business insurance in college station texas

 

Congratulations on being one of the many small business owners who makes Texas great! To protect your business, you need the right business owners insurance. While there are a number of different policies a business insurance agency may offer, there are three main types you should know about. It is vital that you purchase the right business insurance so both your investment and livelihood are protected.

Commercial General Business Liability Insurance

Every commercial business that deals with customers in some capacity needs Commercial General Liability (CGL) business insurance. This type of policy covers a company against claims made by another person due to bodily injury, personal injury, or damage to property or business data. This type of policy covers:

  • Medical costs
  • Property damage
  • Legal costs
  • Non-monetary losses
  • Other obligations that are part of a claim made against the company.

It can also protect against claims due to false advertising, copyright infringement, slander and libel, and similar issues. CGL business owners insurance provides basic yet essential protection for your company in most situations as outlined by each specific policy.

Professional Liability Insurance

Errors and omissions or E&O coverage is a professional liability policy sold by business insurance agencies; it protects a company that offers any kind of professional services. This policy protects company assets against claims made by dissatisfied customers or for negligence that affects a customer. E&O coverage typically pays legal costs, damages, and related obligations when dealing with professional claims.

Business Owners Insurance

Business owners insurance is a policy that provides the same coverage as a CGL policy with the addition of property protection. Because CGL only covers liability, any equipment or machinery used by the company that must be protected under a business owners policy. Company vehicles are covered under commercial auto policies.

This type of business insurance protects against physical property damage, electronic data loss, losses due to crime, and other covered perils. It also covers non-owned or hired vehicles and business interruption costs incurred due to a covered loss.

Workers Compensation Insurance

The last policy normally required for a company with employees is workers compensation insurance. This policy coverage is available from a business insurance agency and protects both a company and its workers if an employee is injured on the job.

Workers compensation pays medical costs, lost wages, and other costs related to an injury. This coverage is considered to be a no-fault coverage. This means that it doesn't consider who is at fault when an employee is injured; it pays related expenses for an employee who is injured while on the job no matter what caused the injury to happen.

Other Necessary Insurance

In addition to these common types of business insurance, a company may require other coverage such as commercial auto, product liability, alcohol liability, environmental and pollution coverage, and other more specific coverages based on the products or services a company may provide.

Almost all companies need commercial general liability insurance at the very least. If the company owns and uses equipment in their daily business operations, a business owners insurance policy, which is broader than CGL may be needed.

Owning a business is a huge undertaking that requires various insurance policies to protect your personal assets. A local business insurance agency can review your needs and help you choose the best policies to protect you and your company!

Questions About Business Insurance in College Station TX?

Jones & Associates Can Handle Business Owners Insurance Needs!

Call (979) 599-7532!