Business Insurance

Why Get Business Insurance in Texas
The economy of Texas is the second largest in the country. Texas is also the home of the largest oil refinery in the United States, Houston’s Baytown Refinery. As a business owner based in Texas, you may already know that business liability insurance offers some of the best protection possible to avoid financial losses from lawsuits, claims and weather-related damages.

An average of 139 tornadoes per year hit the state of Texas. Tropical storms and hurricanes also batter the state frequently. Violent weather such as this can potentially destroy your business in a matter of moments. For this reason, Texas business owners understand the importance of adding wind damage coverage to their basic liability insurance policies. Some business owners also choose to increase their coverage to include possessions, such as desks, chairs, and computers. Wind damage and flash flooding can destroy not only the building where you have your business, but also all of its contents.

Workers Compensation in Texas
Unlike many other states, the state-regulated insurance system known as worker’s compensation in Texas is elective. This means that employers have two options. First, they may provide worker’s compensation coverage to their employees. Secondly, employers may be subject to civil lawsuit in the event a worker is injured. Under the provisions of this law, the medical expenses and lost income of an employee who is injured on the job are paid as part of the worker’s compensation benefits. In return, an injured employee is prohibited from suing his employer for damages. Employers may procure worker’s compensation insurance through a private insurance provider, competitive state fund, or self-insurance. Waivers are prohibited.

Elective provisions of the Worker’s Compensation Act apply to certain farm and ranch workers. Although not required by Texas, private employers may also provide worker’s compensation coverage for domestic servants on a voluntary basis.

The benefits received by workers are based on the type and severity of their injuries which include:

  • lifetime medical benefits
  • disability income benefits
  • limited funeral expenses for workers who die on the job
  • death benefits for surviving dependents of the employee who died while at work

Additional benefit is also given to the injured worker’s family if the worker died as a result of the gross negligence, omission, or an intentional act on the part of the employer.

Coverage for Texas Business Insurance
Protecting your business and its assets begins with having a comprehensive business liability insurance policy in place. As a responsible business owner, you owe this to your employees and to yourself. This means making sure that the routine operations of your business run smoothly. Unfortunately, you can never be sure when an accident or other potential financial threat might happen. Lawsuits or other damage claims can have a huge impact on your company’s finances and may even interrupt or completely shut down your business operations. So it makes smart business sense to avoid these worst-case scenarios by purchasing comprehensive liability insurance.

Furthermore, Texas business liability insurance allows business owners to add coverage that is not a part of the basic default policy. The basic coverage includes property damage, physical injury and advertising injury. Other coverage options which you may want to consider are:

  • Professional Liability – also referred to as errors & omissions. This insurance will pay damages to third parties due to the negligence or wrongdoing on the part of a business.
  • Employment Practices Liability shields companies against employees’ claims for wrongful termination, discrimination or harassment.

Finding the right coverage at a reasonable cost doesn’t have to be a time-consuming experience. You can easily talk with several different insurance carriers online and compare prices and rates. In this way, you can tailor a business liability insurance policy which meets your specific needs and budget.