Let's walk through the types of business insurance that would be crucial for a business in Washington State. Picture your business as a hero, and these insurance types as the different pieces of armor and tools to ensure your success:

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General Liability Insurance (GL):

This is like your basic shield. It protects your business if someone gets hurt on your property or if there's damage to someone else's property because of your business activities. So, if a customer slips on a wet floor or if your product accidentally causes damage, GL has got your back.

Property Insurance:

Consider this as the fortress for your business. It covers the physical assets of your company—like your equipment, inventory, and the building itself. So, whether it's a fire, theft, or some other unexpected event, property insurance helps you recover without a massive financial hit. Keep in mind if you are leasing your location the owners insurance on the building usually only covers damages to the exterior, not interior.

Workers' Compensation:

Think of this as the safety gear for your team. If an employee gets injured on the job, workers' comp takes care of their medical bills and provides compensation for lost wages. It's essential to ensure the well-being of your workforce. The Department of Labor & Industries in Washington State handles workers comp insurance. https://lni.wa.gov/insurance/

Commercial Auto Insurance:

If your business involves wheels, this is your vehicle armor. It covers the vehicles used for business purposes, protecting you if there's an accident, theft, or damage. So, whether you're delivering products or visiting clients, your wheels are protected.

Business Interruption Insurance:

This is like a safety net for your revenue stream. If an unexpected event forces your business to temporarily close, business interruption insurance helps cover your lost income and any extra expenses incurred during the downtime. It's your business's financial recovery plan. Unfortunately, most policies won't cover harm from pandemics.

Cyber Liability Insurance:

In the digital age, this is your online shield. If your business experiences a cyber-attack or a data breach, cyber liability insurance helps cover the costs of recovery, including legal expenses and notifications to affected customers. It's crucial for safeguarding your online presence.

Professional Liability Insurance (Errors and Omissions):

If your business provides services or advice, think of this as your wisdom protection. It covers legal costs if a client claims your professional advice led to financial loss or harm. It's like having a safety net for your expertise and reputation.

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We often have new businesses ask where they can start to look for business insurance. Usually, the best place is your current personal insurance provider (car insurance, home owners insurance etc.) as most of them will also offer commercial insurance. As always, its best to shop around.

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