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Best Business Insurance in Washington of 2024

Bryan Keith

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.

Offers a range of insurance poilicies

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Simply Business provides insurance policies for a range of professions and small businesses.

What we like

  • Various business insurance policies
  • Quotes from multiple providers
  • Fast and easy application
  • Strong customer satisfaction

What we don't

  • Policies are a through a third party
  • Claims must be filed through insurance provider

Serving 1,000,000+ Small Business Owners

hartford business insurance logo
4.9

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • NA

Covers a wide range of industries

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

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.

What we like

  • A skilled advisor to assist you
  • Free quotes from multiple insurance carriers
  • Covers low risk to even some high risk industries
  • Online account management

What we don't

  • No brick-and-mortar offices
  • Deductible costs

Affordable plans and coverage provided within minutes

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • Not available in New York

Customized solution to fit your business needs

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

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.

What we like

  • Established insurance company
  • Dual auto insurance
  • Customizable insurance for over 180 industries
  • Deductibles starting at $0
  • Affordable rates

What we don't

  • Limited US offices
  • Coverage limited to $2 million online

Flexible coverage by the year, month, day, or by the job

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

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.

What we like

  • Scheduled coverage options
  • Coverage by the job available
  • Buy a policy online within minutes
  • No hidden fees
  • Affordable plans
  • Drone insurance

What we don't

  • Not available in New York

What are the requirements for business insurance in Washington?

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. 

What are the types of business insurance in Washington?

Not sure where to begin? Here are some of the most common types of insurance for small businesses:

General liability

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 

Workers compensation

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.

Professional liability

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

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.

Commercial Auto insurance

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. 

How much does business insurance cost in Washington?

The cost of your policy is based on the amount of coverage you need and on various other factors like:

  • Company size: How many employees you have and their wages can affect your rates. Larger companies typically pay more for premiums than smaller ones.
  • Your business location: Businesses located in areas prone to natural disasters or crimes will attract higher insurance premiums than those found in safer areas. Therefore, your choice of location should be informed by this consideration to reduce your premiums.
  • Claims history: A company with frequent claims will get higher premiums than one with a clean claims history. Companies with multiple claims are considered risky by insurers and are therefore charged more to make up for these risks.
  • Coverage limits: The higher your coverage limits are, the more expensive your premiums will be. If your business is in a high-risk industry, you may need more coverage to protect yourself.
  • Business Activities: The activities performed by your employees can affect your premiums because they impact the likelihood of an accident occurring at work. For example, if you employ roofers to conduct repairs on a property, they will likely incur more injuries than an office worker in a high-rise building.

How to choose the best business insurance in Washington

So how do you choose the best business insurance? Here are some tips: 

  • Consider how much coverage you need: Too little coverage can leave you exposed if something goes wrong, while too much coverage can be a waste of money. The question is, “How much risk are you willing to take on?” If your business has a high risk of being sued, it’s probably worth buying an umbrella policy for extra protection.
  • Check on your local laws: Some states have minimum coverage requirements for certain businesses, such as contractors working at construction sites. Check with your state’s insurance department and any local licensing bodies about what’s required for your industry.
  • Shop Around: If you’re looking to get insurance quotes, don’t just go with the first price that comes up. Check at least three providers to get a good idea of what’s on offer. 
  • Experience:  It’s essential to find a provider who knows the ins and outs of business insurance because different industries have different risks and challenges. A provider with experience in your industry is more likely to be aware of those challenges and recommend solutions accordingly.
  • Know what’s included and what’s excluded: When comparing different business insurance policies, pay close attention to what each policy covers (and doesn’t cover). You don’t want to be caught outcome claim time.