Every Business, No Matter What Size, Needs Insurance
If you’re a business owner, you need business insurance. It doesn’t matter if you’re a small company with one or two workers or a large enterprise with multiple branches around Washington. There are business insurance policies available to help protect you and your investment.
Without business insurance, you leave yourself vulnerable to serious financial losses or even the loss of your business itself. Lawsuits, property damage, equipment theft, and other unexpected disasters could drain your savings or take all of your assets. This puts you and the employees who count on you at risk.
What Types of Business Insurance Are Available?
Commercial property insurance
This insurance protects your business building, similar to a homeowner policy. It covers the structure as well as what’s inside. You can get coverage for equipment, inventory, and other vital elements of your business. You can also add earthquake and flood insurance as desired.
General liability insurance
Liability insurance protects you if someone is injured on your premises, such as a visitor slipping and falling. If they win legal damages in a lawsuit against you, your insurance pays, so you don’t lose your savings. General liability insurance can also be specialized to include things like hiring and firing practices, errors and omissions, and protecting directors.
Commercial umbrella insurance
You can increase your commercial liability coverage with a commercial umbrella policy that picks up where your liability insurance is capped.
Commercial auto insurance
If you own vehicles used for your business, or if you or your employees drive personal vehicles for work, you need commercial auto insurance. Your personal auto policy does not cover you for accidents, property damage, medical expenses, and other liability, nor does it cover your vehicle in the event of fire, theft, or vandalism. You can even use a commercial auto policy to cover you if you rent a car while traveling for business.
Inland marine insurance
If you transport other people’s property — from precious artwork to industrial equipment — you want an inland marine policy to protect your cargo. It covers what’s in your car, truck, or van from the moment you load it until it reaches its destination.
This insurance protects your employees if they are injured on the job. It pays for medical care, rehabilitation, disability, medications, and more. It is required in the state of Washington.
Bonds cover situations where you give your word to a client but may not be able to live up to your promises due to other people letting you down. For example, general contractors use bonds in case subcontractors prevent them from finishing a job on time as per the contract. There are many types of bonds to protect business owners in numerous professions.
Let Us Tailor a Business Insurance Plan Just for You
Those are just a few types of common business insurance. There is also business insurance tailored for restaurants, barbershops, electricians, landscapers, and more. Tell us more about your business, and we can assemble coverage that suits you best.
We are independent agents at Spangler Insurance, so we bring you personalized service and a huge menu of business insurance options. Not sure what kind of coverage you need? No problem. Call us at 206-329-7447, or get in touch online to let us know how we can help protect your business.