According to the Insurance journal, it is been estimated that about 40% of small businesses don’t carry any type of commercial insurance. Weather-related issues, theft, accident or lawsuit may destroy your company and even lead you to personal ruin and it may be impossible to reopen after a disaster. Small business insurance is extremely affordable and inexpensive now and if you are not insured or you do not have adequate insurance, it may endanger your company and its reputation.
You should protect your business in case claims are filed against it for property damage or injuries. In fact, your company may be legally obliged to purchase certain types of cover, says Employers Risk Insurance, a leading provider of commercial general liability insurance in Texas. For example, if you have employees, your status may require you to have employee indemnity insurance in place. To minimize the negative impact that a lawsuit can have on your business and its reputation, you need to protect your company.
Bodily Injury and Property Damage
Your business could be accountable for paying various costs associated with the following:
- While visiting your business, a customer trips on loose flooring and is injured.
- An employee in your construction business accidentally leaves water running, causing substantial damage to a customer’s home.
- A class-action lawsuit is filed against your business, alleging advertisements constituted misleading information.
You need to be very well protected by your business or commercial insurance in Houston, TX against losses resulting from legal liability for bodily injury or damage to property of third persons resulting from professional negligence or liability arising from your registered office or business operations. Even psychological trauma and emotional stress can be considered as body injuries, even if there are no physical injuries.
Personal and Advertising Injury
You need to be sheltered against financial loss arising out of certain offenses, such as libel, slander, false arrest, infringing on another’s copyright, malicious prosecution, use of another’s advertising idea, wrongful eviction, entry or invasion of privacy. You need to make sure that the costs of your legal defense and any damages are taken care of by your business or commercial insurance in Houston, TX.
Medical payments for injuries sustained by a non-employee as a result of an accident at your enterprise’s premises or in connection with your activities, and further, immediate settlement of minor medical claims without court disputes can ensure your business continuity. You need to be protected against all necessary and justified medical, surgical, outpatient, hospital, nurse and funeral expenses for the injured person in an accident.
Ask specialists in business or commercial insurance in Houston, TX about the extent and type of cover you need. They will help you choose the right plan and advise you on whether you need additional types of covers such as Directors and Officers liability, liquor liability and/or pollution liability.