Owning a business is a tough job. Many business owners assume a "jack of all trades" position within their business, handling everything from human resources to customer service. Business owners don't clock out and head for home at 5 pm every day. Many business owners work long, difficult hours in order to help their business thrive.
Unfortunately, business owners are prone to lawsuits, whether it's a liability suit, negligence, or malpractice; even a simple slip-and-fall may cause a business to close its doors. While not legally required by the state, business insurance is one very crucial way to ensure the continued success of your business -- no matter what disaster knocks on your door.
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Washington Business Snapshot
- Washington's largest industries are manufacturing, aerospace/aviation, and agriculture/food production.
- Washington is one of the fastest growing states with regard to film production.
- More than 380,000 people are employed in the technology sector in Washington.
- Large companies such as Boeing and Microsoft have offices within the state.
Washington is also one of the fastest growing states population-wise. With the influx of new residents, Washington's economy is booming. No matter which industry your business is in, it's the perfect time to be a business owner in WA.
What Is Business Insurance in Washington?
Business insurance is a group of policies offered together in order to protect businesses based on their individual risks. A typical business policy in Washington may offer the following:
- General liability insurance: This coverage is included in all business insurance policies. It protects businesses from damages stemming from a liability claim, including legal fees or judgements.
- Professional liability insurance: Professional liability offers protection from incidences such as malpractice and negligence of provision claims. If your business provides a professional service, this coverage may prove valuable.
- Product liability insurance: If your business provides a product, this insurance can help protect you from claims arising from your products.
- Property insurance: If your business owns a building or other property, this insurance can work to cover the property from damages arising from theft, vandalism, fire, or weather-related events.
- Continuation of income insurance: Unfortunately, a disaster can force you to close up shop until repairs are made. But the bills won't stop coming just because your business is closed. This insurance can help cover bills and salaries until the business is back in operation.
- Cybercrime insurance: If your business runs any of its transactions online, this insurance can be vital. It can help you in case of a security breach or social media blunder.
There are other types of insurance available as well, so make sure to speak with an agent to find out which types of coverages are available for your business.
Is Business Insurance Required in Washington?
Business insurance is not required in the state of Washington. The state is a pure comparative fault state, meaning that if a claim is brought before the courts, the courts decide who is at fault by a percentage.The percentage that your business is at fault will then be multiplied by the judgement in order to assess the amount you will be responsible to cover. There are no caps on personal injury rewards in Washington, so an injury claim could reach into the millions.
Additionally, if you use a lending institution to purchase equipment or property for your business, insurance may be required in order to finalize the loan.
How Much Will a Business Insurance Quote Be in Washington?
When it comes to a price for business insurance in Washington, there is no specific average, as each business faces individual risks and has different property to protect. When you're looking for policy quotes online, be prepared to answer the following:
- Location of business
- Type of business
- Scope of work
- Number of employees
- Business-owned property and assets
- Driving records of employees that operate vehicles
- Products or service your business provides
- Preferred coverages
- Preferred deductibles
Each of these factors, plus many more, will be used to calculate an accurate business insurance quote that will cover your business from the risks you face.
Are There Discounts Available for Business Insurance in Washington?
Just like the majority of insurance policies, there are discounts available on business insurance. These discounts may include, but are not limited to, the following:
- Multi-policy discount
- New customer discount
- Loyal customer discount
- Safety program discount
- Paid-in-full discount
This list is not exhaustive, however it does provide some of the most common insurance discounts available. Each insurance company offers different discounts, so be sure to ask about any available discounts before purchasing a policy in WA.
Business Insurance in Washington Is Simpler Than Ever
While the idea of business insurance may be overwhelming, Trusted Choice agents are here to help. Whether you're looking for a brand new policy, debating on changing coverages, or even need help filing a claim, a Trusted Choice® agent is always available.