Small Business Insurance Washington. A small business, as defined by the Small Business Administration, is one with 500 or fewer employees. As of 2016, there are 27 million or more small businesses in operation within the U.S., ranging from sole-proprietorships owned by the self-employed to construction firms, small stores, beauty salons, and even community banks. Regardless of their volume of business, all small businesses share a common thread - the need for obtaining proper small business insurance to protect their businesses from all angles.
Small business owners in WA can work request a quote to find the right small business insurance Washington policies for their businesses. From rate and policy comparison to finding the exact coverage that meets a specific business need, we can help you find policies for the your WA business needs. Small business insurance Washington protects your investment by minimizing financial risks associated with unexpected events such as a death of a partner, an injured employee, a lawsuit, or a natural disaster.
Small business insurance Washington protects your business from lawsuits with rates as low as $29/mo. Get a fast quote and your certificate of insurance now.
The smallest home businesses that have no employees are not subject to governmental requirements for purchasing insurance. Nonetheless, businesses with employees, even small businesses need certain types of insurance - some to remain compliant with government requirements and others that protect the business owner in the event of work-related accidents, illnesses, ideuries, or even death. Companies with employees may need:
Worker's comp policies for WA small businesses. This type of small insurance Washington may be available through the worker's compensation insurance program in WA or through a commercial agent selling small business policies. The requirements for worker's compensation insurance are specific to Washington, making it important that small businesses consult with an insurance pro for WA requirements to ensure their compliance.
Unemployment insurance for WA small businesses. Unemployment insurance is paid for using UI taxes collected by each individual state. After a business establishes itself and registers with the Washington Department of Labor, the business owner begins paying UI taxes and is covered in the event of layoffs and other related unemployment issues.
Disability insurance policies for small WA businesses. The purchase of disability insurance by small business owners can be a valuable type of insurance for small businesses looking to build up their employee benefits packages.
Group medical coverage for WA small businesses. Small businesses with more than 50 employees may be required to purchase group health insurance for their employees under the Affordable Care Act. Even if you have no employees, you should consider coverage under a small business insurance Washington policy for yourself and your family.
A type of optional insurance coverage, small business insurance Washington provides your business with the coverage it needs to maintain operations after a lawsuit or catastrophic event. Lawsuits can wreak devastation to your business model, as can extreme weather events, fires, and accidents.
As many as 50 percent of businesses that undergo a natural disaster such as a hurricane, tornado, fire, or major flooding fail within a five-year period. Businesses that fail to resume operating in the aftermath of disaster within a 10-day period tend to close within a month's time in 80 percent of instances. These WA businesses usually lack a solid insurance policy that helps the business to remain profitable and resume operations as soon as possible after setbacks due to covered perils.
Small business insurance Washington needs vary widely, due to the vast numbers and types of small businesses in operation. Some considerations for the WA small business owner when purchasing small business insurance to protect against loss and damage:
An important component of any commercial business insurance policy WA is small business liability insurance. While the risk you need to protect your business from differs based on your industry, it is difficult to find a one-size-fits-all policy. Small business insurance Washington policies are customizable, so your agent can tailor the policy to fit your risk threshold and the assets you need to protect. Some WA small business liability insurance options are:
The amount and type of coverage needed by your business determines the rates. Insurers also look at the likelihood of a business facing liability suits when determining the rates charged.
Customized small business insurance Washington plans are designed to fit your particular business model and may include other types of coverage that is uniquely necessary for your individual business. For example, your business may need:
Finding the right policy for a small business is no easy task, since business vary as much as the policies available. According to the SBA, "You should discuss your specific business risks and the types of insurance available with your insurance agent or broker. Your agency can advise you on the exact types of insurance you should consider purchasing."
Request a free quote today to get help in assessing your business' risks and formulate the right policy for your specific needs and risks.
Our agents can help you get a small business insurance Washington quote online from several companies, which is instrumental in finding the right policy that meets your budget. We work with multiple companies and are not bound to sales for a particular company, making it easier to compare rates and options.
For anyone who is thinking about starting up a business, it is important that they choose a location that suites the industry that they wish to work in. With that said, in order to determine whether or not a location is the right choice for your business, you should have an idea about the state's economic status. You should also have an understanding of the WA state regulations related to the types of commercial insurance that you are required to carry.
If you are thinking about starting up a business in the State of Washington, below, we offer some insight into the state's economic status. We also offer a glimpse at the WA insurance requirements that business owners must abide by.
Washington state may be famous for its gloomy weather, but when it comes to the economy, things here look bright. The economic outlook for Washington is healthy. It is expected that there will be more jobs added in the 2019 calendar year. There will be an increase in the productivity of labor. There will also be an increase in the state's unemployment rate during the year 2019, with a forecasted rate of 4.7 percent.
Washington is regarded as one of the top for businesses in the nation. In fact, it is listed at the 11th best state for business by Forbes. The industry that is expected to see the most growth are related to STEM (science, technology, engineering, and math). Among the top industries in this state include information technology. Education, healthcare, finance, and travel and tourism also contribute largely to the awesome economy of this state.
The Washington State Office of the Insurance Commissioner regulates the insurance industry in WA. Businesses are legally required to carry workers' compensation insurance. This type of coverage is required for any business that employs either hourly or salaried employees, and either part-time or full-time employees. You are also required to carry commercial auto insurance if you use a vehicle to conduct any type of business in this state. That means that if you are using a car to transport goods, make deliveries, or meet with clients, you must carry business auto insurance.
While commercial general liability insurance is not required in Washington, it is highly recommended. This type of insurance offers protection from lawsuits and other legal fees that may arise.
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
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Also learn about Washington small business insurance requirements for general liability, business property, commercial auto & workers compensation including WA business insurance costs. Call us (206) 801-0021.