In Spokane, businesses support the local economy by providing excellent service and much-needed goods to residents. They play an important part in the overall health of the town. During times when storms or other natural disasters hit Spokane, business insurance helps these important companies stay open and stay profitable.
Building your business insurance package can seem like a big job, but you don't have to do it alone. A Spokane independent insurance agent can help you understand your options and put together a commercial insurance package that meets the needs of your business while staying on budget.
Talk with an insurance agent in Spokane today to get started.
Why Do Businesses in Spokane, WA, Need Liability Insurance?
Business liability insurance is a crucial component of a well-designed insurance package. It covers legal fees, financial damages, and court costs if your business is involved in a liability claim.
You'll need the right kind of liability coverage to handle the specific risks faced by your company. Here are some of your choices:
- Premises liability insurance: This covers injuries, illness, and property damage that happens on your business property.
- Product liability insurance: This covers injuries, illness, and property damage that are caused by defects in products your business produces, sells, or promotes.
- Employment practices liability insurance: This covers lawsuits about accusations of harassment, wrongful termination, and other illegal employment practices.
- Cyber liability insurance: This covers liabilities and financial losses if hackers access your company's computer system and get a hold of sensitive customer data.
- Pollution liability insurance: This covers the damage and costs of cleanup if your business is responsible for polluting waterways, the ground, or the air.
- Commercial vehicle liability insurance: You must carry this coverage if your business owns or operates vehicles. It covers increased liability risks if your driver causes an accident.
Your agent can talk with you about your many options for commercial liability insurance. They'll understand local and state mandates about minimum insurance amounts and can recommend specific types of insurance that may be a good fit for your business.
What Insurance Products Cover Your Spokane Business Property?
Businesses in Spokane, WA, may experience losses due to flooding, fire, and storms. While commercial property insurance covers many risks, you'll need a special commercial flood policy to cover damage caused by flooding.
A commercial property insurance policy covers damage to your building, computers, supplies, inventory, furniture, and merchandise, up to the policy's limits.
You may also want to consider adding specialized insurance policies. Your insurance agent may recommend adding:
- Inland marine insurance: This covers portable business property while it is in transit or is stored away from your place of business, such as at a worksite.
- Boiler & machinery insurance: This covers the repair or replacement of a broken-down furnace or other machinery, and can also cover any business losses associated with machine malfunctions.
- Bailee's insurance: This covers valuable property owned by others whenever it is in your business’s care, custody, or control, such as when you are performing repair or maintenance services on it.
Your agent will point out areas of risk that you may want to insure. They can help you make sure your coverage limits are high enough that you'll be able to repair, rebuild, and replace your business assets as necessary after a disaster.
Why Is Business Interruption Insurance a Good Idea in Spokane, WA?
A major disaster can do tens of thousands of dollars worth of damage in just a few minutes. After severe damage, you may need to remain closed for a period of time to make necessary repairs.
While major disasters are rare in Spokane, there's still a risk that your business will be damaged by floods, severe storms, or fire.
- Number of federally declared disasters in WA since 1953: 567
- Floods: 214
- Severe storms: 172
- Fire: 16
Closing for any amount of time could be an expensive problem for your business. You can insure against this type of loss with business interruption insurance. This coverage helps you continue to pay the bills and even keep your employees on the payroll until you are ready to reopen after a disaster.
Business interruption insurance is a smart buy for many small businesses who otherwise couldn't afford to take time off to rebuild and recover. Your agent will walk you through the specifics and get you multiple quotes so you know you are getting the best possible deal on this important coverage.
Do Businesses in Spokane Need Workers' Compensation Insurance?
You must provide a safe and healthy environment for your employees, and workers' compensation insurance is an important part of that process. Businesses in Washington are legally required to provide workers' compensation insurance under certain circumstances.
This coverage provides your employees with money to pay medical bills and replace lost income after they suffer an injury at work that's covered by the policy.
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
Your workers' compensation insurance rates are based on the likelihood that your employees may be injured on the job. Talk with your agent about how you can provide this legally mandated and necessary protection for your workers at a great rate.
What about Insurance Products for Employee Benefits Packages?
Companies that provide excellent benefits to their employees understand that the money they spend on this type of insurance is an investment in their business. Offering great benefits can help you retain and attract the best workers.
You have many choices when it comes to life insurance and health insurance. It can be difficult to decide which policies would do the most good for your employees. Your agent will go over the pros and cons of offering each insurance type. They can help you design an affordable employee benefits package that you'll be proud to offer your workers.
Why Work with an Independent Insurance Agent in Spokane, WA?
When you choose a Spokane independent insurance agent, you'll get the benefit of their expertise. Your agent can help you shop multiple insurance companies so you'll know you are getting the best deal with a reputable company.
Find an independent agent in Spokane today and start designing your ideal commercial insurance package.
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