TX Construction Insurance covers you for danger. Every company has some kind of danger. Your risk might be so little you might not have to purchase insurance. However, before you make that choice on your own, you have to understand what liability insurance policy covers you for.
The first typeof insurance you want to take into account is General liability insurance coverage. GLI covers you for accidents that harm property and harm people. There are numerous documented instances of tens of thousands of dollars in damages being awarded because of claims being brought against companies. If you think big business is the brunt of those suits, you are confused. Many tiny companies also have been sued and have been forced to pay $1 Million dollars in more or damages.
If you’re a shop owner which has a physical place in which clients see, you likely need GLI. If you’re a construction contractor or other kind of independent contractor that functions with expensive substance or about other people, odds are you will have to have in a bare minimum, a general liability insurance coverage.
However, this coverage might not be sufficient…
If your company provides professional advice and services, then you could also require another kind of commercial insurance, also known as Professional TX Construction Insurance. This may be known as Indemnity insurance or Errors and Omissions Insurance.
Professional liability insurance is significantly different than GLI but many companies buy these polices in precisely the exact same insurer. Professional liability insurance covers you for things like failure to provide services as promised, and compensation from errors.
Here is a good illustration of why it’s crucial to think about both these forms of insurance…
Let’s say you run a small computer store in your city. Clients come to you with pc issues and also to purchase your custom made computers and retail accessories. 1 day a client is on your store and excursions over a printer cable which among your employees left sticking out of a counter. They hurt their back and they’re from work for months, costing them thousands of dollars in lost salaries. Additionally, they possess a few $50,000 in medical bills which their medical insurance provider won’t pay, because their lawyers decided it was your own fault.