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Insurance for Small Businesses
If you are a small business owner in Spokane, WA or Post Falls, ID, insurance may be the last thing on your mind. Making key decisions, keeping employees engaged and customers satisfied is on the top of your mind. It is important to take a moment and think about how your business is protected. You need to make sure your small business is adequately insured against a variety of risks. Our team can assist you in reviewing the insurance options available and helping you make the best decisions for your business.
There are many reasons you should have professional liability insurance in Spokane, Spokane Valley, Valleyford, and Mead, WA, for your small business. Contracts you enter into with other companies or vendors may require you to have small business insurance. A business owners policy is a popular insurance policy for small business owners. It most often includes three main types of important coverages to protect your business:
- General liability coverage
- Business property coverage
- Business interruption coverage
Professional Liability and Business Liability Insurance
General liability coverage is an important coverage to have. It protects you and your business in case there is a lawsuit or liability claim against you. For example, if you’re found liable for someone injured at your business, this insurance will cover the person’s medical bills. Small business insurance covers you in a variety of situations, whether the injured person is a visitor, client or employee. It can also pay for your legal costs if someone sues your business. There are coverage limits, but you can work with our team to determine the plan that works best for you.
Small Business Property Coverage
When you purchase business property insurance, it protects the physical aspects of your business from damages. It covers the physical location that your business owns or leases, as well as the contents inside the building, such as tools, machinery, office furniture, equipment, and inventory. Business property coverage has a deductible and policy limits. You will need to make sure you select the right policy limit so you will have enough coverage to pay for any repairs or replacement costs. If you do not have enough coverage, you may have to pay out of pocket for the expenses that exceed the policy limits. Make sure you have an accurate assessment of your business so you can choose the right policy amount.
Small Business Insurance Coverage
The business interruption coverage is a good protection to have because it covers your business expenses when you have to temporarily close your business due to events beyond your control. It is also sometimes referred to as business income insurance, as it covers your lost income and extra expenses when your business is affected due to a covered loss, like theft, fire or weather event.
Let us guide you through the process and find you the right coverage for your business needs. Call 509-928-7528 today!
