Business owners in University Place, WA must carry specific types of commercial insurance before opening their doors. These policies help protect employees, customers, and anyone who may be injured on the property. While additional coverage options are not required by law, they can still provide important financial protection for many types of businesses.
Commercial Auto Insurance Requirements
Any business that uses vehicles for work activities must carry commercial auto insurance. This type of policy provides higher liability limits than personal auto insurance and helps protect the business if an accident occurs while the vehicle is being used for business purposes.
Workers’ Compensation Insurance
Washington requires businesses with at least one employee to carry workers’ compensation insurance. This coverage helps pay for medical care and lost wages when an employee is injured or becomes ill as a result of job-related activities.
General Liability Insurance
General liability insurance is not legally required for most businesses; however, it is strongly recommended. It helps cover expenses associated with third-party claims, including legal fees, court costs, and settlement amounts. Without this coverage, a business may be forced to pay these expenses out of pocket. An agent at MTC Insurance Agency Group can help you determine the level of protection that fits your needs.
Industry-Specific Insurance Coverage
Liquor Liability Insurance
Businesses that sell or serve alcohol may need liquor liability insurance to protect against claims related to alcohol-related incidents.
Bond Coverage for Contractors
Contractors often require bond coverage to meet licensing requirements or to comply with project agreements.
Professional Liability Insurance
Legal, medical, and other professional service providers may need errors and omissions or malpractice insurance to protect against claims related to professional services.
Commercial Property Insurance
Although commercial property insurance is not mandatory, it is highly beneficial. This type of coverage helps protect your business if a covered event causes property damage. Covered events may include theft, wind damage, and other unexpected losses. Property insurance may cover the main building, additional structures such as storage areas or parking lots, and business inventory.
The agents at MTC Insurance Agency Group are ready to help you understand the coverage your business may need before opening day. We proudly serve the University Place, WA area. Contact us today to get started.
