We’ve previously written on how to apply for an HCAD exemption and want to continue by protecting your business against incidents that can wipe it out in one accident. Most of our clients and customers can read on to learn more about why they need commercial insurance.
1. What is Commercial Insurance?
Commercial insurance protects your business against losses associated with unforeseen situations. There are three general types of commercial insurance:
- Property insurance – It protects your business against such things as your property getting damaged in an accident such as fire or severe weather.
- Liability insurance – Also known as CGL, it protects your business in the unfortunate event of negligence or malpractice.
- Workers’ Compensation – It varies by state including whether or not it is required by law. This insurance provides compensation to workers if they are injured on the job.
2. Texas Commercial Insurance
The Texas Department of Insurance has tons of resources for business owners who have questions on commercial insurance. Our state of Texas offers CGL, or commercial general liability insurance. CGL protects your business against claims for bodily injury, property damage, and even slander and false advertising. There are many forms of this type of coverage including:
Premises and operations insurance covers property damage and bodily injury when it occurs on your property as the result of your operations.
Products Completed Operations insurance covers bodily injury and property damage that occurs as the result of a defective product or completed work away from your property.
Umbrella Liability Insurance is excess coverage above the limits of your traditional CGL policy or policies. Umbrella insurance also provides liability coverage for issues not covered under your primary CGL policies.
Similar to the above, Excess Liability Insurance pays for covered losses that exceed your CGL policy’s dollar limit.
3. How to Get Commercial Insurance That is Right For You
Is this your first time researching the type of insurance you need? Not everyone needs the same type when considering all the businesses out there. For example, a contractor would need different insurance from a restaurant that needs different insurance than a beautician, etc. We recommend contacting a commercial insurance professional. They are beneficial because they can tell you what type of insurance is best for you. Finally, they can even tell you who offers the best rates in your area.
Those of you who live in Houston, Harris County, or Fort Bend county may call a recommended colleague of ours, The Charles Osburn Insurance Agency. Visit the site or call directly at (281) 453-0177 to get commercial insurance quotes for our area.
Houston Bookkeeping, Taxes, & More
Remember that each state, county, etc has its own rules for commercial insurance. As a result, it is useful to have an agent on your side. Also, it’s useful to have a bookkeeper on hand when you have questions on how to write off your commercial insurance costs. Feel free to contact us if you are in our area and need help doing so.