You can thoroughly do that by protecting your company with Business Insurance. This is the rationality behind home businesses bearing the statement “licensed, bonded, and insured” on their signs. More than fostering trust, having insurance builds your business credibility.

With that said, let’s look at the six fundamental insurance recommended for small businesses in Texas:

1. General Liability Insurance

Liability Insurance is practically necessary for every type of business. With this coverage, it secures you and your business from “general” claims concerning bodily injuries and property damage. Moreover, in availing this policy, it allows you to cover medical and attorney expenses following property damages and bodily injuries which your company may be lawfully liable.

2. Professional Liability Insurance

Alternately called Errors and Omissions (E&O) Insurance, this policy protects practitioners such as accountants, lawyers, and physicians from claims against negligence, malpractice, misrepresentation, violation of good faith, and fair dealing.

3. Commercial Property Insurance

This policy allows owner or renter of a property to file claims for financial reimbursement in case of damage or theft. Commercial Property Insurance Commercial Property Insurance may include the following: homeowners, renters, flood, and earthquake insurance.

Damages inflicted by fire, smoke, wind, hail, the weight of ice and snow, lightning, and theft are usually covered by it. Additionally, it can also provide protection to an individual injured in the property other than the owner or renter who eventually opts to file a lawsuit.

Meanwhile, actual cash value covers replacement expenses sans depreciation. Lastly, extended replacement costs shoulder over the coverage limit in situations wherein construction expenses increase. Take note though, the maximum amount is within 25% of the limit.

4. Worker’s Compensation

Worker’s Compensation is a policy that provides employees compensation for any injuries or disabilities inflicted while on the job. In consenting to this policy, the said worker relinquishes their right to file a negligence lawsuit against his/her employer.

5. Data Breach

Data Breach Insurance is a policy aimed to protect and support a company once it experiences cyber-attack. Often, comprehensive data breach insurance covers legal advice, forensic investigations, notifications to clients, customers and regulators, credit card monitoring to affected customers, and cover the ransom your business is forced to pay the hacker.

Furthermore, a cyber-attack may cause substantial loss of income.

6. Business Owner’s Policy (BOP)

A standard BOP covers property, business interruption, and liability protection insurance. Optionally, a business owner may decide to add vehicle coverage, crime, and flood insurance. You can also arrange to include spoilage of merchandise, crimes, computer equipment, mechanical breakdown, forgery, and fidelity bond.