What Happens If I Don’t Have Commercial Insurance for my Business?

Not having commercial insurance as mandated by Texas or any other state can result in significant monetary loss from fines and business if your company is forced to close for violations. Specific to Texas, unlike in the majority of states, businesses are not required to have workers’ compensation insurance, which helps pay for costly medical bills and other damages associated with an employee’s inability to work due to workplace injury or illness. Additionally, any Texas companies that have contracts with the government must have workers’ compensation insurance. Although workers’ compensation insurance is not required in Texas, any business-owned vehicles must be covered by commercial auto insurance with at least state minimums for liability coverage. Additionally, if you own a business where employees are required to use their personal vehicles for work purposes, then it is strongly recommended that cover those vehicles with hired and non-owned auto insurance because personal auto policies generally exclude business use. 

Choosing not to have commercial insurance can have a devastating impact on your livelihood by leaving your business and assets exposed. In addition, failure to carry commercial auto insurance as mandated by the state can result in costly fines and even a potential shutdown. Consequently, the vast majority of business owners turn to commercial insurance to help protect their companies. When choosing insurance, be sure to have adequate liability coverage. Depending on the type of business, it may be important to have supplemental coverage like cyber liability insurance if you are hacked or suffer a data breach. When you are ready to find the perfect policy, give Barry Insurance Group in Pearland, TX a call so we can help you customize a commercial insurance plan that best fits your business and needs. 

What Is General Liability Under My Commercial Insurance Policy?

General liability under a commercial policy can become tricky for business owners, especially when they’re deciding whether to file a claim (and if so, exactly how to file it). Barry Insurance Group in Pearland, TX wants you to know what general liability is, what it covers, and maybe even more importantly, what it doesn’t cover. 

What Does General Liability Mean?

General liability refers to coverage that will pay for different expenses if it’s determined that you or your business was at fault for an event. So, let’s say an employee forgot to put down a Caution When Wet sign after mopping the floor. Whether the customer slips and breaks their leg or their expensive laptop goes flying out of their hands, general liability would help you pay for the costs to treat the injuries or replace the property. 

What Does It Cover?

General liability typically covers property damage or injury claims made by clients, customers, or third-parties. If someone initiates false slander against your company to destroy your reputation, you can also use general liability for this as well. So regardless of whether you’re looking for legal help or you intend to settle the claim outright, you get the money you need to handle everything from payments to administrative costs. 

What Doesn’t It Cover?

General liability doesn’t cover auto accidents, property damage to your business, and personal injury claims made by your employees. In addition, general liability will have limits placed on how much can be paid out for each claim. 

If you’re concerned about your level of coverage, give Barry Insurance Group in Pearland, TX a call today to discuss your policy and how it can be adjusted to fit your needs. We’re here to help you discover the best options available. 

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