Insurance companies offer a myriad of different insurance policies to cover
nearly every type of risk that a business could ever encounter. While
most companies will not need to purchase every type of insurance, almost
all businesses will need several. Since a company’s insurance needs
will vary depending on the industry they operate in, it is best to consult
with a skilled business insurance attorney to determine an insurance plan
that is right for your business.
1. General Liability Insurance: Basic business insurance, commonly referred to as general liability insurance,
covers businesses against any lawsuits that should arise in relation to
negligence, injuries, or accidents. This insurance will help cover legal
expenses and any damages your company may be ordered to pay, with the
exception of punitive damages. Covered lawsuits include personal injury,
property damage, false advertisement, and slander. All businesses should
have this coverage.
2. Workers’ Compensation Insurance: If your business hires employees outside of your immediate family, it
is important you purchase a workers’ compensation insurance policy.
This policy will cover your employees’ medical expenses, lost income,
and disability benefits in the event that they should suffer a work-related injury.
3. Product Liability Insurance: Does your company produce, sell, or distribute a product? You may be held
liable for any injuries or harm your product should cause to consumers.
Product liability insurance will protect your business against these types
of claims, including design defects, manufacturing errors, and improper warnings.
4. Commercial Auto Insurance: Does your business use vehicles on a daily basis? Just like an individual
person’s vehicles need to be insured, so do a business’ delivery
trucks, company cars, and other business-owned vehicles. Commercial auto
insurance protects against any injuries and damage that should occur involving
your company’s vehicles.
5. Professional Liability Insurance: Also known as “errors and omissions” insurance, this coverage
protects companies that offer professional services against malpractice
and negligence claims.
6. Property Insurance: This coverage protects businesses against losses related to damage that
may occur to a building’ property due to flooding, earthquakes,
fires, hail, vandalism, and other disasters. Covered property includes
buildings, equipment, money, documents, and business interruptions. If
you run your business out of your home, you can add similar coverage onto
your homeowner’s insurance policy.
7. Umbrella Policies: Anything that exceeds or is not explicitly covered under any other type
of policy may be covered under a catch-all umbrella policy. While these
policies generally don’t cost much, many insurance companies only
offer them to business owners who have purchased the maximum coverage
for all their other policies.
Knowledgeable Business Insurance Lawyer in Houston
If you are unsure of what types of insurance your business needs, or if
you believe your business insurance claim has been unfairly denied, a
skilled Houston business insurance attorney from Dick Law Firm, PLLC can
protect your best interests and help ensure your business receives its
entitled coverage. We have helped more than 1,000 clients assert their
rights and can provide the hard-hitting advocacy you deserve!
Call (844) HIRE-A-DICK or contact us online
today to schedule a free consultation.