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No matter what industry you are in, accidents and losses in business are inevitable. Losses associated with fires, thefts, storm damage, flooding, traumatic events, and even power outages are all too common, and since there is no predicting when or if these occurrences will happen, it’s crucial to have adequate protection secured with a complete commercial insurance policy. As various risks come with operating a business, many types of insurance coverages can help protect you. So, what are the key features of Texas commercial insurance that are available to protect you and your business?
Commercial Property
Commercial property policies protect business properties and their contents from loss associated with instances such as fire, theft, or other physical destruction. This specific coverage can also step in for the loss of income or an increase in business expenses resulting from the resulting property damage.
General Commercial Liability
General commercial liability insurance offers protection to businesses for bodily injury, personal injury, and property damage that may be the result of the business’ operations or products, along with the injuries that may have occurred on the business’ premises. A general liability claim is only used when either property damage or bodily injury has occurred.
Professional Liability
Professional liability covers the business from damages caused by errors in job performances. If damage occurs as a result of how you or one of your employees performed their tasks or neglected their duties, this is covered by a professional liability policy. Professional liability coverage protects against damage from errors or omissions when conducting your professional services.
Employment Practice Liability
Practice liability protects a business owner from the wrongful acts that occur throughout an employment process or misconduct/inappropriate employment practice claims. This is very important so that businesses remain protected when workers allege the company has violated their legal rights.
The most common types of claims are wrongful termination, sexual harassment, retaliation, and discrimination. Employment practices liability will also cover claims regarding defamation, failure to promote, deprivation of career opportunities, wrongful discipline, invasion of privacy, negligent evaluation, emotional distress, and mismanagement of employee benefit plans.
Cyber Liability
Cyber liability insurance was created to cover both liability and property losses that can occur when a business involved in online and electronic activities and gathers the sensitive personal and financial data of its customers is compromised.
D&O
Directors and officers are often scrutinized by regulators, shareholders, and plaintiffs, which greatly increases the prevalence of lawsuits and investigations. To safeguard a business from management liability exposures, owners must secure Directors & Officers (D&O) Liability insurance. This coverage offers vital for both the management and the business.
Just about every business should secure D&O coverage, as one single lawsuit can significantly disrupt the business’s reputation and be financially devastating. D&O coverage may also take care of lawsuits associated with:
- Shareholder allegations on the company or stock performance
- Creditor or investor regarding mismanagement
- Neglecting fiduciary duties
- Failure to comply with regulations or laws
- Employment practices and HR issues
- Pollution and regulatory claims
- Cyber liability exposures
About Transparity Insurance Services
Transparity Insurance Services was founded for the purpose of helping clients to ensure their property and assets with no hassle. We are committed to providing a simple, easy, efficient, and positive experience to all of our clients, and prioritize open and transparent communication with our clients. Through our excellent customer service and technology, we can help you to find the right insurance program at a competitive price. Contact us today at (855) 889-2037 to learn more about what we can do for you.