Types of Business Insurance Every Company Should Know

A business insurance policy can make all the difference when unexpected events occur. Here’s an overview of essential types of business insurance Texas companies should consider.

General Liability Insurance

General liability insurance is a foundational policy for most businesses. It may provide financial support if your business is sued for third-party bodily injury, property damage or personal and advertising injury. This coverage is especially important for businesses that interact with clients, customers or the public.

Commercial Property Insurance

Commercial property insurance may cover your physical assets, such as buildings, equipment, inventory and furniture, against risks like fire, theft, vandalism and severe weather. In Texas, this coverage is crucial for minimizing financial losses from severe storms and hail that are common in the state.

Workers’ Compensation Insurance

Workers’ compensation insurance may help cover employees’ medical bills and lost wages if they suffer from work-related injuries or illnesses. It may also cover your legal defense costs and settlement fees if your business faces lawsuits stemming from workplace injuries.

Professional Liability Insurance

Also known as errors and omissions insurance, professional liability insurance is vital for businesses that provide services or advice. It may cover legal costs and damages if a client claims your business made a mistake or failed to deliver services as promised.

Commercial Auto Insurance

Commercial auto insurance is crucial for any business that uses vehicles for business purposes. It can cover damage and liability arising from accidents involving company vehicles.

Get a Free Quote

Our team at Allsafe Insurance collaborates with Texas business owners to assess risks and recommend customized business insurance solutions. Contact us today to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.