Tacoma Business Insurance

Your Complete Guide to Tacoma, WA, Business Insurance

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

Tacoma Washington business insurance

Businesses in Tacoma provide valuable goods and services to the area. They are crucial to the city's healthy economy. After a disaster, a business may struggle to remain profitable. They may have to close their doors for a period of time to rebuild. 

A well-designed business insurance package can help Tacoma companies get back on their feet after an unexpected event. It's crucial to put this type of insurance in place, but the process can seem daunting. 

When you work with an independent insurance agent in Tacoma, you'll be able to access the best insurance companies so you can build your ideal business insurance package. Contact a Tacoma insurance agent to get started.

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

Business liability insurance is a must for Tacoma businesses. It covers legal fees, financial damages, and court costs after a covered event. Liability lawsuits can be expensive, so this type of insurance should cover your company's specific risks. 

Here are some of the liability policies available to Tacoma businesses: 

  • Premises liability insurance: This covers third-party injuries, illnesses, and property damage that occurs due to an accident on your business property. 
  • Product liability insurance:  This covers third-party injuries, illnesses, and property damage caused by defects in products your business produces, sells, or promotes.
  • Employment practices liability insurance: This covers lawsuits after accusations of illegal employment practices.
  • Cyber liability insurance: This covers financial losses and liabilities if hackers get into your computer systems and steal customer data.
  • Pollution liability insurance: This covers cleanup costs and damage after an accident resulting in pollution of the air, water, or the ground. 
  • Commercial vehicle liability insurance: This is required by law if your business owns and operates vehicles. It covers your company’s increased liability risks if there's an accident resulting in third-party injuries or damage.

Your agent can recommend liability policies that may work best for your company. They'll talk with you about how to protect your business by purchasing the right amounts and types of this coverage. 

What Insurance Products Cover Your Tacoma Business Property?

Businesses in Tacoma, WA, may experience property loss or damage after a variety of catastrophes and disasters. Property crimes, structure fires, freezing temperatures, severe storms, and hurricanes may lead to a commercial property insurance claim. 

This standard policy covers your commercially owned property, including your computers, merchandise, inventory, furniture, and business structure. 

Your agent may recommend specialized commercial property insurance, such as:

  • Inland marine insurance: This covers portable business property in transit or stored away from your business.
  • Boiler & machinery insurance: This covers the repair or replacement of a furnace or other machinery, as well as business losses associated with machine malfunctions.
  • Bailee's insurance: This covers property owned by others while it is in the care of your business.

Commercial property insurance does not cover damage that's the result of a flood, even if the flood is the result of a hurricane. Since flood damage can be devastating for a business, you may want to consider commercial flood insurance. 

Your independent insurance agent can help you assess the risks facing your business. They'll recommend insurance types so your company is adequately covered for most major events. 

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

After a major disaster, your business may need time to rebuild. You may even need to close down for a period of time so you have a chance to repair the damage caused by a weather event or fire. 

While major disasters are rare in Washington, there have been a number of federally declared disasters, including floods, severe storms, and fires. 

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

If you have to close your business, you could experience long-term financial hardship. Business interruption insurance offers a solution to the problem by providing a continuation of income after a covered event. 

This extra income can help you pay your regular monthly bills and even keep key employees on the payroll while you prepare to reopen. 

Talk with your agent about how business interruption insurance could help you stay afloat after a catastrophe, even if you can't generate revenue. 

Do Businesses in Tacoma Need Workers' Compensation Insurance?

Tacoma business owners must provide workers' compensation insurance according to Washington state law. You must also provide a healthy and safe work environment and follow local regulations that help keep your employees out of harm's way. 

Even when all of the proper precautions are in place, accidents can happen. Your company must cover your employees' financial losses if they are hurt or become ill on the job. Workers' compensation insurance helps provide funds so a company can provide this legally-mandated assistance. 

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 premiums are based on the likelihood that your workers will be injured on the job. Less dangerous jobs are cheaper to insure. Your agent can help match you with a company that specializes in providing workers' compensation insurance in your industry. 

What about Insurance Products for Employee Benefits Packages?

Healthcare coverage is expensive, but many employers help defray the costs for their workers through an employee benefits package. While some coverage is mandated by law, most employers understand that offering a great benefits package is actually an investment in the future of the business. 

You have a lot of options when it comes to life insurance and health insurance for your employees. Your agent can help you choose components of a benefits package that are most sought after so you can retain and attract top talent. 

Choosing benefits doesn't have to be difficult. Your Tacoma agent understands the options and can walk you through the process of designing an excellent benefits package. 

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

Every business has its own unique needs when it comes to commercial business insurance. While it can seem like a big job, when you work with an independent insurance agent in Tacoma, you'll have a single point of contact with the experience and contacts to help you get the most value for your dollar. 

Find an insurance agent with a Tacoma office today and start building an insurance package for your business that meets your needs now and in the future. 

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