Houston Business Liability Insurance
Houston business liability insurance offers different types of protection, so be sure to choose the right kind of coverage for your particular company or profession. The type of Houston business liability insurance you need depends on the service or product you are offering. Doctors, lawyers, architects, programmers, non-profits directors and other professionals all require unique coverage. Also, companies that have employees require an additional kind of coverage.
Doctors need to have malpractice Insurance, also called Texas personal liability insurance, to practice in Houston. Malpractice coverage can be purchased from a commercial company or from a mutual company owned by physicians (individually or in a group). If a doctor decides to start his or her own practice and isn't going to be employed by a hospital directly, he or she will probably need to start buying medical malpractice coverage. Unless, of course, the physician in question decides to move to Florida, where doctors can choose to "go bare" and aren't required to purchase coverage. On the other hand, practicing medicine without a policy is extremely risky!
A doctor's rate will be set based on their potential risk ( which is much higher for certain specialties, like obstetricians). The company will also anticipate their administrative expenses and profit rate. Unlike auto insurance, Houston business liability insurance does not change based on a physician's experience or previous claims. Instead, it depends on location and specialty. Luckily, Houston doctors who file claims are not penalized by companies; unfortunately, good doctors don't get any "breaks" from the companies who provide coverage.
If you're lawyer, you aren't required to have Houston business liability insurance, or malpractice coverage, but it's a very good idea. In most states attorneys are require to have coverage, but in Texas lawyers don't need to have malpractice coverage. Furthermore, TX lawyers don't need to disclose their lack of coverage to clients.
Still, Houston business liability insurance can save an attorney's practice. Houston malpractice suits occur for a number of small (and large) errors or oversights. A suit can occur due to attorney negligence, breach of contract, conflict of interest and so forth. Even very capable attorneys make mistakes while practicing Texas law, because a few words (or their absence) can invalidate a contract. Also, an angry client, regardless of an attorney's activity, can start a lawsuit.
Liability Coverage for Architects
Architects and engineers require a similar kind of Houston business liability insurance. Houston companies sometimes offer a policy that covers most of the design professional risks. If a building designed by a small architectural is structurally corrupt and crashes, that Houston business will likely go under without liability insurance. Designing Houston buildings, playgrounds and houses involves risks that should be covered.
TX technology companies would be wise to purchase Houston business liability insurance, considering the potential consequences of professional negligence in their field. The loss of data, a software or systems failure, or any other kind of error can have a significant impact on clients, and therefore increase the chances that a technology business will face a lawsuit at some point.
Given the general reliance on technology in the business world, it's a good idea to assess company liability and purchase coverage accordingly. Consider, for example, if a software programming error causes an MRI not to work. Or, if server downtime causes a company to lose significant amount of business, and that company chooses to sue the service provider. Houston business liability insurance can protect a technology company from paying outrageous legal costs in the even of a lawsuit.
Have Employees? Get Covered
All companies that have employees will most likely want to have coverage for claims filed by their employees. For example, if you, as a manager or director face sexual harassment or wrongful termination charges, having EPLI (Employment Practices Liability) coverage is essential. While you may have a small company and know your employees quite well, it's still important to be covered for unusual situations. Remember, when it comes to business, people can act unexpectedly. Unfortunately, even families will sue each other, on occasion.
Certain kinds of companies can get unique policies, too. Directors of not-for-profits, for example, can probably find discounted employment practices liability to protect them in the event of a management situation. Certain companies specialize in helping non-profit businesses with policy needs, and it may be wise to consult an expert in your field.
With so many different companies and policy options, it's a good idea for most business to find a professional insurance agent to help sort out the details. An agent can help you compare policies and rates, and help you choose the best deal. Texas offers various forms of liability coverage, and you want to make sure to the appropriate kind for your service or company to be well-protected with Houston business liability insurance.
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