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As a manufacturer or wholesaler, you need various types of insurance coverages to protect your business from different risks. Here are some of the coverages that you may need:
General Liability Insurance: This coverage protects your business from third-party claims of bodily injury, property damage, and advertising injury. It also covers legal fees and court costs if you are sued.
Product Liability Insurance: This coverage protects you from liability arising from products you manufacture, distribute, or sell that cause harm to someone. It covers legal costs and settlements or judgments if a product defect leads to injury or property damage.
Property Insurance: This coverage protects your property, including your buildings, equipment, inventory, and other assets, against damage from perils such as fire, theft, or natural disasters.
Workers’ Compensation Insurance: This coverage provides benefits to employees who suffer work-related injuries or illnesses, such as medical expenses, lost wages, and rehabilitation costs. It also protects your business from being sued by employees for work-related injuries.
Commercial Auto Insurance: This coverage provides protection for vehicles used for business purposes, such as delivery trucks, company cars, or vans.
In Texas, you can purchase these coverages individually or as part of a comprehensive business insurance policy. Texas also requires businesses to carry workers’ compensation insurance if they have employees. Additionally, businesses that own or operate vehicles must carry commercial auto insurance.
To determine the coverages you need, you should assess the specific risks associated with your business. You may want to consult with an experienced insurance agent who can help you identify the coverages that will best protect your business. It’s important to note that insurance policies and coverages can vary by insurance provider, so be sure to review the policy details and coverage limits carefully.