Business owners in Texas need to have commercial insurance that is customized for their unique business needs. Commercial insurance coverage includes multiple types of coverage, and it can be adjusted for each company. Most commercial insurance policies include all of the following.
General liability coverage is typically required by any business loan provider or mortgage provider. This is the insurance that covers legal actions and claims against a company. In any circumstances where an individual files a lawsuit or an insurance claim against the company, they may be entitled to compensation. If this compensation is awarded by the court, or if the insurance company finds adequate evidence that the claim is legitimate, the general liability part of the commercial insurance will pay that money to the injured person.
Property coverage in a commercial policy generally covers both the business building and the contents of that building. This is the coverage that protects all of the business equipment as well as any other physical assets that the company keeps on property. Property coverage can be quite expansive and may include protection for theft, vandalism, fires, floods, and other specifically named perils.
Worker's Comp Coverage
Businesses that have employees need this type of commercial insurance to protect both the employees and the business. If employees suffer an injury while on the job, this type of coverage will pay for medical costs and for other directly related costs. While the cost for this coverage is generally quite reasonable, the benefits can be significant. Even one employee injury could be very costly without worker's comp coverage.
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