Small businesses in Washington most often buy these types of insurance.
This type of business liability insurance is important for all businesses in Washington state. It covers common third-party risks, and it's required by most commercial leases.
Washington businesses must provide workers' comp for their employees, with some exceptions. It also protects sole proprietors from work injury costs that health insurance might deny.
This policy is required for business-owned vehicles in Washington. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
A BOP bundles commercial property insurance and general liability coverage in one plan. It's often the most cost-effective business insurance policy for a small Washington business.
This policy, also called errors and omissions insurance (E&O), protects Washington businesses that provide professional services or advice. It covers lawsuits related to work performance.
E&O, sometimes called professional liability insurance, is common with professional services in Washington. It can cover the cost of lawsuits related to your work performance.
A cyber liability policy covers costs related to data breaches and cyberattacks. It's recommended for Washington businesses that handle credit cards and other sensitive data.
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
When you are ready to get insurance for your Washington business, you can complete Insureon's easy online insurance application to get quotes from top-rated carriers.
State laws can affect which business insurance coverage you need. These policies are required everywhere in Washington, from Seattle to Spokane.
With a few exceptions, Washington state law requires [PDF] businesses with employees, full-time or part-time, to carry workers’ compensation insurance.
Washington is a monopolistic state, which means coverage must be purchased through the state fund. This policy covers medical bills for work-related injuries and illnesses and can include coverage for additional expenses.
Workers' comp policies purchased through the state fund don't include employer's liability insurance, which helps pay for lawsuits related to employee injuries. Washington employers can buy this protection through a private insurer as stop gap coverage.
All business-owned vehicles in the Evergreen State must be covered by commercial auto insurance. This policy covers the cost of accidents involving work vehicles in Washington.
Washington's minimum requirements for auto liability insurance are:
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to commercial general liability insurance or a business owner's policy (BOP).
Commercial insurance can be affordable for small business owners. Average costs in Washington are:
General liability: $42 per month
Workers' comp: $43 per month
Professional liability/E&O: $66 per month
Factors that influence business insurance costs include:
Insureon's licensed agents can help you find policies that fulfill Washington state's requirements and protect against financial loss. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.
Yes – that's why cyber insurance is so crucial. Hackers are three times more likely to target small businesses, as they often have fewer resources to combat a threat.
Washington's data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Contractors often need to carry general liability insurance or surety bonds to perform certain types of work. Having the right insurance and bonds helps you comply with state licensing requirements.
Real estate agents and brokers and other professionals who offer advice or services sometimes need errors and omissions insurance (E&O) to get licensed in their state.
Cannabis businesses in the state of Washington need to carry general liability insurance and product liability insurance to operate legally.
Note that cities and counties may have their own laws, in addition to state laws.
As with any purchase, shopping around is one of the best ways to find an affordable option. With Insureon, you can compare quotes from top-rated providers by filling out a free online application.
Other ways to save include bundling policies for a discount, and choosing less expensive policy options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.