collision and medical (for both driver and passengers), and comprehensive. The comprehensive option includes damage from fire, theft, and damages from weather related disasters, such as hail, flood, or tornados. To decide what level of coverage’s best suits your company’s needs you can speak with one of our agents.
Do I Need Workers Compensation?
If an employee becomes injured then they may seek workers compensation. This helps cover medical bills and lost earnings. As the employer, you can carry insurance to ensure these costs do no endanger your company. While the state of Texas doesn’t actually require coverage, they may expect you to carry it and provide assistance to your employees.
What About My Building?
You can also obtain commercial property insurance. Should a fire break out or another issue arise that damages your building you could be in deep financial distress. However, with commercial property insurance you are protected should such an issues develop.