Business insurance is a risk-management tool that allows businesses to transfer the risk of loss to an insurance company. In return, the business pays premiums to the insurance company. Small businesses need to insure themselves against risks of theft, fire, natural disasters, automobile accidents, and loss of key employees. Business insurance can help small businesses remain successful by reducing the uncertainties under which they operate. It transfers the economic burden elsewhere so that managers can concentrate on running the business. Additionally, the premiums paid for most types of insurance are considered tax-deductible business expenses. Here are some of the major types of business insurance in Houston small business owners should have.
Worker’s Compensation Insurance
Worker’s compensation insurance provides protection for employees who are injured in their workplace by providing them wage replacement and medical benefits. In exchange for these benefits, injured workers give up their rights to sue the employer for the accident. It is vital for business owners to have worker’s compensation insurance to protect themselves from legal complications.
Business Owner’s Policy
A business owner policy packages all the necessary coverage that a business owner would require. In most cases, a business owner’s policy includes property insurance, commercial auto coverage, business interruption insurance, crime loss insurance, and liability insurance. Based on the type of business, it is possible to alter what is included in a business owner policy.
Commercial Vehicle Insurance
Commercial auto insurance protects the company’s vehicles. It allows business to insure their work trucks, vans, SUVs, and cars from damage. If a business does not have its own vehicles, but employees drive their own cars on the company business, it is recommended business owners buy a non-owned auto liability policy. This type of insurance protects the business if the employee has inadequate coverage or does not have insurance. In most cases, the non-owned auto liability policy can be added to a business owner’s policy.
Other types of Business Insurance in Houston include property insurance, professional liability insurance, and general liability insurance. It is imperative to choose a reputable insurance company, such as Metro Allied Insurance, to get the best insurance policies at an affordable rate. For more information about business insurance coverage, please visit Metroallied.net.