As a business owner examining options for commercial insurance in Everett, Washington, you may be wondering exactly what types of coverage you need. Although you may feel daunted by these decisions, we can explain the different kinds of commercial insurance and their purposes. This knowledge will enable you to choose the right policy for your unique company.
Some people have a personal umbrella liability policy, but they may not realize that it likely contains a loophole for business-related liability. With lawsuits commonplace in our modern society, you must have adequate coverage for the wide range of possible incidents that could result in legal action against you. For example, bodily injury can occur due to many circumstances that you cannot completely control, yet may still render you liable. Accidents can happen on the premises of your business, or a product that you manufacture could malfunction and cause harm. Property damage could also result by either mode.
Even if you have considered these relatively common circumstances, you may not have given any thought to several other less-obvious possibilities. For example, most business owners probably do not give much thought to lightning and explosion coverage. These insurance needs may be obscure, but they must be met nevertheless.
You must also remember that you need the same categories of coverage on commercial vehicles as you do on personal automobiles. Even if you use the vehicle for both business and personal use, a business-owned vehicle should have the company listed as the “principal insured.” Become informed about your rights in order to avoid difficulty in claim filing.
Finally, an employer must take care to provide workers’ compensation insurance. Many states mandate that companies provide this coverage, but employers in non-mandatory states should also seriously consider this option. Workplace injuries are common and can be extremely costly, and despite your best efforts to provide a safe environment, accidents may still happen.