Virtually every company, even single-proprietor home businesses, should carry insurance for general liability claims expert Houston TX, at the very least.
However, did you know that there are many additional types of specialized insurance that can protect your operation more thoroughly? Read on for examples of coverage you should consider for your small business.
If your company has any size vehicle fleet, an auto insurance policy is generally necessary, and commercial coverage is often designed in a way that will be better suited to your business’s operations. You should also consider a non-owned auto liability policy to protect your losses if your employees operate their personal vehicles for company tasks on your time.
At the least, you likely have sensitive employee records and business information stored electronically. Due to the nature of your industry, you may also have large amounts of private customer information on your servers. In the event that your business is hacked, a data breach policy can help repay the damages suffered.
Errors and Omissions
Also known as professional liability coverage, errors and omissions insurance can cover damages from the mishandling of professional services, such as legal advice, consultations or technology security systems. This is different from general liability insurance in that it can protect you from financial loss due to non-personal injury lawsuits.
Whereas an E&O policy can cover the damages from improperly rendered services, a product liability policy will take care of most damages due to product defects, and sometimes certain types of misuses.
In most states, if you have more than 10 employees, mandates require you to carry workers’ compensation insurance. Paying these monthly premiums protects both you and your employees. If a worker is injured on the job, workers’ compensation will handle their expenses and, in turn, they will not be able to file a personal injury lawsuit against your company.