Seattle Business Insurance

Your Complete Guide to Seattle, WA, Business Insurance

(Find the best insurance products to cover your small business)

Seattle Washington business insurance

Seattle businesses are the backbone of the city. They provide necessary services and goods to the residents of the area while supporting Seattle's growing economy. During tough times, business insurance helps Seattle businesses stay viable. 

Building an insurance package for your business can seem daunting. When you work with a Seattle independent insurance agent, you'll get the benefit of their knowledge and experience. You can get multiple quotes from different insurance companies with a single point of contact. 

Contact an agent near you to get started right away. 

Why Do Businesses in Seattle, WA, Need Liability Insurance?

Business liability insurance is a crucial part of a business owners commercial insurance policy package. It covers financial damages, court costs, and legal fees if a business is sued for a covered event. 

You'll need the right types and amounts of liability insurance to handle the risks your business faces every day. Here are some insurance policies to consider as you build your policy: 

  • Premises liability insurance: This covers third-party illness, injury, and property damage after an accident on your business property. 
  • Product liability insurance:  This covers third-party illness, injury, and property damage caused by defective products your business sells, produces, or promotes.
  • Employment practices liability insurance: This covers lawsuits after accusations of illegal employment practices including discrimination, wrongful termination, harassment, and breach of contract.
  • Cyber liability insurance: This covers financial loss and liability if hackers access your computer systems and steal sensitive customer data including personal data, financial information, Social Security numbers, and credit card numbers. 
  • Pollution liability insurance: This covers damage and cleanup costs if your business is held responsible for an accident that leads to the air, ground, or water pollution. 
  • Commercial vehicle liability insurance: You must carry this coverage if your business operates or owns vehicles. It is legally required and can cover your company's liability risks if you or one of your drivers causes an accident. 

Your agent can help you understand your coverage options and walk you through the pros and cons of each as they apply to your business. 

What Insurance Products Cover Your Seattle Business Property?

Businesses in Seattle, WA, may experience property damage or loss due to flooding, storms, or fire. Fire and storm damage is covered by your commercial property insurance policy. Flood damage can lead to expensive losses. In Seattle, flooding is a risk, so it may be smart to consider adding commercial flood insurance to your commercial property insurance package. 

Commercial property insurance covers your building and its contents, including furniture, computers, merchandise, inventory, and supplies. 

Sometimes, adding specialized property insurance products is necessary. Your insurance agent may recommend adding:

  • Inland marine insurance:  This policy covers business property while in transit or in storage away from the main location of the business. 
  • Boiler & machinery insurance: This policy covers the replacement or repair of a furnace or other machinery. It may also pay for business losses due to machine malfunction. 
  • Bailee's insurance: This policy covers property owned by other people when it's the care of the business. 

Your local Seattle agent can help you make sure you have enough coverage to protect your financial investment in your business and the contents of the building. With the right coverage, you'll be able to rebuild, repair, and replace your structure, supplies, and equipment after a disaster. 

Why Is Business Interruption Insurance a Good Idea in Seattle, WA?

A major disaster can do more damage than just physically harming your building or destroying your property. If the damage is severe, you may need to close your doors to make repairs. Businesses that have to remain closed for any period of time can sustain long-term financial damage. 

While federally declared disasters aren't a frequent occurrence in Seattle, they are a concern for businesses. 

  • Number of federally declared disasters in WA since 1953: 567
  • Floods: 214
  • Severe storms: 172
  • Fire: 16

Closing your business for weeks can be financially difficult, but business interruption insurance offers a solution by supporting your business with the continuation of income until you can get back to normal. 

Your business can pay employees and keep up with the bills while making necessary repairs, even though it's unable to generate revenue. Your local insurance agent can speak with you more about how this important insurance can help your business survive a tough situation. 

Do Businesses in Seattle Need Workers' Compensation Insurance?

Seattle businesses must provide workers' compensation insurance as part of a healthy and safe workplace. Even with precautions in place, accidents happen. With workers' compensation insurance, your employees will have their medical bills paid after a covered event. 

All employers with one or more employees must carry coverage.

There are a few exceptions. It is not necessary to buy coverage for:

  • Sole proprietors, corporate partners, or LLC members
  • One domestic servant who regularly works less than 40 hours per week
  • Workers who are engaged in interstate or international commerce
  • Family farm laborers who are minors
  • Musicians and entertainers at specific events
  • Cosmetologists and barbers who rent or lease their space

Rates for workers' compensation insurance are based on the type of work performed in your place of business. Jobs that pose a higher statistical risk of injury are typically more expensive to insure. 

Your agent can help you review your options. They'll explain Washington's laws about workers' compensation insurance and make sure you have the information you need to make the best possible decision for your employees and your business. 

What about Insurance Products for Employee Benefits Packages?

Offering a great benefits package helps employers attract and retain top talent in Seattle. Subsidizing expensive healthcare is a smart way to stay competitive, but it can be difficult to make the right choices when it comes to health insurance and life insurance

Your Seattle insurance agent can help you figure out which benefits mean the most to your employees. They can also help you minimize costs while making sure your employees get the benefits they need to increase their quality of life. 

Why Work with an Independent Insurance Agent in Seattle, WA?

Insurance companies understand that each business has its own needs and wants when it comes to commercial insurance packages. Working with an independent insurance agent means you can fully customize your insurance to meet the needs of your business and your employees.

Your agent makes shopping for insurance easy by offering you the information you need to make great decisions. Find a Seattle , WA, insurance agent today and learn how easy it is to get the right insurance at a great price. 

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https://www.census.gov/quickfacts

https://www.theguardian.com/news/datablog/2011/jun/02/fema-emergencies-declared-tornadoes-hurricanes#data

http://www.naic.org/prod_serv/AUT-PB-14.pdf

https://www.nfib.com/content/legal-compliance/legal/workers-compensation-laws-WA-by-WA-comparison-57181

https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/alter-benefits-attract-retain.aspx

https://www.business.org/hr/benefits/to