Even companies in protected leased buildings may need business insurance in Seattle.
If you rent office space for your company, having your own business insurance is a must. Even though the property owner or landlord is responsible for acquiring insurance for the physical building, your belongings and equipment inside won’t be covered. Fortunately, business insurance helps to protect belongings and mishaps that are your responsibility.
Depending on the type of business you run, a standard Business Owners’ Policy (BOP) might be a good starting point. Typically, this policy covers property, liability, and business interruption coverage.
Within a BOP policy, property coverage may reimburse you if your company’s property (material goods) is damaged during a covered loss such as theft or a fire. For example, a fire may be covered by your landlord’s insurance, protecting the building itself. Your property coverage would then work to cover your company’s damaged computers, furniture, phone systems, and more. Situations that are often covered are fire, theft, and natural disasters.
This is the traditional ‘slip and fall’ insurance with which most businesses are familiar. If a visiting customer or client were to trip and break an arm, the liability coverage on your BOP would reimburse your customer for his or her medical bills. Fortunately, this coverage also steps in to protect your business from legal costs or damages from a lawsuit if the injury was proven to be the result of your negligence.
After a disaster, many businesses have to temporarily close their doors. This coverage is intended to help cover your company’s net profits and continuing expenses for a certain amount of time after a covered loss. It works to reimburse your business for profit losses that are out of your hands.
The basic coverage in your Business Owners’ Policy is a good start to helping you protect your business. Depending on the business that you run and the size of it, it may be best to opt for additional coverage. Talk to the professional team at Humble & Davenport Insurance to acquire suitable protection for your business. Visit us today in Renton, Washington.