When operating a business, you can face significant financial liability in the event of an accident. In Texas, even a minor slip and fall incident can carry a hefty price tag when you don't have an insurance company to handle the litigation. Commercial insurance is a complex subject and can range from Commercial General Liability (CGL) insurance to Professional Liability policies. Service industries may not need much general liability, but professional liability can protect everyone from lawyers to hairdressers. Let Addax Insurance help you through the process and answer your questions.
A CGL policy protects your business against personal property, bodily injury, and personal or advertising injuries. If a customer is injured on the business property, CGL insurance will handle the claim. It doesn't cover damage to your inventory or work. For example, if you own a construction company and replace the windows in a downtown office building, and one of the windows falls out of the casement, damaging a car parked below, insurance would likely cover the damage to the vehicle, but not the repair costs for the faulty window.
Commercial Property Insurance covers business investments like buildings, inventory, machinery, etc. Commercial property coverage will pay either the replacement cost or actual cash value of the items damaged or lost during a covered event. The amount of reimbursement will depend on the type of coverage you buy. Some policies cover everything from a structural collapse to a leaking sprinkler system. Policy limits should be based on likely total damages, and some additional insurance may even include lost income if something forces your business to shut down.
At Addax Insurance, we offer a range of commercial insurance products that can protect your business from unexpected costs. Contact one of our local Texas offices today to discuss your coverage needs, and we will be happy to get you a quote.