Choosing the Right Business Liability Protection
October 15, 2014
With lawsuits being a very common part of the modern business world, it becomes increasingly more important that Austin business owners do their part to limit their liability risks. Many business owners are unaware of how common claims of slander, libel, and defamation are for businesses. In order to reduce your liability risks, you must first understand these terms and then be able to protect your assets with the right insurance policy in place.
Whenever a false statement is issued about an individual or business that causes suffering in some way, it is referred to as defamation. Slander refers to defamation that is spoken, whereas libel refers to defamation that is written. In protecting your business from these unfortunate claims, you need to have a sound business liability insurance policy in place. Gathered are some helpful guiding points in choosing the right business liability coverage for your organization:
- Before purchasing the insurance policy or upon annual review, make sure to evaluate your organization’s financial needs. An experienced insurance agent, such as the ones at Central Insurance Agency, can assist in evaluating your business coverage needs.
- It is equally important to evaluate your overall risks as an organization. For example, if your business involves giving clients professional advice, recommendations, or actionable consultation, you may want additional liability protection to safeguard your assets from claims of wrongful guidance or errors and omissions.
- Most importantly, as a business owner, you must understand exactly what is covered under your policy and where you may be vulnerable. We recommend reviewing your liability insurance policy at least annually or immediately upon changes in the scope of your operation.
Contact Central Insurance Agency in Austin for all of your Texas business insurance needs. Allow us to assist in reducing your risks as a Texas business owner and provide your organization with the protection it deserves.