Keep the fact in mind that we live in a day and age in which an individual is quick to make a claim against another individual in order to receive a monetary settlement. No matter how shady, in some instances, people will take what they can get. This means they will even use the law to their own advantage for financial reasons. It’s extremely important for businesses to have Professional Liability Insurance Coverage. If you are a general contractor, in many cases you will be required to show proof of liability insurance when you bid for jobs. Mattis Insurance is at your service and ready to provide your business with the piece of mind you need to continue making great profits.
While it isn’t fun to pay for legal defense, it is necessary and it is a way to make sure that your business is safe in the case of anything that is out of your control. Another reason why it’s essential to have Professional Liability Insurance Coverage is because the cost of defending yourself in the case of an accident can be extremely expensive.
There are different types of insurance coverage available to your business. One example is know as Occurrence Insurance. This coverage will help defend you in any incident or accident where you get sued in court. If someone is filing a lawsuit against you on a project that you did many years ago, this plan would cover you even if you didn’t have insurance at the given time. If you have it now you can protect any past occurrences as well.
Claim-made coverage is another option. With a claim-made coverage the individual will only be covered for what occurs during the term of the policy. This is usually what first time business owners choose to manage their current expenses and because they haven’t had to deal with such a project yet.
Beginners Insurance 101
There are a lot of “unknowns” about insurance policies especially if you are a business owner. This will lead you toward a lot of information to read up on and questions to ask to your lender. There are two major expenses when it comes to any type of liability claim. There is always fines associated with defending yourself as well as the cost of what is awarded to the person who wins the case. One of the most important factors is the size of the limit and it does vary from one place of business to another. One of the best ways to get the most out of your insurance plan is by asking those who are already business owners in the same industry as you. If you still have questions, Mattis Insurance has a friendly bi-lingual staff ready to take your call and answer your questions. For Highway 6 North residents in Houston, Texas, Contact Mattis Insurance Today.
If you are a small business owner and you’re just starting, there are some popular policies to inquire about and look into. Workers compensation is a type of insurance policy that will protect your employees if any accidents happen while they are on the job. This is important so that the employee does not put up a lawsuit against the employer for the incident. This could very well be amongst the most important insurance policies to have because it avoids legal problems. It also prevents you from losing your business rights should an issue occur.
Protect Personal Information
If you have just started your own place of business and you keep personal data on file for your work or for your customers, you may want to consider obtaining data breach insurance. As the owner you are the person that is responsible for protecting all of that information. If anyone hacks into a computer system they have the power to take patient history information or credit card information. All of this data can be protected through the data breach policy.
Protecting yourself and those who work for you during this time is crucial in order to make sure that your business grows and prospers. The last thing that needs to happen in the startup phase is an accident or a lawsuit. It’s always smart to build a sturdy foundation with concrete coverage so that you can go about conducting business and not being afraid to take risks as an entrepreneur or business owner. There are a lot of loopholes in the legal system and even more people who seek to take advantage of businesses who are not fully equipped with the right coverage. When it comes to protection, it’s much better to be safe than sorry! Contact Mattis Insurance Today and get covered.