MONDAY, MAY 2, 2022
Lawsuits, accidents, natural disasters and unanticipated hazards can jeopardize a business’s operations. Business insurance offers protection from the many risks Texas businesses like yours face day in and day out. Although business insurance isn’t one specific policy, the collective commercial policies you purchase to protect your business can help mitigate the present exposures.
What Types of Business Insurance Are Available? 
Business insurance encompasses the various policy coverages a company could potentially need to protect itself against risk. The types of business insurance that you may need will vary, and an Ed Weeren Insurance Agency agent can help you identify your risks and exposures, as well as the necessary insurance solutions to protect against such risks. Common types of business insurance include:
- General liability insurance may cover expenses and attorney fees resulting from injuries or property damage claims for which your business may be legally responsible. This coverage could also cover costs if an injured third party decides to sue. General liability insurance policies usually have four coverage elements:
- Premises liability may cover you if a person not employed at your business becomes injured on your property.
- Products liability may cover you if a product or service causes injury to someone’s body or damages a consumer’s personal property.
- A personal injury is if your business inflicts physical, financial or mental damage to a third party.
- Advertisement injuries may be caused by alleged misinformation, copyright infringement or slander made by your business.
- Professional liability insurance, commonly referred to as errors and omissions (E&O) insurance, protects your business against claims that a service your company provided caused a customer to suffer because of a mistake on your part or because your business didn’t perform a service.
- Commercial property insurance can help if your business has a loss from a fire, explosion, burst pipe, storm or theft. This coverage may also reimburse you for losses or damage to your building, leased or owned equipment and other property at your business.
- Workers’ compensation may cover medical bills or wage replacement for employees who have work-related injuries and is required in most states.
- Commercial auto can help cover the costs of an auto accident if you or an employee is at fault. This insurance may also help pay for damaged property and medical expenses.
- Cyber liability insurance protects your business if a cyberattack or interruption causes a loss in data, revenue and trust between you and your customers.
- Employment practices liability insurance can help cover wrongful acts that might occur during the employment process, such as claims of discrimination, wrongful termination, sexual harassment and retaliation. This insurance may reimburse you for the lawsuit costs, judgments and settlements.
How To Get Business Insurance in Texas
Because business insurance is the combined coverages you choose for your business, your policy cost depends on these choices and your business specifics, such as company location, size, number of employees and your specific industry. The Ed Weeren Insurance Agency can review which policies provide the best coverage for your business’s needs.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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