Fort Worth Business Liability Insurance

Fort Worth business liability insurance has the duty to defend and the duty to indemnify. In other words, if a third-party claim is brought against your company, your Fort Worth business liability insurance will pay all legal costs, as well as the settlement fee. Liability coverage is a must for most small companies, since legal fees can be extremely costly, and may be enough to put you out of business.

There are basically three different kinds of Fort Worth business liability insurance. You may need all three to protect your company, or you may just need basic coverage. The policies you need to protect your company will depend on the day to day activity of your business. Also, in addition to liability insurance, you most likely need a policy to cover your property, in case of a natural disaster such as a fire.

Different Kinds of Liability Coverage

Fort Worth business liability insurance can be broken down into three different types: general, product and professional. A general commercial policy will protect your company in the case of most third-party claims. The claims can concern property damage, personal injury or advertising injury. So, if someone is injured on your Fort Worth property and they sue you, your liability policy will protect you.

Your Texas commercial liability policy will also protect you if someone accuses you of defamation or committing libel against them. In the case of advertising injury, if your promotional activity damages the reputation of a competitors and they bring a claim against you, your Fort Worth business liability insurance will cover you. Note that you are not covered in the case of intentional harm.

If you sell or manufacture products, you may need a policy to cover them. If someone is harmed using the ovens you manufacture, for example, you need a special insurance plan that protects your Fort Worth company against claims about your products. If you're manufacturing something harmless, like stuffed animals, protecting your products will be relatively inexpensive; stoves, ovens, or anything electric will obviously be more expensive to insure.

Your basic Fort Worth business liability insurance will not protect you for professional mistakes, either. So, if you're a Fort Worth architect, contractor, therapist or you're giving advice of any sort, you need malpractice. Malpractice, also called errors and omissions, will protect you in the case of an error or oversight.

Your Fort Worth business liability insurance agent can help you determine what kind of coverage you need based on your company's risk. Basically, you have to assess your risks and consider what incident or activity could cause someone to bring a lawsuit against you. Once you understand your business risk, you can take steps to appropriately insure your company with the right Fort Worth business liability insurance plan.

Fire Insurance for Texas Businesses

Your property and casualty insurance should cover your Fort Worth, TX company in the case of a fire. A fire can devastate a company, as it may destroy all assets and the location. So, you obviously want to make sure that you have a policy that protects your company in case of fire.

Your Texas company should be insured for its full worth. If you do not insure your company for its full value in order to lower your premiums, insurers will apply a penalty to the settlement amount. Insuring your company for the actual value is a condition of your policy. Also, you should have an independent evaluation from an appraiser for your company, rather than relying solely on tax valuations.

There is a difference between actual cash value and replacement cost. If your Fort Worth business is insured for the actual cash value, your insurer will pay the current worth of the property, taking depreciation into account. If you insure the valuables of your Fort Worth TX business for replacement cost, your insurer will buy new equipment after a fire.

Replacement coverage is simpler, and will help you avoid arguing about valuation with your insurer. However, it's generally more expensive, and in some cases it's not worth it. Computers, for example, decline quickly in value, so the actual cash value is probably better.

You may need to purchase separate coverage for certain, unusual valuables, like important papers. You may also want to purchase interruption insurance, in case a fire causes your company to temporarily shut down. You should always have a good policy in place that covers your Texas company if there's a fire.

You might want to talk to Fort Worth business liability insurance agent about a Business Owner's Policy, or BOP. With a BOP, you will have property coverage as well as liability insurance, which will cover all of your basic needs. A BOP may be a less expensive way to insure your company.

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