Insurance in Texas
Commercial insurance information for businesses operating in Texas.
Coverage to Consider:
What is Worker's Compensation Insurance?
Worker's Compensation Insurance covers the costs that a business can incur if one of the employees of the business gets hurt or sick performing duties on the job. Work Comp can cover medical benefits, legal fees, and lost wages. For business owners, connect with a Novum agent by contacting us, and for insurance agents, you can become a Novum agent here. Below are some things you should know about Workers Comp in Texas.
Is Workers' Compensation required in Texas?
No. Unlike most states, Workers' Compensation is not required in Texas for most businesses, though it is still highly recommended. However, it is required:
• for any business that has a contract with a government entity in Texas
• if someone is contracted for a job and is required to show proof of coverage
More information about Workers' Comp in Texas
• Workers Compensation in Texas is regulated by the Texas Department of Insurance
• To access rating information, visit the National Council on Compensation Insurance (NCCI)
Commercial Property, General Liability, and Business Owner's Policy
What is a Business Owners Policy?
A Business Owners Policy (BOP) is an insurance policy that combines General Liability Insurance and Commercial Property Insurance. General Liability offers protection from claims of bodily injury, medical costs, and property damage to customers, clients, or any non-employees. Commercial Property Insurance covers a business's building, inventory, equipment, and other assets. Combining these into a BOP makes for an easier way of getting a business the coverage it needs. Novum offers Property and General Liability coverage, as well as Business Owners Policies through our partner carriers. Though these coverages are not required for all types of businesses in Texas, it is still important to have so that one claim is not catastrophic to the business.
Professional Liability Insurance, also called Errors & Omissions Insurance (E&O), covers a business in the event of a claim of error or negligence. This type of coverage is common for businesses that provide professional services, such as lawyers, accountants, agents, etc. Learn more about Professional Liability Insurance with Novum.
Cyber Liability Insurance protects a business from the very present threat of data breaches and cyber attacks. Cyber coverage is similar to Professional Liability or Errors and Omissions Insurance, but is a good idea for any business that uses technology or has customer information. Learn more about Cyber Liability Insurance (or CLIC) with Novum.
If a business owns any vehicles, then a Commercial Auto policy is required in Texas. Learn more about Commercial Auto Insurance coverage with Novum.