As you well know, insurance is an essential cost of doing business. It protects your operations and assets from all manner of unfortunate occurrences. However, to benefit from insurance protections, you must first have the essential types of business insurance for your needs. Without the appropriate insurance, you face loss, frustration, and more.
If you are involved in business in the Houston area, look toward the Weisblatt Law Firm for the on-point guidance and representation you need to thrive. Call (713) 666-1981 to schedule a free phone consultation with an experienced Houston-area attorney.
Essential Types of Business Insurance
There are various types of business insurance. However, all businesses need at least three of them. They are:
- General liability insurance
- Commercial property insurance
- Business income insurance.
General liability insurance protects businesses from tort liability. For example, it covers slip and fall accidents or other types of injurious accidents that happen on company property or during company operations.
Commercial property insurance, on the other hand, is meant to cover damage to commercial properties during the course of business operations. It is not meant, however, to cover damage from various acts of God, such as floods and earthquakes. Instead, business owners must buy separate policies to cover acts of God.
Business income insurance is meant to provide coverage for lost revenue due to covered property damage. It can help businesses make it through tough times and meet various costs and expenses, such as payroll and overhead. For example, if half of a hardware store burns down, business income insurance can help cover the lost income and other financial impacts suffered.
Business Owner’s Policy
A business owner’s policy is a bundle of the types of insurance described above. Bundles offer policyholders peace of mind that many of their essential business risks are covered in one package. While business owner’s policies cover the basics, they don’t include everything.
Additional Types of Business Insurance
Outside of those three essential types of business insurance, you have options for other protection and supplemental policies, some of which may be required.
Unemployment Insurance
Many employers in Texas are considered liable employers and must be active in Texas’s unemployment tax program, which requires them to, among other things, pay unemployment insurance (UI) tax.
UI tax issues can quickly cause business operations and management issues. Failure to comply or properly handle UI tax affairs will lead to problems and potential liability. Businesses need competent professionals, such as an experienced business insurance lawyer, to manage their UI tax affairs.
Workers’ Compensation
Texas is the only state in the U.S. that does not require private employers to carry workers’ compensation insurance. There are exceptions, however. High-risk industries and many public agency jobs have workers’ compensation requirements for employers.
If you own a business with employees and are not required to procure workers’ comp insurance, you should still strongly consider obtaining a policy. Worker injuries are common regardless of the industry. A moderate to serious worker injury can be financially devastating.
Commercial Auto Policies
Does your business use vehicles during the course of business? If so, having the right commercial auto insurance coverage will protect your business from accident liability. Minimum auto insurance requirements may keep you legal. However, they may not provide the coverage you need in the event of a serious accident. Any damages not covered by your commercial liability insurance policy will be your business’s responsibility.
For small businesses, an auto accident without proper coverage can be a catastrophic event. However, for reasonable premiums, future materialized risks are covered by insurance payouts.
Deciding on the type of commercial auto policy coverage appropriate for your business can be complex, depending on the types of vehicles you have and their uses. Discussing decisions on commercial auto coverage is one of the services business insurance attorneys will help you with.
Professional Liability Coverage
Some businesses are run by or employ licensed professionals, such as:
- Medical professionals
- Mental health professionals
- Attorneys
- Engineers
- Construction professionals.
Their skills and capabilities are, in a sense, guaranteed by the training and licensure they have obtained. Professional license insurance, such as malpractice insurance, covers any unacceptable errors they make. If your business is based on or employs the skills and capabilities of licensed professionals, malpractice insurance will protect your business’s bottom line.
Houston-area businesses turn to Weisblatt Law Firm for seasoned representation in all matters relating to business law.
Choosing the Right Business Insurance
Choosing the right business insurance can be overwhelming and somewhat daunting. Many business owners may not be fully aware of their options or what they should choose. This is where an experienced business insurance attorney’s services can be quite helpful. A skilled attorney can review your business dealings and plans and help you determine which types of insurance coverage you would benefit the most from.
Filing a Business Insurance Claim
After experiencing business-related losses, business owners expect their insurance companies to provide coverage. However, relying on insurance companies can be problematic. As for-profit businesses, they want to pay little or nothing at all. Some even cross the line and act in bad faith, which may be cause for a bad-faith insurance lawsuit.
Once you file a business insurance claim, the insurance company will devote resources to investigating the claim and searching for reasons to pay less than what you are demanding. With an experienced attorney representing your business, you have an advocate fighting to get you the insurance funds your claim warrants.
Talk With a Houston Business Lawyer
An experienced business lawyer can help ensure your business’s insurance profile is optimized to provide your company with the most appropriate types of protection. An attorney will also help you save money by avoiding unnecessary or inappropriate insurance coverage. And when it comes time to file a business insurance claim, a lawyer will work hard to ensure you get the payout you deserve.
For a free consultation to discuss your needs and goals, contact Weisblatt Law Firm. We have extensive experience working with hundreds of Houston-area and Texas businesses. We’ll help you thrive in the future. Call (713) 666-1981 today.
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. Attorney Bio
