FROM OUR PARTNERS
So you started a business in Washington. Congratulations! It’s a great state to base your operation out of, as the cost of living and doing business are both low. But, as you know, it takes more than just a great idea to get a business up and running. You need a solid plan, and part of that plan is making sure you choose the right business insurance for your new venture. And finding the best business insurance for your Washington company can be tricky. Fortunately, We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
In Washington, all businesses must have workers compensation insurance. This includes both employees and subcontractors. This is a requirement for any business owner with one or more employees.
In addition to workers compensation insurance, most businesses should also consider general liability insurance. This is especially important for those that work on client property. It covers damage to any property that is caused by your business activities. Some industries may require additional types of coverage, such as commercial auto insurance, professional liability insurance, or commercial property insurance.
Not sure where to begin? Here are some of the most common types of insurance for small businesses:
This is one of the most common types of coverage for small businesses, protecting against third-party claims like bodily injury, property damage, personal injury (like slander or libel), and more.
General liability excludes personal Injury: Someone publishes a false statement about you that damages your reputation (e.g., libel, slander). Advertising Injury: Your ads infringe on another’s copyright, trademark, or slogan
If you have employees, workers comp is required by law in most states. It protects lost wages and medical expenses associated with workplace injuries or illnesses — even if it was partially the employee’s fault.
Most states exclude corporate officers from coverage under workers compensation policies. In many states, domestic help is also excluded from coverage. Certain hazardous occupations may be excluded from coverage as well.
Sometimes called “errors and omissions” insurance, professional liability helps cover claims that come up if someone alleges you made a mistake or didn’t perform your services as promised while performing your professional duties. It also covers negligence and faulty artistry in some cases.
There are some things that Professional Liability insurance excludes. These include your legal fees; If you’re sued and need to hire a lawyer, and claims related to “bodily injury” or “property damage.
Commercial property insurance covers your buildings, equipment, and inventory in the event of a loss due to fire or other covered peril. It also covers losses caused by theft, vandalism, and windstorms. Some policies also cover damage caused by falling objects or the weight of ice or snow.
Commercial Property insurance excludes Damage caused by a gradual deterioration, wear, and tear, rust, rot, mechanical breakdown, or failure of electrical or other equipment unless the loss is covered under other provisions of your policy—the collapse of a structure due to inherent vice, hidden defects, or faulty design.
This protects your company car and other vehicles used for business purposes from damage or destruction. Depending on the state, it may also cover some people driving for your company who do not have their own auto insurance (that would be an endorsement).
Commercial Auto insurance excludes vehicles designed or used primarily to transport persons for a fee, vehicles rented or leased to others, and other similar types of vehicles.
The cost of your policy is based on the amount of coverage you need and on various other factors like:
So how do you choose the best business insurance? Here are some tips:
