Whether you’re an entrepreneur, a startup, or a multinational corporation, protecting your business with adequate insurance is essential. Ensure your commercial insurance policies provide comprehensive and up-to-date coverage by consulting the local insurance experts at Sound Choice Insurance Agency Inc. in Lynwood, WA.

Is Your Commercial Insurance Up-to-Date?

Modern commercial insurance policies go beyond simply protecting your bottom line. Comprehensive coverage can safeguard your business finances, employees, equipment, proprietary data, fleet vehicles, and provide general liability protection.

Auto Insurance: Commercial insurance policies can include coverage for company vehicles used for business operations. Local business owners can secure individual or comprehensive auto policies as part of a commercial insurance bundle. Speak with a trusted local insurance agent to review your current auto policy and get a quote for individual or fleet vehicles.

Business Owners Policy (BOP): A BOP combines key features of comprehensive commercial insurance policies with general liability and property insurance. Choosing the right policy for your business requires a careful review of your income, assets, liabilities, and potential risks.

Cyber Liability Insurance: Cyber liability insurance is a vital add-on for businesses that handle sensitive customer data and financial records. This coverage protects against cyber incidents, including data breaches, theft, and leaks of proprietary information.

General Liability Insurance: General liability insurance protects your business from claims related to slips and falls, property damage, and other covered incidents, helping safeguard your brand and financial stability.

Workers’ Compensation Insurance: Workers’ compensation insurance protects your business and employees from financial losses due to on-the-job accidents or injuries, ensuring stability during unexpected events.

Contact the commercial insurance experts at Sound Choice Insurance Agency Inc. today to learn more about how we can help protect your business!

Managing the Risks of Business Expansion with Upgraded Commercial Insurance

A business expansion project introduces new risks that could potentially result in financial loss. Learn how temporarily enhancing your commercial insurance policy could shield you as a business owner.

Protection for Commercial Tools and Equipment

Commercial tools and equipment are susceptible to damage during an expansion project. They could also be potential targets for theft while the project is in progress.

Adding extra protection to your existing policy can ensure the essential materials required to complete the expansion are covered. Your insurance policy should include any valuable items that are integral to your operations. If you need to file an insurance claim, your coverage will reimburse you for any out-of-pocket costs you’re responsible for.

Liability Protection

If you employ workers to perform upgrades at your business premises, it’s imperative to consider the risk of injuries. An active worksite can impose serious hazards.

Individuals working at elevated heights face the risk of falling. Injuries occurring on your property could result in lawsuits against you. Liability coverage shields you from bodily injury claims and also grants protection for any property damage occurring while the expansion project is in force.

You have the discretion to decide how much liability protection your commercial insurance policy offers. If you alter the expansion plans while the project is ongoing, you can also increase the amount of liability protection if necessary.

Insurance Agent Assistance

Never embark on an expansion project without the necessary insurance coverage. We advise consulting with an agent serving the Lynnwood, WA, area before starting. Feel free to contact our office and request to speak with one of our Sound Choice Insurance Agency Inc. agents. The agent will match you with suitable commercial insurance products.

Agritourism is one of the fastest-growing industries in the Washington area and other parts of the Northwest. Although this may not be a conventional business, securing commercial insurance and protecting your property is still beneficial.

1. Public Liability Coverage

Agritourism often means welcoming visitors to your farm or ranch. Thus, it’s crucial to have an extensive liability policy in case an accident occurs on your property. This policy lets the insurance company cover expenses and protect your business assets. Lack of sufficient liability coverage, or absence of it entirely, can risk having your business assets seized to cover related costs.

2. Protect Employees

In an agribusiness, you’ll likely need to hire employees, even temporarily, during different seasons. As they could suffer injuries on the job, ensuring their safety with worker’s compensation coverage is important. Adding this to your commercial insurance policy will help cover any accident-related expenses, enabling your employees to return to work once they’ve recovered.

3. Business Interruption Coverage

Business interruption coverage can be life-saving when uncontrollable events impact your agritourism business. This coverage allows you to obtain financial assistance to meet essential expenses and payrolls until your business recovers. It can serve as a lifeline, keeping your business afloat during challenging times that bring significant income loss.

As an agritourism business, it’s worth understanding the many benefits of commercial insurance. The protection it provides extends to your business, employees, and customers visiting your property, ensuring a seamless experience for everyone. If you’re in the Lynnwood, WA, area and require more information on commercial insurance, feel free to contact our team at Sound Choice Insurance Agency Inc. today.

If you have commercial insurance already, consider adding business interruption to protect your resources further. A commercial property policy typically reimburses you for physical damage to your equipment, business property, and inventory. However, it won’t replace lost income if you have to close your business. Business interruption covers lost revenue and overhead costs until you can continue doing business. That can help you cover the lease or mortgage, pay your employees, and keep up with your taxes. Talk to a Sound Choice Insurance Agency Inc. agent in Lynnwood, WA, to learn more about business interruption.

What You Get From Business Interruption Insurance

BI can help your small to midsize business recover quickly from forced closures beyond your control. Every policy varies, but many BI policies include wildfires, for example. So, you may receive assistance with costs associated with operating offsite while your business property undergoes repairs. Ask your insurance agent about bundling BI with your existing commercial insurance policy. If the unthinkable happens, and you have to shut down your business temporarily, business insurance can make recovery more feasible. 

Business Interruption Versus Commercial Insurance

If you’re still confused about the difference between commercial property and BI, here’s an easy way to remember the difference. Commercial policies cover physical losses, but you need business interruption to receive reimbursement for lost revenue and ongoing expenses. Ask your agent to present policies covering relocation costs, employee wages, loan payments, etc. Keep in mind that BI doesn’t cover events not listed in the policy. You’ll need separate coverage for earthquakes, floods, and mudslides. Losses due to pandemics are also excluded from many policies.

Want a free quote? Contact the Sound Choice Insurance Agency Inc. team in Lynnwood, WA, to set up an appointment today! 

Insurance covers business owners’ legal and contractual obligations and limits risk to acceptable levels. Unfortunately, some small business owners do not recognize the risks they take by relying on personal insurance policies to cover business risks. If you own a small business and want to ensure you are covered adequately, contact our Sound Choice Insurance Agency Inc. team serving Lynnwood, WA, to create a commercial insurance plan that meets your business’s needs.

Commercial Versus Commercial Vehicle Insurance

Businesses come in all shapes and sizes across many industries and have varying needs. Still, most business owners recognize the need for workers’ compensation, commercial property, general liability, and commercial insurance coverage specific to their industry or profession, even when running a small, work-from-home operation. Likewise, commercial rather than personal insurance should cover your business assets.

The same logic applies to motor vehicles used for business purposes. A personal insurance policy does not cover vehicles your company owns or operates for work purposes. Individual policies also do not cover an owner’s or employee’s vehicle when transporting goods, tools, or people for work-related purposes. While an insurance provider might unknowingly cover a work-related fender bender under a personal policy, accidents leading to substantial liability face more scrutiny and may not be covered if business-related.

Regardless of your business, consider talking with your insurance agent about adequately protecting yourself, your employees, and your business. Don’t wait until after an accident happens to learn you are not fully protected.

Working with Sound Choice Insurance Agency Inc

Sound Choice Insurance Agency Inc. handles many happy clients’ business and personal insurance needs in the Lynnwood, WA, area. Drop by or call us today to build an insurance plan that protects your business and personal assets.

As a business owner in Lynnwood, WA, you rely on your vehicles to transport goods, equipment, and employees to various locations. But have you considered the potential risks and liabilities of operating these vehicles on the road? That’s why Sound Choice Insurance Agency Inc sells commercial auto insurance.

What is commercial auto insurance?

Commercial auto insurance covers vehicles that are used for business purposes. These include cars, trucks, vans, and other vehicles owned, leased, or rented by businesses. Commercial auto insurance covers liability, collision, comprehensive damages, passenger medical payments, and uninsured/underinsured motorist coverage.

Why do you need commercial auto insurance?

Unlike personal auto insurance, commercial auto insurance protects your business operations, vehicles, and drivers from financial losses. If an accident occurs while driving for work, your business can be held liable for damages and injuries caused by your drivers. Commercial auto insurance helps cover these costs and protect your business assets from lawsuits.

What does commercial auto insurance cover?

Commercial auto insurance covers a wide range of risks unique to business operations. These can include liability for bodily injury and property damage, collision, comprehensive damages, medical payments to passengers, uninsured/underinsured motorist coverage, and more. Depending on your business operations and vehicles, other endorsements may be needed to fully cover your needs.

As a business owner in Lynnwood, WA, you need to ensure that your vehicles and drivers are protected from risks and liabilities that can arise on the road. Commercial auto insurance provides comprehensive coverage for your business vehicles and drivers, allowing you to focus on growing your business without worrying about potential losses from accidents and lawsuits. Contact Sound Choice Insurance Agency Inc to get started and give your business the protection it deserves.