What kind of insurance do I need for my business?

When starting a business in Washington, there are certain kinds of insurance that must be obtained to protect your business. The first type of insurance you must have is General Liability Insurance. This covers you from claims of injury or property damage due to your business’ negligence. It can also provide coverage for legal defense costs and any settlements or awards if you are sued. The second type of insurance you should consider is Professional Liability Insurance. This protects you against claims related to your professional services such as negligence, errors, omissions, and other claims. If you are hiring employees, you must also have Workers’ Compensation Insurance. This provides compensation for lost wages and medical expenses for employees who are injured while working. It also protects you from lawsuits by employees who claim that they were hurt while performing their job. Finally, if your business owns or rents buildings, you should consider Property Insurance. This protects your physical property from risks such as fire, theft, vandalism, and more. It is important to research various types of insurance for your business and make sure that you have all the coverage necessary to protect your business. A qualified insurance agent can provide valuable advice to help you determine the best coverage options for your business.

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