Just like you, Inland Northwest Insurance is a locally owned business. As such, we are proud to help protect Spokane and our surrounding communities with some of the best commercial insurance options available. We recognize there are many challenges associated with owning and running a business, and worrying about the financial security of your company should not be one of them. Make sure you are protecting your company with business insurance from Inland Northwest Insurance by asking your agent today!
What is Business Insurance?
Business insurance is an agreement between you and a provider that they will cover financial damages to your property, employees or assets; in return for you paying them regular costs (commonly known as premiums). Just like there are many layers to running your business, there are many layers to commercial insurance. Typically, there are three main types of coverage within a business insurance policy.
Commercial General Liability
Commercial General Liability will help protect you from lawsuits that happen because of accident, bodily injury or property damage. A CGL policy typically covers the costs of legal defense, as well as any damages should you be found liable. As you may expect, there are limits of how much the insurance company will pay, and are defined within your policy. According to the Insurance Information Institute, commercial general liability is one of the more important coverages, as lawsuits can be financial devastating, and such liability lawsuits are frequent.
Commercial general liability covers bodily injury and property damage liability, personal and advertising injury and medical payments. This covers a wide range of damages, from workers comp to libel/slander to wrongful eviction.
Professional Liability/Error and Omissions
Errors and Omissions insurance is intended to protect you should a client claim your services or products created a financial loss for them. This type of insurance only covers claims made while the policy is active- so if you had an incident occur while you are uncovered, your insurance provider will not consider that claim. As such, it is important to have professional liability coverage at all times, to avoid financial loss. Some organizations, including several local governments, may require you to have professional liability insurance before bidding on contracts.
Business Owners Policy
Business owners policies are intended for small to medium sized businesses and may include a variety of coverages from commercial general liability and professional liability. A business owner policy may include:
- Property insurance for your buildings and possessions
- Business interruption insurance to cover loss of income should a disaster interrupt the operation of your company
- Liability insurance to cover legal fees and costs
Why Do I Need Business Insurance?
Accidents do happen, and even a small incident can result in a large lawsuit against your business. Should your company be found liable, you could owe another company or client a large amount of money. Without business insurance, the entire cost would come from your company’s pocket. Commercial insurance will help protect you by covering parts of these costs. We are business owners just like you, so we understand the importance of protecting your business and can help you select the right coverage based on your situation and needs.
Defending against claims against your business is a costly and time-consuming process. Should you be caught in a claim, you would need to focus your time, money and energy on something other than the day to day operation of your business. Even if you don’t think you will be sued, or you don’t have enough assets for a lawsuit to happen, judgments of any size or amount could still be made against you. If you are a small business owner, it becomes increasingly likely that you yourself could be found personally liable for debts, using your personal assets.
What Types of Business Insurance Are There?
We offer many types of business insurance, including:
- Business Crime Insurance
- Business Interruption Insurance
- Business Liability Insurance
- Business Property Insurance
- Umbrella Insurance
- Workers Compensation
How to Get Business Insurance in Spokane
If you are a business owner in Spokane, Spokane Valley, Mead WA, Walla Walla, Colville, or anywhere in Washington State, Inland Northwest Insurance can provide you with a free quote to determine how much coverage you need and what cost you can expect for business insurance. Contact us today at (509) 892-6373 or fill out the form below and we will provide you with an estimate!