General Liability Insurance Texas

 General Liability Insurance in Texas: Tips to Get the Best Coverage Being an entrepreneur in Texas can be incredibly exciting, but if you d...

 General Liability Insurance in Texas: Tips to Get the Best Coverage

Being an entrepreneur in Texas can be incredibly exciting, but if you don’t take the right precautions, you could be putting your business in danger. One of the most important insurance policies to get as an entrepreneur in Texas is general liability insurance, which protects your business from the dangers of lawsuits related to your work. 

Though this coverage can seem somewhat daunting at first, with some quick tips, you can choose the right coverage for your needs and save money on your premiums each month. Here are three tips to help you get started when looking for general liability insurance in Texas.

What is a General Liability Policy?

A general liability policy is a crucial component of a business, but it can be difficult to find one that suits your needs. General liability insurance protects you against lawsuits stemming from injuries or property damage related to your business. 

The various benefits of a general liability policy may include third-party civil defense and medical payments coverage, as well as employment practices coverage, etc.

Do I Need It?

If you operate a business in or near Texas, your business will require general liability insurance. General liability insurance covers three main risks: bodily injury and property damage that are caused by your company, 

faulty products that are produced by your company, and third-party property damage caused by someone who was at one of your business locations. A standard policy offers $1 million worth of coverage for each occurrence up to a total coverage amount of $2 million. You can opt for an enhanced policy if you need more protection.

How Much Does it Cost?

All general liability insurance policies cover property damages, bodily injury, and wrongful death. The amount of coverage you need will depend on how much it would cost to replace or repair your physical assets. 

A business might need more than $1 million in coverage while someone who drives a car for a living might only need as little as $100,000 or $250,000.

What are Additional Limits and Coverages?

Depending on your business, there are many other limits and coverages you may want to consider. Commercial general liability insurance includes medical payments coverage. One limit that is common for a commercial general liability policy is liquor liability, 

which protects against injuries or property damage caused by serving alcohol at an event, such as a company party. Additional limits and coverages include interruption of business income, loss of computer data protection, workers' compensation insurance and equipment breakdown coverage.

What is Required Coverage?

While liability insurance is not required by law, it is vital for most businesses. If you have employees and visitors, for example, and if your business has property that is used by those people, you are much more likely to be liable for any injury or damage caused by your employees or visitors. 

General liability insurance can help protect a business from lawsuits due to accidents and injuries on company premises or events with company staff.

What You Don’t Want To Miss!

When I first got started with my financial planning practice, I struggled a lot with whether or not I should invest in general liability insurance. Having this type of coverage would mean that, if something were to happen at my firm, 

I would be able to continue doing business as usual instead of having to file for bankruptcy or close up shop because a client sued me.