Commercial Insurance Spokane WA
Do you need business insurance in Spokane, WA? Spokane, Washington is home to more than 13,000 businesses, and they employ just under 200,000 people, according to the Census Bureau. All of those businesses and any new businesses should all have a certain amount of business insurance in order to protect themselves from accidents, business interruptions, property damage, loss of key personnel and professional errors. Here are the most common types of business insurance that most companies need.
Business Owners Policy (BOP)
Most businesses start by purchasing a business owners policy (BOP). These are bundled policies that typically include property coverage and liability coverage. Though, they may contain other types of coverage as well.
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Business Liability
Business liability is a type of general liability policy. It helps protect your business if a customer gets injured at your location or by a product or if the customer’s property is damaged. This insurance is a good idea to purchase if you sell physical products and/or have a physical location.
Commercial Property
Commercial property insurance helps financially protect your physical building and the contents inside if it’s damaged by a covered event. This insurance is recommended for businesses with standard public locations and for businesses that are located at the business owner’s home.
Business Interruption Insurance
If your business has to temporarily close due to a covered even, usually a fire, wind damage or theft, business interruption insurance helps replace some of that lost income. For example, if your business location is flooded and it must be shut down for repairs, this insurance policy would help you maintain a stream of income while you’re waiting for the repairs to be completed.
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Types of Business Insurance Available in Spokane, WA
Depending on the type of business you run in Spokane, Washington, you may want to consider these types of business insurance policies.
- Business Interruption Insurance
- Business Liability
- Business Owners Policy
- Commercial Vehicle Insurance
- Commercial Property
- Crime Insurance
- Cyber Insurance
- Equipment Breakdown Insurance
- Key Persona Insurance
- Professional Liability
- Umbrella Insurance
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We are a medium-sized insurance brokerage that was established in 1996. As Independent Agents, we represent you, the CLIENT. Although we write all types of insurance, we specialize in auto and home insurance in the Northwest.
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Commercial Vehicle Insurance
Commercial Vehicle insurance helps repair or replace your commercial vehicles if they are involved in an accident. These policies typically come with comprehensive, collision, liability and under and uninsured motorists coverage. It’s important to note that Florida requires a certain amount of car insurance.
Crime Insurance
If your business is the victim of a crime, like a robbery or fraud, that results in the loss of money or securities, a crime insurance policy helps replace what was stolen. It even covers computer fraud.
Cyber Insurance
Cyber insurance or cyber liability insurance helps protect your business if your computer system or networks are compromised. This can include hacking, malware and data breaches.
Equipment Breakdown Insurance
If your business operates a lot of machinery and electronic devices, equipment breakdown insurance can help you repair or replace that equipment if it breaks down.
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Key Person Insurance
Key person insurance is similar to a life insurance policy. This policy is taken out for key people in your business. These are the people who, if they die suddenly, your business would struggle to operate. This insurance policy pays out in the event that one of your key people dies. The money can be used to operate the business until another person is hired, or it can be used to help shut down the business by paying off debts and investors and possibly providing the employees with a severance while they look for new work.
Professional Liability
Professional liability insurance is designed for people who perform certain services based on their education and experience. Accountants, financial advisors, life coaches and consultants all fall under this category. This insurance helps financially protect them if they make a mistake that causes harm to their clients or are accused of being negligent in their duties and the expectations of the service. This insurance can even be purchased by individuals who work out of their homes.
Umbrella Insurance
Commercial umbrella insurance is a policy that goes above the limits of the original policy in order to cover any overages. For example, if you have a claim that is valued at 1.5 million dollars, but your standard policy only covers 1 million dollars, your umbrella policy would cover the remaining half a million dollars.
Business Insurance Policies From Boyd Insurance Brokerage Inc
Boyd Insurance Brokerage Inc offers business insurance policies that can protect your commercial vehicles and property against certain covered losses. We offer property insurance, commercial car insurance, liability insurance and umbrella insurance. We even have insurance policies that are designed for specific types of businesses, like contractors and restaurants.
To learn more about our business insurance policies and to request a quote, call us at 509-340-2693.
