Texas Small Business Insurance

What Type of Insurance Do I Need For Small Business In Texas?

•  Liability policy – General Liability Policy  insurance provides the insured party with protection against claims resulting from injuries and damage to people or property. Liability insurance policies cover both legal costs and any payouts for which the insured party would be responsible if found legally liable.
• Property Policy – Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in case there is damage or theft—and to a person other than the owner or renter if that person is injured on the property. The  endorsements  listed  below  are options  you should  consider when buying your restaurant insurance in Texas.
  • • Business Interruption – provides coverage for lost earnings that replaces income lost in the event that business has stopped operations for some reason, such as a fire or a natural disaster. This type of insurance also covers operating expenses, a move to a temporary location if necessary, payroll, taxes, and loan payments
    • Equipment breakdown –  provides coverage for a loss caused by mechanical or electrical breakdown for most types of equipment, including photocopiers and computers. Coverage applies to the cost to repair or replace the equipment and any other property damaged by the equipment breakdown.
    • Spoilage of Perishable Goods –  pays for spoilage of food and other goods that have resulted due to equipment malfunction or power surge.
• Business Owner Policy – Combines both the property policy and the General liability policy. Generally at a lower rate than having two separate polices.
• Commercial Auto – Commercial auto insurance covers the cost of accidents involving business-owned vehicles. It also covers vehicle theft, vandalism, and certain types of vehicle damage.
• Workers Compensation– Workers’ compensation pays for medical care to treat employees who are injured or become ill because of their jobs. It might also pay some of their lost income. If an employee dies because of a work-related injury or illness, it pays burial expenses and benefits to the employee’s family.
• Liquor Liability – Your restaurant serves alcohol an third party (one of your patrons)   decides to sue you as a result of them being injured by drinking at your restaurant.
• EPLI– (Employment Practices Liability Insurance ) –  this is designed to cover lawsuits from employees for alleged claims of workplace harassment, discrimination, hostile work environment, or wrongful termination. The insurance can cover  legal fees , settlements,  lawyers fees , other miscellaneous expenses associated  with the lawsuit.
• Cyber Liability– Cyber Insurance can cover costs associated with the liability of a claim or suit related to a computer breach. The right coverage your business or organization needs depends on your level of risk and how you transact business.