Having a strong commercial insurance policy can make a difference in today’s marketplace. Regardless of the industry that you are operating your business in, the competition is likely very strong. This guide will help you figure out which policies your business needs to thrive well into the future.
Business insurance in Lubbock is important because it allows you to protect your asset. There are various risks associated with operating a business, so you need insurance to cover potential liabilities. Having a strong business insurance policy makes things easier for you, your customers, and your employees. Each business has unique needs, which is why there are several different types of commercial insurance policies.
- Commercial General Liability Insurance
Commercial liability coverage protects your business against a potential financial loss. If one of your customers is injured on your property, liability coverage will cover the medical expenses. You are also protected if your business causes damage to someone else’s property. General liability coverage also protects your business against a potential electronic data breach, libel, and slander. Commercial liability coverage can prevent you from losing everything in a lawsuit.
- Commercial Product Liability Insurance
Even though you strive to make high-quality products, accidents can still happen. If one of your customers samples a defective product, they can pursue legal action against your business, alleging that the product caused them harm. Commercial product liability insurance will protect your business in these situations. If you are developing a product that is more dangerous than your current line, you can purchase liability coverage as a standalone policy. Commercial product liability coverage is essential if you distribute, sell, or manufacture products.
- Cyber Insurance
Millions of online transactions happen every day. Cyber insurance policies help your business protect its assets against the dangers of cybercrimes, e.g., malware, ransomware, etc. If a computer hacker launches a malware attack against your business and gains access to sensitive information, you could face a substantial lawsuit as both your customers and employees seek damages.
- Workers’ Compensation
Workers’ compensation protects your business by ensuring that your employees are compensated if they suffer workplace injuries and workplace-related diseases. Workers’ compensation covers your employee’s lost wages, medical benefits, and potential disability benefits. In more serious cases, the policy also covers your employee’s death benefits. Your business may be legally obligated to carry workers’ compensation. However, a strong policy can give your business an advantage in regards to attracting the best talent.
- Errors & Omissions Insurance
Errors and Omissions insurance protects your business against possible legal action if one of your customers alleges that you provided negligent service. Regardless of whether the allegations are true, you can get sued at any time. That’s why E&O insurance is an asset.
- Office Package Insurance
Office package insurance is a form of comprehensive coverage that protects your business if your building is damaged or something happens to your inventory. In addition to covering your equipment if it is stolen or damaged, you are also covered if your equipment unexpectedly breaks down. This overall insurance policy provides coverage for any contingencies that your office may face.
- Commercial Umbrella Insurance
Commercial umbrella insurance provides an extra layer of protection during serious liability disputes where your assets are at risk. Umbrella insurance provides a safety net when you are responsible for damage that exceeds your policy limits. Once you have maxed out your liability coverage, umbrella insurance takes over to prevent you from having to cover damages out of pocket. Umbrella insurance is essential if you work in a high-risk industry.
Finding the right business insurance in Lubbock, TX, takes time. You have to assess the unique needs of your business, as well as future risks. The experienced insurance professionals here at Advanced Insurance Group will guide you through the process to make sure that you find the coverage you need. Contact us today to get started!