If you’re a business owner, protecting your hard work should be at the top of your priorities. This is where liability insurance comes in. Liability insurance offers safeguards when doing business in the modern world. When running a successful business, knowing how this coverage works can ensure your assets are protected if an accident happens.

What Is Liability Insurance?

As soon as a business opens, the owner is responsible for the property they own and the services or products they offer. Mishaps with customers, vendors, or employees can lead to lawsuits, which in turn can demand huge out-of-pocket costs of the owner.

Liability insurance reduces the chances of losing the business or personal assets in the event of a lawsuit. There are a few different types of liability coverage that extend this protection.

• General Liability: This covers lawsuits from people outside of the business, like a customer suing because of a slip and fall on the premises.
• Professional Liability: Also known as errors and omissions insurance, this covers legal issues stemming from business-related errors, low-quality workmanship, or missed deadlines.
• Employee Practices Liability: When one of your employees files a lawsuit over discrimination or harassment, this coverage safeguards your business.
• Workers’ Compensation: Although Texas does not require it, workers’ comp shields the financial interests of your business in case a worker is injured on the job and sues.

Benefits

Liability insurance ensures that you and your business are not held responsible for legal costs resulting from work-related lawsuits. These costs typically include expenses associated with investigating, settling, or litigating cases, including accident and injury damages.

With workers' compensation coverage, there is the added benefit of knowing that your workers are protected and that they can get medical care for work injuries without fear of losing their job or suing you. This can be an attractive benefit to employees and help business owners reduce turnover. Liability coverage as a whole ensures that your business can continue uninterrupted even in the event of a lawsuit.

When you need liability insurance, contact JMS Insurance Agency, LLC. Located in Stafford, TX, they offer a wide range of business and commercial insurance solutions. They also provide coverage for vehicle drivers and homeowners. To speak with an insurance agent or to request a quote, call (281) 494-1500 or visit their website.