Texas commercial liability insurance offers a way to protect your business from unforeseen liability claims. Types of coverage include general liability, workers compensation, business auto, commercial umbrella, cyber coverage, fiduciary, and professional liability.
Having Texas commercial general liability insurance protects your business against claims that pertain to bodily injuries, advertising and personal injuries, and property damage. This can protect you in the event a customer visits your business and is accidentally injured. Moreover, it protects you in the event your employee were to cause accidental damage to a customer’s property. For example, if an employee accidentally leaves the water running at a customer’s home and flooding results, your business is liable.
Business auto insurance protects against property damage and bodily injury that may occur if you or an employee of your firm is involved in an accident when operating a company vehicle. You may only be required to carry liability coverage, but having uninsured motorist coverage protects in the event the other driver is without insurance. You can also choose to purchase Personal Injury Protection (PIP) as well as comprehensive and collision to further protect your property, employee, and the other driver.
A fiduciary liability protects your business against lawsuits that an employee may bring against you in regards to benefits you provide. These lawsuits can include denial of coverage, administration errors, omissions, conflict of interest, denying a change, and claims of improper advice concerning benefits. This coverage will pay for legal costs and provide defense counsel.
A commercial liability policy helps to cover the costs that another policy doesn’t. This insurance covers what your business auto, general, and other liability coverage doesn’t. For example, if you have a claim with your business auto policy and it pays only 85 percent of the damage, the umbrella policy helps to pick up the excess costs. It’s a good way to fully protect your business so that you don’t end up paying out-of-pocket expenses for what your normal policy pays.
The cyber liability is a policy that protects your business against data breaches. With the rise of eCommerce and storing personal data on computer servers, if these are breached, customer’s personal information could be exposed. Cyber policies exist for both large and small companies and covers data loss, content liability, loss of revenue from business interruption, and customer notification expenses.
Professional Liability (E&O)
The professional liability insurance, also known as indemnity insurance helps to protect businesses that exclusively offer services or advice rather than physical products. This may include counseling, installations, and other such services. Service work can result in lawsuits claiming errors and oversights, contract breaches, and incomplete work.
The insurance protects you by covering your legal fees for your defense, settlements, and court fees. Businesses in the service industry are highly advised to have professional liability insurance because a customer doesn’t have to prove fault in order to file a lawsuit. It can be costly without having this policy in place, even if your company knows it is not at fault.
Workers compensation insurance not only protects your employees, but it protects your business. If an employee is hurt on the job, the insurance will pay for medical treatments as well as lost wages while the employee recovers. Not having this coverage could end up being very costly because the company would be completely liable to pay for the employee medical care and lost wages. In some instances, it could lead to lawsuits against employers. Even in an office setting, there is a chance that an employee could slip and fall at work, which could lead to a serious injury.