Plano Business Liability Insurance

Plano business liability insurance will protect your company from third-party claims related to personal injury, advertising injury and property damage. If that sounds like gibberish to you, don't worry, you're not alone! However, before you purchase Plano business liability insurance, you'll want to learn the basic terminology of potential Texas insurance claims.

Furthermore, it's important to understand the exclusions of Plano business liability insurance. For example, the fact that it covers third-party claims means that it doesn't cover employee claims. You need an additional policy called employee practices liability insurance to protect you from claims made by employees.

Small Business Insurance

If you're opening a small company in Plano, Texas, it's important to understand what your specific risks are in order to insure your company with the appropriate coverage. It's also essential, as mentioned above, that you understand the most common claims, and what your Plano business liability insurance will cover.

First off, claims related to personal injury can be physical or emotional. For example, if someone falls on the steps of your Plano, TX office, he or she may attempt to sue you with personal injury claim. Regardless of whether or not your Plano business was responsible for the fall, you will have to face a potential lawsuit. Personal injury claims are most common in traffic accidents, and that's why you see so many personal injury lawyers.

As you probably know, people will sue for all kinds of reasons. Often, the claims are meritless. However, even a meritless claim could easily put a small company out of business, so you need to have the appropriate protection. For example, you may face a claim that your business, for whatever reason, has inflicted emotional harm on an individual. As you might guess, this is a hard thing to prove, but that doesn't mean you won't face a treacherous lawsuit.

Advertising injury is perhaps the most difficult of the three types of claims to explain. The definition of advertising varies from Texas courtroom to Texas courtroom. Advertising can be in obvious forms, such as in commercials or magazine pages, but it can also refer to statements made by you or your employees. Advertising may be defined broadly as "any type of promotion" or it may be defined more narrowly.

It's a good idea to learn how your Plano business liability insurance defines advertising. In particular, you want to find out whether advertising online is included, such as Facebook, Twitter, or other promotional activities. Typically an advertising injury claim will come from a competitor, and you want to know if you need to be particularly wary of a certain medium.

Property damage claims occur when your Plano business harms another person's property. If, for example, a client leaves an expensive item in your Plano office, and it rots, you could face a property damage case. Or, if the client trusts you to take care of their assets, and you fail, you may face of property damage claim.

Liability Insurance Exclusions

Note that while your Plano business liability insurance covers you for claims related to property damage, it doesn't cover the property damage itself. You need an additional insurance policy to protect your property in the case of a natural disaster. If a fire, flood, or other incident occurs, you need a basic business insurance policy to cover you. Plano business liability insurance covers you only for liability claims.

Furthermore, Plano business liability insurance doesn't cover you for all potential claims. There are a lot of exceptions. If you're manufacturing or selling a product, for example, you need to have product liability insurance. Your basic liability coverage won't protect you from claims related to your product, so you need an additional policy to protect your company.

Also, if your Plano, TX company offers advice, or does anything in which professional ability may come into question, you need malpractice coverage as well. Your basic policy won't cover you for claims related to professional negligence. So, if you may be sued for a mistake, you need to have what's called "errors and omissions" or malpractice.

Malpractice coverage isn't just for attorneys and doctors. Malpractice is a good idea for technology specialists, architects, counselors, and many other professionals. If you're not sure whether or not you need malpractice coverage, it's a good idea to talk to an experienced agent about your concerns and potential risks.

As mentioned earlier, Plano business liability insurance only covers third-party claims. So, if an employee tries to sue your company with a claim of harassment or wrongful termination, you need to have additional coverage. EPLI, or employment practices liability coverage, will protect your company if an employee sues you. As you've probably gathered, insuring your company is a complicated process, and finding an agent to help you is a good idea.

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