El Paso Business Liability Insurance
El Paso business liability insurance will cover your company in the case of third-party claims. Whether someone sues you due to injury or libel, you can usually count on your El Paso business liability insurance to protect you. In this day and age, a lawsuit could mean financial ruin for a small company, so it's very important to get reliable protection.
You will need to decide between different types of El Paso business liability insurance for your small company. You will choose between claims made or occurrence policies, for example. An El Paso business liability insurance agent can help you clarify all these details if you're confused about your coverage needs.
Claims Made or Occurrence?
Most El Paso business liability insurance plans are offered two different forms: claims made or occurrence. An El Paso business owner should understand the difference between both types of policies before purchasing a plan. Simply put: claims made provides more current and immediate coverage, whereas occurrence policies last long into the future.
If your work will survive into the future, you may want to consider an occurrence policy. If your a contractor, for example, and you build houses, those houses will last a long time. Third-party claims regarding those houses may occur years after you build them. This is where occurrence policies come in handy: you will be covered forever.
With a claims made Texas business liability policy, on the other hand, you are only covered if the incident occurs during the time your policy is active. That means that you may need to pay for tail coverage when you stop working or switch policies. Tail coverage is less expensive than full coverage, of course, but it's still rather pricey. You may end up having to pay tail coverage for years and years, to, whereas with an occurrence policy, you only have to pay for that period of time you were working.
Most likely, you're thinking that an occurrence policy is most likely the best kind of El Paso business liability insurance for most companies. You may be right, but there are a few things you should consider before making that conclusion. First of all, claims made policies are much less expensive than the occurrence policies. If it's extremely unlikely that your work will involve future claims, the claims made policy will be sufficient for your El Paso business.
Another thing you may want to consider is that the coverage provided by your occurrence policy won't change. In other words, your insurance is not adjusted for inflation, business growth or claims cost. However, the claims made plan will cover your El Paso company at the level of coverage you have when the claim is made. In other words, claims made policies may actually be cheaper over the long term and provide better coverage.
Also, occurrence coverage may not always be available for El Paso company. Claims made insurance policies are more common in Texas and easier to find. Also, certain types of El Paso, TX businesses may not be eligible for occurrence coverage, whereas other types need to have occurrence policies. An El Paso business liability insurance agent can talk to you about the different types of policies.
Choosing an Insurer
You want to choose an El Paso business liability insurance company that you really trust. You need to make sure that your Texas company has a sufficient policy to cover your liability in a wide range of incidents. You don't want to have holes in your coverage, or unexpected oversights.
When you're looking for a Texas insurance company, don't choose the underdog. Choose a company with a strong track record that seems reliable and has high ratings. Make sure the customer service is very good, and the claims response time is fast. You need a business liability insurance company that will be fair, supportive and efficient.
Shop around for different business liability insurance packages before making your purchase. Many El Paso insurance companies, for example, will offer Business Owner's Policy (BOP), which will cover property and liability. This may be a less expensive way to cover most of your needs.
Remember, liability isn't your only risk. You also need to cover your property, your employees, your vehicles and so forth. Also, liability comes in many different forms, and you may need a policy protecting your products, directors, and professional mistakes. Basic commercial policies don't cover certain needs that you should address.
Again, talking to an El Paso business liability insurance agent can help you sort out your needs. There are plenty of TX agents out there who would be happy to help you, so you can be picky about who you work with. Choose someone whose opinion you trust. Both your agent and your insurer should be very reliable, so choose carefully.
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