Professional Liability Insurance Washington State – According to the Small Business Administration, Washington has more than 630,000 small businesses. Together, these small businesses employ more than half of the state’s workforce. If you own one of these businesses, consider several types of business insurance to protect yourself against a variety of work-related accidents.
However, getting business insurance isn’t as difficult as you might think. Keep reading as we show you what that means. We will also show you the best places where you can buy shelves without stress.
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If you need multiple types of business insurance, CoverWallet offers an extensive list of insurance options. CoverWallet is best suited for businesses that need all types of business insurance but don’t want to deal with the hassle of applying to multiple companies.
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CoverWallet is a good choice for many businesses because it has access to many insurance companies. CoverWallet, on the other hand, is not a lender; instead, they act as intermediaries that connect you with multiple insurance companies. They work hard to get you approved for any type of insurance your business requires and access low rates.
Travelers is another big name in the world of commercial insurance. The company serves a variety of businesses in finance, manufacturing, retail, technology and other industries.
Travelers offers a wide range of coverage options in addition to industry-specific policies. Among all their policies, the passenger general liability insurance policies stand out the most. More than 500,000 companies trust travelers with excellent general liability insurance.
Liberty Mutual provides commercial insurance through independent agents nationwide. Coverage options available include commercial auto, equipment breakdown, inland marine, umbrella coverage, and workers’ compensation.
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In addition, they have 11 industry solutions for companies in construction, public entities, finance, healthcare, real estate and wholesale. Liberty Mutual also advertises 24-hour claims assistance through its nationwide network of contractor referrals.
The Hartford stands out with its comprehensive Business Owners Policy (BOP). The policy is a three-in-one that combines general business liability insurance, business property insurance and business income insurance.
BOP also protects against loss of income due to fire, damaging winds or burglary, bodily injury or property damage, and personal and advertising injury.
You can supplement your commercial liability coverage with StateFarm’s commercial liability umbrella policy. The company also offers professional liability insurance, errors, omissions, employment liability insurance (EPLI), etc.
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Progressive has a long history of providing auto insurance. With this experience, it is ahead of other commercial auto insurance companies.
They also carry general liability, professional liability and BOP insurance. The only downside is that their commercial auto insurance can be a little expensive.
Pie is a relatively new company founded in 2018. Their main focus is workers compensation, although they do offer other policies.
The company started as part of the so-called insuretech companies. The goal of these technology companies is to make buying insurance an online process that is easy and fast.
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Unfortunately, workers can’t work for them because Washington doesn’t allow you to buy from private insurance companies.
Business insurance is a broad name that refers to several coverages needed to protect businesses. These coverages help business owners protect their businesses from property damage, legal claims, lost wages, and more.
As a Washington state business owner, state law does not require you to have business insurance. However, there are some coverages under a broad policy that you must carry. The following are some must-have policies in Washington.
First, as in most US states, you need workers’ compensation insurance to do business in Washington. However, Washington is one of the few states in the US where you cannot purchase workers compensation from private insurance companies.
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To purchase a policy, you will need to buy from state insurance funds or choose to self-insure.
In addition to workers’ compensation, you may need commercial auto insurance if your business has a vehicle. The State of Washington requires that commercial vehicles carry minimum auto liability insurance as follows:
As a business owner, your main task would be to reduce costs. So you may wonder if business insurance is necessary.
Simply put, yes, you need business insurance in Washington. There are various dangers happening in Washington that can affect businesses. For example, your employees may get injured on the job, leaving you with medical bills that can cost you thousands of dollars.
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For adequate protection, your business needs different types of small business insurance. It would help to discuss your needs with a professional when designing your policy to ensure comprehensive coverage.
General liability insurance is one of the most comprehensive types of commercial insurance and covers some of the most common risks that businesses face. This includes claims for personal injury and property damage. Learn more about the best general liability insurance companies.
Many people do not understand commercial real estate insurance. This policy is not just for businesses with buildings or land, unlike what you might think. It can also be written to cover damage to fixtures, inventory and equipment, among other things. Learn more about the best commercial property insurance companies.
This policy covers you for potential lost income and operating expenses if your business is unable to operate due to property damage caused by fire, vandalism or other covered perils. Learn more about the best income interruption insurance companies.
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A professional liability policy, also known as errors and omissions (E&O) insurance, protects qualified professionals from claims for error, negligence, or failure to provide services as desired. Learn more about the best professional liability insurance companies
Workers’ comp insurance is mandatory in Washington state and some other US states. As long as you have employees in Washington, it would be best if you had this policy. It covers lost wages and medical bills when your employees are injured while on the job. Learn more about the best workers in insurance companies.
You can do this by obtaining a Business Owner’s Policy (BOP). According to many policies under the business policy, insurance companies have created BOP.
In most cases, liability and property coverage will at least be attached to your payment bill. In addition, you will need workers’ compensation insurance, which is mandatory in Washington.
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When you apply for coverage online, your insurance company will most likely recommend the additional coverage you need. To be clear, you can also visit business insurance agents for help.
Commercial insurance is readily available to small business owners in Washington state. Statistics show that businesses in the country pay about $80 per month for business insurance, or $960 per year.
This is just an average, insurance quotes for your business will vary widely. Be sure to shop around a few companies or a digital broker like CoverWallet, Simple Business, Policy Sweet or commercialinsurance.net to compare multiple quotes and find the cheapest one for your business.
The type of business and its risks are factors that affect costs. Other factors that affect cost include:
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Commercial insurance rates vary depending on your location in Washington state. People who live in more populated areas have to pay more because there are more chances of accidents.
So a coffee shop owner in Seattle is likely to pay more than a coffee shop owner in Walla Walla, even if their business size is the same.
The higher the coverage limits and lower the deductibles of your policy, the more expensive business insurance is. A $1 million/$3 million policy is more expensive than a $100,000/$300,000 policy. Similarly, a policy with a $100 deductible is more expensive than one with a $500 deductible. Make sure you have the right coverage limits and the right deductible for your policy to get the best price.
Commercial insurance costs can be high or low depending on your industry. For example, a software engineer may pay less for business insurance than a handyman because his profession carries fewer risks.
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The bigger your business, the more expensive your business insurance will be. Larger companies tend to have larger locations and more customers, increasing the likelihood of an accident occurring.
The number of years you have completed and your proven financial stability can help you save money on commercial insurance. Insurers believe that newer companies are risky because they lack the experience to avoid certain critical mistakes.
Here are some ideas that can help you lower your Washington business insurance costs:
Different carriers have their own way of measuring risk. This means that some companies may see you as less risky, even though others think you are too risky to insure. In such cases, you may find cheaper options. Therefore, before paying, check the opinion of other companies and choose the one that offers the best value at the lowest possible price.
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You should be aware that you pay more for higher coverage. That’s why you need to make sure you’re only paying for the protection you need.
If you would like to purchase multiple policies, consider purchasing from an insurance company. Most insurance companies have discounts for customers who purchase multiple policies at the same time.
A commitment to safety reduces the chance of accidents. It’s one of those things that insurance companies use to calculate your premium. So, if you want to keep costs down, consider a security plan.
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