Houston businesses are exposed to many different types of losses during the course of their daily operations. With appropriate insurance coverage and risk management strategies, however, they can maintain profitable operations. Houston business attorney Andrew Weisblatt can help you find the right loss mitigation strategies for your business. Read on to learn more about your options to prevent and mitigate unnecessary costs in your daily business operations.
Which Type of Insurance Coverage Is Right for My Business?
The assets a business needs to protect will determine its insurance coverage. Because most businesses have many different types of assets, they often need several different types of insurance coverage as well. Liability insurance covers losses resulting from negligence in business operations. Liability insurance is particularly important for businesses with high rates of claims related to negligence. Examples include professionals subject to malpractice claims (such as doctors, lawyers, architects, and accountants) and businesses with inherently dangerous worksites (such as construction companies or chemical labs).
Workers’ compensation insurance covers claims filed by employees for injuries sustained on the job. Unlike other states, Texas does not require employers to obtain workers’ compensation coverage. The Texas Labor Code makes provisions for reporting requirements for those businesses that do elect to obtain workers’ compensation insurance. Though it is not legally required, workers’ compensation is a vital protection for Texas business owners—especially those that face high rates of workers’ compensation claims. A business that does not have workers’ compensation coverage may be obligated to pay injured workers for their lost wages, medical bills, pain and suffering, projected future medical expenses, rehabilitation and therapies, and other losses related to workplace accidents. These costs can be staggering.
Auto insurance is a critical protection for company vehicles. Commercial transportation businesses are also subject to federal regulations, which set high standards for minimum auto insurance coverage on commercial vehicles. Auto insurance is not only important to protect the vehicles themselves, but also to mitigate liability from employees who cause car accidents while driving those company vehicles. Employers are liable for all legal losses caused by employees within the scope of their employment. This means that a company can be obligated to compensate car accident victims for injuries sustained in an accident with a company vehicle.
Other specialized policies can protect specific assets. Companies may also consider umbrella insurance policies that cover losses not otherwise covered by another insurance policy.
Protect Your Company’s Assets With Comprehensive Planning
Businesses hold complex combinations of financial, human, and physical assets. All of these assets are exposed to risks during the course of daily business operations, but you can mitigate those risks with comprehensive risk management strategies and appropriate insurance policies. The Weisblatt Law Firm offers risk management and insurance advice for businesses of all sizes. For more than 25 years, Houston business owners have trusted attorney Andrew Weisblatt to protect their assets. Call (713) 352-0847 or email us through our online contact form to schedule your free phone consultation with an experienced Texas business attorney today.
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