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Austin Business Insurance

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http://www.austinbusinessinsurance.com/

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Protecting Your Livelihood With Insurance Coverage

 

 

For more information on any of the insurance policies listed below, please visit austinbusinessinsurance.com.

 

 

BUSINESS OWNER’S POLICIES

 

A business owner’s policy, or a BOP, is designed as a way to simplify the management of risk through making single packages of liability risks. BOPs can be purchased by small and medium-sized businesses and normally, the packages will include the following:

 

 

Business Interruption Insurance

 

Business interruption insurance covers the loss of income which is due to an interruption of day-to-day business on account of unforeseen circumstances. That might include weather or fire-related damage. Dependent on the policy, this form of insurance can also cover costs of relocating to and then carrying on employment from a different location during the time that damages are under repair.

 

 

Liability Coverage

 

Liability coverage serves to protect a business from the assumption of full financial responsibility when some harm comes to third parties during the time they are on the business’s property. Liability coverage includes physical bodily harm, property damage, and personal injury that is the responsibility of the employees of the business or the business owner.

 

Generally, liability insurance provides compensation for the business owner with respect to court costs and other legal fees that have been incurred from a third party lawsuit.

 

 

Property Insurance

 

Property insurance affords coverage for the buildings that a company owns, in addition to coverage for all of the contents. Standard property insurance will provide cover for “named” risks, which means that services have to be named on the policy to achieve coverage, such as when vandalism, fire, water damage, et cetera occurs.

 

With regards to special property insurance, this is a more comprehensive insurance, which is also known as “all-risk” insurance coverage.

 

Business owner’s property, or BOP, does not include any form of coverage for workers’ compensation insurance, commercial auto insurance, employee health insurance, professional liability insurance, or for employee disability insurance. In these particular scenarios, it is required to take out a separate policy so that a business’s employees and vehicles are covered.

 

 

 

Workers’ Compensation Insurance

 

In the state of Texas, it is not required that a business has to carry workers’ comp insurance. Nevertheless, this is something that certainly should be considered for every business. Irrespective that workers’ comp insurance is not required, you must still exercise “reasonable care” in terms of assuring the safety of the employees and the workplace.

 

If an employee is injured while at work, any lost wages and medical treatment will potentially be your responsibility as the business owner. You will be protected in two ways through workers’ comp:

 

1. Workers that are insured at work will be compensated for lost wages and injury. Workers’ comp pays for lost wages, medical bills, and disability. These expenses, either individually or accumulatively, can add up to substantial amounts.

 

1. Workers’ comp insurance protects employers from being sued by their workforce should anyone be injured while at work. This insurance operates in the form of a “no-fault” clause, which means that employees are eligible for compensation irrespective of the responsible party. In other words, the likelihood for personal lawsuit is diminished.

 

 

 

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