A Guide to Commercial Liability Insurance Policies in The Woodlands TX

Most business owners have heard it before: if someone runs a company, they’ll need liability insurance. However, many don’t know what that means or what these policies cover. In this guide, readers will learn the basics of Liability Insurance Policies in The Woodlands TX.

General Liability Insurance: What Is It?

Liability insurance is also known as commercial general business liability coverage. It protects companies’ assets and pays for costs incurred if injury or property damage is caused by employees. Liability insurance also pays legal defense and settlement costs in the event of a lawsuit; typically, these include non-monetary losses, punitive damages, and compensatory damages. General liability coverage also protects business owners from liability if they cause damage to a rented property, and it covers claims of misleading advertising, copyright infringement, slander, and libel.

Do All Businesses Need Liability Coverage?

Modern society is very litigious, and even if an owner believes their company will never face a lawsuit, purchasing liability insurance is a sound investment. Yearly premiums range from several hundred to a few thousand dollars depending on the owner’s coverage needs and line of work. That’s much less than the thousands (or even millions) of dollars they’d spend fighting a court case. While general Liability Insurance Policies in The Woodlands TX can be purchased on their own, they may also be included in BOPs or business owner’s policies. If an owner has a BOP, they should check their liability coverage limits and buy additional coverage if necessary.

Determining Coverage Needs

The coverage a business owner needs depends on the work they do and the risks associated with it. For instance, building contractors need more insurance coverage than do consultants or web designers. The business’ location is another important factor, as some places award higher damages to personal injury plaintiffs. Talk to a local agent or broker for coverage advice.

Business owners have many responsibilities, but ensuring proper coverage is one of the most important. With general liability insurance, the owner and his or her assets are protected from liability for personal injury and property damage. To learn more, call Insurance Offices Texas or visit them at iotx.com.

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