As a business owner you have many responsibilities and are expected to handle all of the many needs of the company. One of the most important considerations is business insurance in Houston. Business insurance isn’t really an option, it’s a necessity. Just as you have insurance to protect personal areas of your life, you need to rely on business insurance in Houston to guard against any potential problems.
Business Insurance in Houston
Business liability insurance is also called commercial general liability insurance. It provides protection for a company’s assets if there are any liability claims against the business. Liability claims generally stem from someone who is injured on your property or when a company employee causes damages or injuries.
Every business should protect itself against claims by others. If you don’t have insurance, your company could end up being liable for thousands or even hundreds of thousands of dollars in damages. If that were to happen it could put your company out of business if you didn’t have insurance.
What Does Business Insurance Cover?
Business insurance generally covers medical costs and damages if someone gets hurt at your location. It also may cover legal defense charges and any type of settlement or award that could be necessary after a court case. Payments often include compensatory damages, nonmonetary damages and punitive damages.
In addition, your business insurance in Houston may also cover you if you rent commercial space. The policy may protect you against damages that were caused by you such as fire or other losses. Also, commercial insurance may protect your company against claims of libel, slander and copyright infringement as well as misleading or false advertising.
Like other types of insurance, you will need to purchase the coverage that meets your needs and your budget. You certainly don’t want to be caught without enough insurance to cover a loss. If the loss is more than the value of the insurance policy you could end up paying for the difference, which could be a serious financial setback for your company.
Workers’ Compensation Insurance
If your business meets the criteria, you are required to have workers’ compensation insurance. This type of insurance covers medical bills and other related expenses should an employee suffer an injury while at work. If a worker is hurt you must file a workers’ comp claim to cover their needs. Workers will usually get paid a portion of their regular wages for the time they are recovering and unable to work. If you don’t have this type of insurance you could face penalties such as fines and you may be liable for the employee’s medical expenses.
Insurance is something that all businesses need in order to protect themselves in the unlikely event that something happens. Your insurance will provide you with peace of mind knowing that your company will not suffer if a liability claim is brought against your business. An experienced agent will assist you in choosing an insurance policy that will best protect your company.