subject: A Closer Look At Business Insurance: The Necessity Of Insuring Your Business [print this page] Insuring your business is more than a wise precaution. With all the complexities and the number of components that make up your business, there are so many things that can seriously undermine your business, and so insurance is a very real necessity for anyone who is serious about establishing a long-term and successful venture.
The first thing a businessman needs to know is what kind of insurance his or her business needs. By getting the right insurance, you can protect yourself from sudden and paralyzing damages, while saving time and money at the same time. Below are some of the coverage available in a Texas Business Insurance.
What kinds of insurance you can get for your business?
Property: A Property insurance policy will protect you from incidents resulting in a loss of property to your business. Commercial property insurance covers any physical loss that your business may sustain due to natural phenomena like storms, tornados, earthquakes and the like.
General Liability: A commercial general liability insurance policy covers 5 aspects of your business 1) Premises Liability: Eg. Trip and fall or injury caused in the business premises 2) Products and Completed Operations: Eg. Injury by one of your workers to a customer or injury to your customer from one of your products. 3) Advertising Injury: Eg. Injury resulting from false advertising including false arrest. 4) Medical Payments: Eg. Medical injuries resulting from your business. 5) Damage to Rented Premises: Damage caused by you to the premises you rent.
Professional Liability: Also known as Errors and Omissions or Mal Practice (for the medical field) is protection for negligence arising directly from your profession. Examples: A doctor has a general liability policy in case you trip and fall in his office or if you get sick by a medication he sold you (defective medication), but he has a mal practice insurance policy in case he makes an error in a surgery or prescribes the wrong medication. Example 2: An attorney has Professional Liability Insurance in case he makes an error in the court paper work and therefore you loose the case. Example 3 A hair stylist may need professional liability in case he/she applies the wrong dye and causes your hair to fall. At the same time, he hair stylist has general liability in case he sells you the dye and the dye causes your hair to fall, this is products liability.
Finally, youll want to look into what is called home-based business insurance, because your home insurance may not cover any damages or losses sustained by or in your house due to business operations. Check your home insurance before getting a home-based business insurance policy, as your homeowners insurance may already offer this or it may be available if requested. But if you find that there are gaps or ambiguities in your home insurance that may not cover some of the necessary areas relating to your business, then youll want to get business insurance in Texas
There are a many things that can harm your business, from dissatisfied customers with a vendetta, to neighborhood violence, from the destruction caused by a mudslide to a fire started by an electrical malfunction, and countless other things. It is therefore simply good business to spend a little more time and money to secure a good insurance policy that will keep your business from suddenly collapsing due to an unfortunate event.
by: Jesus R. Olivares
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