1.Theft
A new business is a big target for thieves. New computers, furniture and other office equipment is worth more at a pawn or chop shop than older equipment. Even older businesses that have just undergone renovations and upgrades are a target. Replacement insurance protects a business in the event equipment is stolen, replacing the missing items and paying for repairs from damage caused by the invasion.
2.Litigation
We live in a litigious society. Even with the Texas tort reform legislation passed in 2003, which capped judgments and sought to eliminate frivolous lawsuits, businesses are sued by individuals and other businesses for a variety of reasons, legitimate and otherwise. Even the most frivolous lawsuit can be costly to defend; and in the event a business ends up on the losing end of a lawsuit, the awarded damages could exceed the business's capabilities to pay. Depending on the business entity structure, not only the business assets, but also the owner's personal assets could be at risk. Business liability insurance, malpractice insurance or professional liability insurance will cover at least part, if not all, of any damages.
3.Personal Injury or Illness
Business owners should have personal insurance as well. Medical insurance will ensure medical bills incurred due to an illness or injury will not wipe out a business's assets. Considering Texas has some of the highest medical costs in the country--costs per person are over 24 percent higher than the national average--going uninsured could potentially bankrupt a Texas business owner if he were to become ill.
4.Level of Coverage
How much insurance to carry will depend on your industry, the business structure and the amount of assets your business has. The location of the business within Texas, such as coastal or rural, and whether the building is leased or owned will also be a factor. For example, a law firm partnership that owns the building in which it is housed might need more insurance than a jewelry designer operating out of her home.
Vicky001 answered the question on September 21, 2017 at 21:57
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