When you open a business in the state of Washington, the state mandates that you obtain two types of commercial insurance coverage – workers’ compensation and commercial auto. While the state does not require general liability insurance or a business owner’s policy (BOP), All Nations Insurance recommends these options for all Renton, WA businesses.
A BOP provides you with the four main policy types a business requires, including the general liability policy that protects the business in cases where an injury occurred on their property. It provides the foundation for all other commercial insurance since you can add the policies your specific business requires.
That lets you add the two required policies to the BOP. This results in comprehensive policy coverage.
In Washington, you must insure your commercial vehicle with a minimum of 50/100/30. That means you need bodily injury coverage of at least $50,000 per person and a total of $100,000 per accident, as well as property damage coverage of at least $30,000. This auto insurance bears a close similarity to what you must carry to insure your personal vehicle. You must also obtain uninsured motorist and person injury protection coverages.
You also must purchase a workers’ compensation policy so long as you hire employees. A sole proprietor with no employees would not need this insurance. However, as soon as you hire employees, you need this coverage. Also referred to as industrial insurance, this coverage provides medical benefits and wage replacement to workers who become ill due to exposure to a chemical or other substance or who incur an injury on the job. This type of no-fault insurance can help you avoid lawsuits when a work-related illness or injury occurs.
Contact All Nations Insurance, serving Renton, WA, for more information on commercial insurance. Let us consult with you on which of the more than 20 types of commercial insurance policies your business needs.