If you are searching for Cinco Ranch TX Professional Liability Insurance, get in touch with our friendly representatives here at Texas Insurance Agency. Since 2007, it has been our aim to assist the greater Houston area in finding the best insurance policy for personal or commercial use. We understand how complex insurance can be, however, we want you to know we are here to fully support you!
The Difference Between General Liability and Professional Liability Insurance
If you are a business owner, it can be challenging to figure out what types of insurance you need. The best policies depend on the types of risks your company may face.
Large and small businesses alike face liability risks, but the type of liability is impacted based upon what you do. For instance, a contractor may be responsible if something they constructed injures someone. On the other hand, a consulting business may be liable for a client’s financial losses if they made a mistake in the advice that was given. However, either one of these types of liabilities can result in a lawsuit.
The main difference between the two is that general liability policies cover physical risks, such as bodily injuries and property damage. Professional liability, on the other hand, covers more abstract risks, such as errors and omissions in any service that your business may provide.
More About General Liability Insurance
General liability insurance helps to cover the following:
Bodily injury claims: If someone gets hurt at your business while one the job, your workers’ compensation insurance can help cover their work-related injuries or illnesses.
Medical payments: If someone is injured while on your company’s property.
Reputational harm: If someone sues you for slander, wrongful eviction, privacy violations, malicious prosecution, libel, or more.
Property damage: When your business or employee causes damage.
Advertising errors: When facing a lawsuit for copyright infringement in your advertisement.
Additionally, general liability is a great idea for small business owners. It really helps to protect you from risks you face in many common business situations. Generally, the cost of general liability insurance depends heavily on many factors including the following:
- Type of business
- Years of experience
More About Professional Liability Insurance
This type of policy helps to protect your business if your client claims damages from the professional service that is provided. Therefore, professional liability insurance can assist in covering a business’s legal defense costs such as:
- If a bookkeeper ends up making a clerical error that costs their client a pretty penny.
- If a web developer makes an error on a client’s site, which results in missed sales.
- An accountant files the wrong tax return for their client which results in a penalty fee.
Some jurisdictions may require particular businesses to have professional liability insurance. For example, healthcare professionals need medical malpractice insurance.
Furthermore, you may have to carry professional liability insurance if your clients require it upon signing a contract. No matter if you require to have it by law, it is significant to get the protection necessary with professional liability insurance. This is especially important when you collaborate with clients or customers.
Here are a few examples of businesses that should carry professional liability insurance:
- Consultants or any other type of administrative professional
- Lawyers or law firms
- Accountants or tax preparers
- Home inspectors
- Technology professionals
The Cost of Professional Liability Insurance
Businesses can make many types of mistakes. That is why the cost of professional liability coverage varies from one company to another. Typical factors that can impact your professional liability cost may include the following:
- Type of business
- Number of employees
- Policy coverage limits
- Years in business
- Claims history
To learn more about or professional liability insurance coverage, be sure to give us a call today to receive your free quote.
This system operated by the government and pays monetary benefits to those who are injured in the workplace. Therefore, this compensation is not just given to those injured, but it has also granted to those who are left with a disability as a result of an occurrence in their workplace.
Furthermore, this type of insurance can only be claimed if the injury occurred in your place of business or anything dealing with your job. Typically, this policy type is favored because the business owner is not responsible for any incidents that may occur.
Also, with workers’ compensation, your employees will not be able to sue you or your business for negligence. Also known as compensation bargain, it is in place to protect both the employer and the employee. However, employees can still demand legal compensation or payment through recourse.
When employers agree to workers’ compensation, they are agreeing to a particular amount of liability. Therefore, by doing so, they can avoid large negligence lawsuits.
Small Business Insurance
This policy obviously focuses on smaller companies but is much more affordable than the policies aimed toward larger businesses. Very similar to regular business insurance, small business insurance offer policies that keep you protected against employee claims.
Workers’ compensation, general liability insurance, and property damage coverage are provided for small business owners. Contact Texas Insurance today to learn more about small business insurance.
The Best Cinco Ranch TX Professional Liability Insurance
Texas Insurance Agency takes pride in providing our clients with expert advice and the ultimate customer service. Our agency collaborates with several companies so that you choose the policy that best suits you. Regardless if you need car, life, boat, or motorcycle insurance, our agents are ready to provide you with the best quote. Therefore, if you are searching for Cinco Ranch TX Professional Liability Insurance, contact us at your earliest convenience!
Cinco Ranch, TX Fun Facts
In 2003 Newland Communities bought 1,828 acres of land for Cinco Ranch
Cinco Ranch is part of the Katy, Texas community.
The history of Cinco Ranch starts before Texas was a republic.
- For more information, search Cinco Ranch, TX.