Property, worker’s compensation and liability insurance are the most common types of commercial coverage. In most cases, property insurance protects your business assets; liability covers damages sustained by third parties, and worker’s compensation covers employee injuries. Depending on the nature of your business, you may need additional types of Commercial insurance in Houston, TX which are listed below.
Property Coverage
Property insurance pays for damages and losses to personal or tangible property. For instance, a policy would cover a fire in your restaurant’s kitchen. You can buy extra coverage including:
Equipment breakdown coverage, which pays for the malfunction of industrial machinery. This coverage reimburses you for business interruptions and property damage.
Debris removal coverage pays the cost of removing debris after a hurricane, tornado or fire. For instance, if a fire levels your building, the debris has to be removed before rebuilding can begin. Your insurance policy covers the cost to rebuild, but debris coverage pays the cost of cleanup.
Business interruption coverage pays expenses and lost income from property loss or damage. For example, if a fire forces you to close up shop for six months, this type of policy pays for rent, taxes, salaries and profits you would have earned during that time.
Law insurance covers expenses associated with demolishment and rebuilding to code when a building has been partially destroyed. If a flood destroys your basement and first story, you will have to have the building demolished and rebuilt according to code. Conventional property insurance covers only the property’s replacement value, not optional upgrades.
Malpractice Insurance:
This type of coverage is also known as professional liability insurance, and it pays for losses by third parties when professional conduct falls below minimum standards. If a doctor makes a mistake that others of his caliber would not have made, they can be sued. Malpractice policies pay defense costs as well as settlements, and they are available to dentists, doctors, accountants and other experts.
Worker’s Compensation
This kind of Commercial insurance in Houston, TX covers employers for workers’ injuries on the job. Any business with employees is required by law to have this coverage in some form; in most cases, the law prohibits employees from suing bosses for negligence based on workplace injuries.To know more Click Here
