Commercial insurance in University Place, WA, is a broad term encompassing various policies specifically designed for businesses. Whether your insurance covers liability lawsuits depends on the type of policy you have.
Legal Requirements
Many states require businesses with more than one employee to maintain workers’ compensation, disability, and unemployment insurance. Additionally, businesses are required to carry commercial insurance for vehicles used for business purposes.
If you work with an agent at a company like MTC Insurance Agency Group and only obtain a policy to meet legal requirements, it will not cover liability lawsuits.
Liability Insurance
Businesses can purchase a policy called general liability insurance, which is specifically designed to cover lawsuits and other related expenses. For example, if someone slips on a wet floor because you forgot to put up a wet floor sign, they could sue you for damages, including medical bills. General liability insurance can help cover settlements or judgments against your business.
Additional Insurance
Although not legally required, businesses should consider several other types of insurance as well. Business interruption insurance can help cover lost income if your business is forced to close due to unforeseen circumstances. Property insurance can cover your building in the event of damage and may also extend to your inventory in situations such as theft or natural disasters.
Many business owners rent their space. You can work with an agency to determine the type of policy you need to cover equipment and inventory.
At MTC Insurance Agency Group, we work with business owners to ensure they have the proper coverage. Our agents can help you secure coverage before a liability lawsuit occurs. Contact us today to learn more. We proudly serve the University Place, WA, area.
