As a business owner, you know that you need insurance coverage to protect your new venture. Although you know you need to protect your property, liability risks, and finances, you may not necessarily understand the ins and outs of the different coverage options available. To help you get situated with reliable coverage to protect your business, we’re going to go over some of the most common types of commercial insurance that you need. Find out what commercial insurance in Renton, WA your business could benefit from and how to go about securing reliable coverage today.
Types of Commercial Insurance
General liability insurance
Your general liability insurance can make sure a lawsuit against your business doesn’t turn into a legal and financial nightmare. Your policy provides important protection against bodily injury and property damage as well as claims regarding your business’ operation. In addition to covering the settlements arising from lawsuits where your business is found to be at fault, general liability protection also pays for your legal defense fees. When you regularly have visitors in the building, work closely with clients, or advertise your company, it is essential to have more than the basic form of general liability insurance in place.
Commercial property insurance
If you own or lease a building of any kind, whether it’s an office, warehouse, or storefront, you need to protect the building as well as everything in it. A commercial property insurance policy can help to protect your company’s physical assets, such as the building, furniture, equipment, inventory, and more. Even if you are a business owner working from home during the time of COVID-19, you may still need a property insurance policy to protect your inventory and equipment. This coverage will help repair or replace your company’s property if they are lost or damaged in a fire, windstorm, are stolen, or otherwise.
Commercial auto insurance
Is your business on the move? If you drive company-owned vehicles or your employees drive for the business, then it’s crucial to secure commercial auto insurance. Just as you wouldn’t go without personal auto insurance, your business needs a commercial policy to protect you on the roads. This coverage will protect your business and employees from a variety of damages and accidents relating to the operation of vehicles. If your team uses other vehicles such as forklifts, be sure to let your insurer know.
Commercial umbrella insurance
Some industries and businesses have more liability exposures than others. If this is the case, you may benefit from securing a commercial umbrella policy, which provides an extra layer of protection beyond your standard liability policy. Say the worst happens. You need to file a liability claim, but the expenses of the damage go way beyond your liability coverage. Once you’ve exhausted this policy, you can rely on your commercial umbrella policy to step in to help. Talk to your insurer about whether you are a good candidate for this coverage.
Workers’ compensation insurance
Workers’ compensation is required by Washington state, and it also provides important protection for workers injured on the job, including coverage for medical costs and lost wages no matter who was at fault. It can also help limit your liability exposure. In return for filing a workers’ compensation claim, your employee gets financial assistance with medical costs and rehabilitation expenses, and they forfeit the right to sue your business for negligence. When a business has this coverage in place, it protects not only the employees but the company’s finances, too.
Cyber liability insurance
If your business operates online, it should have cyber liability insurance. This coverage can help protect your business from damages related to electronic data, computer systems, data breaches, and cyber attacks. If you’re a small business owner, don’t be fooled into thinking that your company is immune to such risks. Small businesses are often targeted as they still have a wealth of data that hackers can exploit and these criminals know that smaller companies often don’t have the resources to put strong cyber defenses in place. Before operating online, consider taking out a cyber liability insurance policy.
Equipment breakdown insurance
Does your business rely on a few machines or pieces of equipment to operate? If so, you want to be sure to protect them from damage and loss. Equipment breakdown insurance protects your company from damages and costs related to computers, electrical and mechanical equipment breakdowns. In your time of need, this insurance can help to get your business back up and running when the machinery fails you.
Although you may not think you need crime insurance, it can come in handy in many ways. It is designed to protect your company from crime-related losses, which occur more than most business owners think. It will help to pay for losses such as theft and forgery.
Business owners policy (BOP)
For smaller business owners, they may be able to secure a BOP. This is a combined package of different coverages, such as property insurance, commercial liability insurance, crime coverage, and more. Wrapped up in one handy package, you can handle your insurance coverages easily and quickly. Better yet, you can work with a qualified insurance agent to customize your policy and tailor the coverages to your specific needs.
Your business will benefit from these insurance policies, as well as any others, such as business income insurance, business interruption insurance, and many more. Talk through your risks, concerns, and industry with your insurance agent who can assess your insurance needs. He or she will be able to offer valuable coverage that will protect your livelihood and finances. The insurance you need will depend on your business type, size, location, annual revenue, years in business, and more.
When it comes to protecting your business, you have a lot of insurance policies to choose from. At Humble & Davenport Insurance, we know that every business is different. That is why we take the time to get to know your business and its vulnerabilities in order to offer custom solutions to help businesses of all sizes. To safeguard your business from risks, make sure that you have the right commercial insurance from the start. For a policy to suit your business at the right price, contact the team at Humble & Davenport Insurance today. We look forward to assisting you today.