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Business Insurance
Here are some of the main types of business and commercial insurance policies offered in Texas:
General liability insurance in Texas - Covers against third-party bodily injury, property damage, personal injury, and advertising injury claims. Required for most businesses..
Commercial property insurance - Covers damages to business properties and assets from events like fire, theft, vandalism, severe weather.
Commercial auto insurance - For company-owned vehicles. Includes collision, liability, medical payments, uninsured motorists, etc.
Workers' compensation insurance - Provides benefits to employees injured on the job. State-mandated for almost all TX businesses
Professional liability insurance - Covers errors, omissions, and negligent acts arising out of professional services. Common for consultants.
Cyber liability insurance - Protects against data breaches, hacking incidents, cyber extortion, website downtime.
Commercial umbrella insurance - Extra liability coverage on top of general liability and other policies. Added protection from lawsuits.
Business owner's policy (BOP) - Bundles property and liability policies under one convenient package.
Builder's risk insurance - Covers construction projects and properties from potential risks during building phase.
Business interruption insurance - Offsets lost income and operating expenses if forced to temporarily close.
Surety bonds - Used often in construction to guarantee contract performance. Required for some licenses.
Business and commercial insurance is crucial for companies operating in Texas to protect against key risks. Here's an overview of key things to know:
Texas requires all employers with over $0 payroll to carry workers' compensation insurance to cover job-related injuries and illnesses. Exceptions exist for some sole proprietors.
Commercial auto liability insurance is mandated in Texas for businesses that own vehicles. It covers third-party bodily injury and property damage stemming from accidents.
Commercial general liability insurance is highly recommended to insure against claims of bodily injury, property damage, personal injury and more that could arise on business premises or due to operations.
Professional liability insurance provides protection against errors and omissions that could occur in delivering professional services and advice. Especially important for consultants.
Property insurance covers damages to commercial buildings, equipment, inventory and other assets as a result of events like fire, theft, lightning, windstorms and more. Flood and earthquake policies are separate.
Cyber liability insurance is increasingly important for Texas businesses to insure against data breaches, ransomware attacks, online fraud and other digital risks.
Purchasing adequate limits and understanding exclusions is key when buying commercial policies. Working with a qualified independent agent can ensure proper coverage for Texas companies.