Dallas Business Insurance Basics

Business insurance is a necessity today, often mandatory in certain cases such as if your landlord requires you to purchase insurance. But beyond the minimum requirements, it’s a good idea to purchase a comprehensive policy to protect your business in a variety of circumstances. Today’s litigious environment can easily raise a business’ potential for risk, and the price you pay for insurance may very well be worthwhile if you need to file a claim in the future.

Many policies are customizable, allowing you to choose the coverage that your business needs. Below is a list of the most common coverages and how they can protect your livelihood:

• Property insurance: Covers the cost of repairs or replacements when business-owned property (buildings, furniture, inventory, etc.) is damaged, lost, stolen or destroyed due to a covered event, which may include fire, severe weather, theft and vandalism.  
• Liability insurance: Covers the cost associated with property damage or bodily injury suffered by third parties following an incident in which the insured is found legally liable. This can include medical expenses and legal fees, as well.
• Loss of income insurance: Replaces income that is lost if a covered event should interrupt daily business operations. This can include monetary obligations such as rent and payroll.
• Errors and omissions insurance (E&O): Covers the insured in the event that a customer files a lawsuit claiming an error or omission in work performed by the insured. Some professions have a higher risk of E&O liability claims, including lawyers, engineers, consultants, realtors, doctors etc.
• Commercial auto insurance: Similar to personal auto insurance, this covers vehicles (owned, leased, rented or employee-owned) that are used for business purposes.
• Equipment breakdown insurance: Covers equipment, such as computers and appliances, that fail or become damaged due to a covered event.
• Data breach insurance: Covers electronic resources, such as customer databases, from hackers, data leaks and other covered losses.
• Commercial umbrella insurance: Extends coverage beyond policy limits to protect against covered events that result in extremely high damages or losses.
• Workers compensation: Covers the medical treatment and lost wages of workers who become injured while performing on-the-job tasks.

Ask us how you can protect your business from the unexpected. Call All About Insurance at (817) 589-0006 for more information on Dallas business insurance.