At Sound Choice Insurance Agency Inc., it’s our dream to see every Lynnwood, WA business thrive while being protected from the inherent risks lurking in the business environment. For this reason, we provide various commercial insurance options to ensure that businesses can get off the ground even when the unthinkable happens. But because commercial insurance can be a challenging topic to many small business owners, we have prepared insights to help you understand this coverage better.

Here are things you need to know about commercial insurance to help you get the most out of this insurance plan.

Some commercial insurance coverages are mandatory

Washington State requires business owners to maintain commercial auto insurance and workers’ comp insurance if they have employees. Failure to carry the state-required commercial insurance minimums could result in possible civil and criminal penalties.

Commercial insurance is more than liability coverage

Though every business is susceptible to suits and third-party claims, there is more to commercial insurance than liability coverage. Below are some additional business insurance options to consider for your business for optimal coverage:

• Commercial property insurance
• Cyber insurance
• Professional liability insurance
• Business income insurance
• Business umbrella insurance

Whereas many commercial insurance options exist, please talk to your agent to help you choose those options that meet your needs.

Commercial insurance has exclusions

While business insurance covers you against several perils, not every incidence is covered. For instance, flood damage may not be covered by typical commercial insurance. Additionally, when you use a personal car for business reasons, it may not be covered in case of an accident. 

Rates differ from one business to another

Insurance companies consider different factors when computing your commercial insurance rate. Some factors include:

• Size of your business
• Claim history
• Location of business
• Number of coverages
• Nature and risk profile of your business

Would you like to purchase commercial insurance in Lynnwood, WA? Whether renewing or shopping for new business insurance, you can’t wrong with Sound Choice Insurance Agency Inc. Contact us today!