When you own a business, investing in the right insurance policies is the best way to make sure that you are protected from any peril. It is important to keep in mind that your personal insurance policies will not provide any coverage for disasters that occur at the office, especially your liability insurance coverage. Knowing how to properly protect your company can ensure that you are not left financially devastated after one accident.
Commercial liability insurance is the first place to start when looking for liability coverage. As a third party insurance policy, it could pay a person who files a claim against your company, excluding any employees. It will cover the cost of a legal defense during a lawsuit, as well as any damages that your business is ordered to pay.
Commercial general liability insurance policies can be written on an occurrence or claims made basis. Claims made basis policies will pay for any claims that are filed during the time that the policy is in effect. Occurrence basis policies will only pay for claims that are associated with injuries or damage that is the fault of your business, no matter when the claim is filed.
If you are looking for even more liability protection for your business, you should invest in a commercial umbrella policy, which will provide liability coverage that goes beyond the protection of any of your other insurance policies. When the liability limits of your other policies have been reached, your umbrella policy will kick in to ensure that you are not financially devastated,
Contact the insurance experts at Strive Insurance Group in Richardson and Cedar Park, Texas for all of your business insurance needs. We will work with you to ensure that you have enough coverage for any unfortunate situation that you run into.