A Small Business Insurance Company Answers Common Questions

A Small Business Insurance Company Answers Common Questions

Choosing the right small business insurance company in Marysville is crucial for protecting your business. Here are answers to three common questions about small business insurance in Washington state.

Do Freelancers or Independent Contractors Need Business Insurance?

Yes, freelancers and independent contractors should consider business insurance. While it may not be legally required, it provides crucial protection. Business insurance can cover legal fees, damages, and potential losses if a client sues you for negligence or breach of contract. Additionally, having insurance can enhance your credibility with clients and set you apart from competitors.

What Are the Average Coverage Costs for Small Businesses?

The cost of small business insurance varies depending on several factors, including the type of coverage and the size of your business. On average, small businesses in Washington state might expect to pay:

  • General Liability Insurance: $400-$600 per year
  • Professional Liability Insurance: $500-$1,000 per year
  • Commercial Property Insurance: $750-$2,000 per year
  • Business Owner’s Policy (BOP): $1,200-$2,500 per year

These figures are estimates, and actual costs can vary based on specific business needs and risks.

What Factors Drive the Price of Business Insurance Premiums?

Several factors influence the cost of business insurance premiums, including:

  • Industry Type: Higher-risk industries, such as construction, tend to have higher premiums.
  • Business Size: Larger businesses with more employees and higher revenue usually pay more for coverage.
  • Claims History: A history of claims can increase your premiums.
  • Coverage Amount: Higher coverage limits and lower deductibles raise premium costs.
  • Location: Businesses in areas prone to natural disasters or with higher crime rates may face higher premiums.

For a reliable small business insurance company in Marysville, trust American Insure-All®. We offer personalized insurance policies tailored to your business needs. Call us today at (888) 411-2886 to get started.