Insurance for Small Businesses
Business insurance protects your small business from financial damages that can result from accidents, property damage, professional errors, workers’ compensation claims and other situations. Learn more about the types of policies that may benefit your business by speaking with an experienced agent at Texas Risk Solutions LLC.
Types of Small Business Insurance
There are several types of insurance policies recommended for small businesses.
Commercial Property Insurance
This policy provides coverage to your building and other belongings of your business in the event of a fire, explosion, storm, theft or burst pipe. Commercial property insurance is offered on either replacement cost or actual cash value. Replacement cost pays for the replacement or repair of property, while actual cash value pays for the cost of repair or replacement minus the depreciation.
General Liability Insurance
This policy covers claims related to bodily injury or property damage resulting from your products, services or operations. General liability insurance can also help pay for legal fees and expenses. There are four coverage elements within this policy:
· Premises liability covers you if a person who is not employed at your business becomes injured on your property. If someone sued your company because they tripped and fell on your property, liability insurance can help cover those expenses.
· Products liability covers you if a product or service causes injury to someone’s body or inflicts damage on a consumer’s personal property.
· A personal injury is when your business inflicts a physical, financial or mental injury to a third party.
· Advertisement injuries are caused by alleged misinformation, copyright infringement or slander made by your company.
Employment Practices Insurance
This policy helps cover wrongful acts that may happen during the employment process. Frequent claims include discrimination, wrongful termination, sexual harassment and retaliation. This coverage can help reimburse you for court costs and legal fees.
This policy helps cover medical bills or wage replacement if an employee incurs a work-related injury or illness. Workers’ compensation is required in most states and can also help protect your business against employee lawsuits.
Cyber Liability Insurance
Cyber liability insurance provides businesses with a combination of coverage options to help protect the company from data breaches and other cyber security issues. Covered costs can include business disruption, revenue loss, equipment damages, legal fees, public relations expenses, forensic analysis and costs associated with legally mandated notifications of the breach to customers.
This policy helps cover the costs of an auto accident if an employee is at fault. You should consider commercial auto insurance for your business if:
· Your business owns, leases or rents vehicles such as cars, trucks or vans.
· Your business has employees who drive their personal vehicles to conduct business.
· Your business has employees who operate leased, rented or owned company vehicles.
This policy can help protect your business against claims filed about a service you provide to a client that causes suffering due to failure to properly perform your service. Professional liability insurance may be required by law depending on what industry you are in, so be sure to connect with your agent about industry requirements.
Get Started with Small Business Insurance
Having the proper coverage for your business can help you, your employees and your customers stay safe. To learn more, contact an agent at Texas Risk Solutions today.