Texas law requires drivers to have minimum auto insurance coverage, and mortgage companies often require homeowners to purchase adequate homeowner’s insurance coverage. In addition, you may take out a life insurance policy to protect the interests of your family should something happen to you. While most of us would not go without insurance in our personal lives, the number of small business owners who fail to carry adequate insurance for their companies may surprise you.
The specific insurance policies you should buy for your business will depend on many factors, including what you do and where you have located your business. The following are only some examples of businesses insurance policies. For information regarding your specific insurance needs, please contact the Weisblatt Law Firm to set up a consultation.
General liability insurance. Liability insurance is essential for almost every type of company. This coverage protects you if you, an employee, a product, or a service causes someone else injuries or property damage. The insurer should defend against any claims and pay out damages for injured parties when necessary so that neither you nor your business face liability.
Commercial property insurance. Whether you own or rent commercial property for a business location, buy commercial property insurance. This policy can cover the building itself, as well as your tools and equipment, electronics, and other property inside the building. It also may cover accounts receivable, assets, and more if property damage affects them.
Commercial auto insurance. If your business owns vehicles or requires commercial driving of any type, buy commercial auto insurance. This policy protects work vans, trucks, SUVs, or cars owned or provided by the company. Such insurance not only can cover damage to your vehicles but also damage and injury caused to others in accidents involving your work vehicles.
Business owner’s policy (BOP). Instead of piecing together several policies to make sure your company is completely covered, many owners opt to purchase a comprehensive BOP policy. This can include:
- General liability coverage
- Business interruption coverage
- Commercial property coverage
- Crime coverage
Your carrier can often alter and tailor your policy to meet the needs of your specific company. The bundled insurance package often costs less than purchasing numerous separate policies.
Insurance coverage is just as important for your business as it is for your personal needs, and the above are only a few examples of policies you may need. If you have any questions or concerns about the proper insurance coverage, do not hesitate to reach out to our business law firm for more information.
How a Houston Business Law Firm Can Assist You
With the sheer number of insurance options available, choosing the right plan for your business can prove a daunting task. Fortunately, there is help available. Attorney Andrew Weisblatt regularly helps businesspeople determine the type of coverage they need, reviews their policies and coverages, and represents them should disputes later arise between them and their insurers. Call (713) 666-1981 or contact us online to schedule a meeting to discuss the legal needs of your business.
Attorney Andrew Weisblatt
Mr. Weisblatt has practiced continuously since becoming licensed in 1992 and has represented businesses ranging in size from one person start-up ventures to multi-national corporations employing hundreds of people in multiple countries. From 2005 through 2009 Mr. Weisblatt was in-house counsel and chief operating officer of a multi-national corporation in the steel products industry. That in-house position provided valuable insight into how businesses work and what they actually need from their lawyers – both in-house and outside counsel.