How Can My Business Benefit from Business Interruption Insurance?

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! 

Do Small Businesses Need Commercial Insurance and Commercial Vehicle Insurance?

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.

Protect Your Business with Commercial Auto Insurance

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.

Four priorities when you buy commercial insurance

Business owners in Lynnwood, WA need to understand how important it is to carry commercial insurance. You can purchase your commercial insurance policy from Sound Choice Insurance Agency Inc.

Focusing on a few priorities can help ensure your business is adequately insured. The following are four priorities when you buy commercial insurance. 

Educate yourself about the different types of commercial insurance

Commercial insurance policies can include numerous types of coverage. These include liability, commercial property, commercial auto, workers’ compensation, and much more. 

You need to educate yourself about the types of commercial insurance to figure out which kinds you need on your policy. 

Understand the risks in your industry.

Every industry is unique. Companies operating in certain industries often have particular liability risks to prepare themselves for with commercial insurance.

You should conduct a risk assessment when you need commercial insurance to determine the risks you need insurance coverage for. 

Meet legal requirements

In certain situations, commercial insurance is required by law. Commercial insurance coverage for your company’s vehicles is necessary if you use vehicles for business operations.

Workers’ compensation is an example of another type of insurance coverage that may be required by law. You need to ensure you meet all legal requirements with your commercial insurance policy to avoid fees and penalties for lack of compliance. 

Update your coverage periodically.

Things will change as time goes on for your company. Company changes could change your insurance needs. That’s why you should update your commercial insurance policy occasionally. 

Let us help you find the right insurance policy for your business. At Sound Choice Insurance Agency Inc., we’re here to assist business owners in Lynnwood, WA. Get a policy quote by calling us today. 

Do Online Businesses Need Commercial Insurance?

While most business owners in Lynnwood, WA know they need some form of insurance, they may need to realize that online businesses also need commercial insurance. This insurance protects businesses from risks, including property damage, liability, and even data breaches. While commercial insurance may seem unnecessary, it could save your business a lot of money in the long run. Keep reading from Sound Choice Insurance Agency Inc to learn more about the importance of insurance for eCommerce businesses.

What is commercial insurance?

Commercial insurance is a policy that protects business owners and operators from financial losses resulting from claims or lawsuits related to their business operations. Commercial insurance policies can be customized to fit the specific needs of a business. They can cover a wide range of potential risks, including property damage, liability for injuries or damage caused by the company, product liability, and professional liability.

Do online businesses need commercial insurance?

Commercial insurance is vital for online businesses. The internet has enabled companies to reach a global audience, increasing the risks associated with running a business. Commercial insurance can help protect your online business from various risks, such as cybercrime, data breaches, and reputational damage.

How do I get commercial insurance for my online business?

At Sound Choice Insurance Agency Inc, we understand that your business is essential to you. That’s why we offer commercial insurance policies that can help protect your company in Lynnwood, WA. Whether you’re looking for property, liability, or commercial insurance, we can help you find the right policy for your business. Please contact us today to learn more about our commercial insurance options.

Is Commercial Insurance Necessary for a Washington Resident?

Starting a thriving and productive business venture in Washington presents unique risks. Different risks ranging from a client’s injuries, a client filing a lawsuit, to a natural peril striking are probable propagators of loss to your business. Without commercial insurance, it may force you to settle costly damage and legal suits out of pocket culminating in detrimental financial consequences. Some scenarios may impact your business negatively, culminating in a shutdown. Are you at an impasse about finding the right commercial coverage for your business entity in Lynnwood, WA? Please visit our agents at Sound Choice Insurance Agency Inc today.

Is commercial insurance necessary?

Buying good commercial insurance from Sound Choice Insurance Agency Inc. provides a broad spectrum of benefits, including:

Covering of advertising liability

If your business entity infringes on any copyright rule of other existing businesses or parties, liability insurance, comes in and caters to any legal liability against such accusations.

Safeguarding your employees

Worker’s comp insurance is mandatory in Washington for several business entities harboring employees. Hence, it’s paramount to have workers’ comp insurance that caters to work-related injuries or sickness for employees working on your premises. They are also guaranteed missed wages and funeral benefits.

Protection from lawsuits

In the litigious society we thrive in, especially in Lynnwood, WA, there is a likelihood of being sued by either a client or an employee. Any business is prone to impending expensive lawsuits. There is no reason to get stressed because your workers’ comp insurance chips in and settle the lawsuit fees.

It protects business assets.

Businesses are subject to unanticipated phenomena like vandalism and hailstorms ravaging your business assets. Procuring prolific commercial insurance from Sound Choice Insurance Agency Inc. will cushion your business assets like computers and furniture from imminent perils.

Are you a business owner searching for salient commercial insurance in Lynnwood, WA? Please don’t hesitate to speak to our dedicated agents at Sound Choice Insurance Agency Inc. and get more information about commercial insurance.

Types of commercial insurance most business can benefit from

Every business faces risks, Not all businesses face the same risks, Having an insurance agent who understands your particular business and the types of risks you face is important. In Lynnwood, WA, Sound Choice Insurance Agency Inc is an independent insurance agency with almost 40 years of experience making sure our customers have the insurance they need at a price they can afford. 

Liability coverage

Businesses are particularly vulnerable to legal actions against them. About one-third of businesses are involved in some sort of suit every year. That means that pretty much every business can benefit from having liability coverage. This coverage will pay not only for a judgment but for legal expenses. It can mean the difference between being forced to close and continuing. 

Property coverage

Property coverage protects the building where your business is located if you own it, but it also covers much more than that. It covers the things you need to conduct your business. If you own a store, that can mean inventory and display racks and your cash register. If you are a plumber, it is your tools and any inventory that you have. Different businesses will have different items to cover, but this is the insurance that will provide that protection. 

Business interruption insurance

If your business is hit by a covered peril, you may not be able to operate for a while while the damage is repaired or until you find a new location. Just because your income has dried up doesn’t mean the obligations on your business have gone away. This coverage can pay bills as well as salaries. 

In Lynnwood, WA, Sound Choice Insurance Agency Inc is here to make sure you get the insurance that you need. Give us a call or stop by the office for a no-obligation quote. 

Required Commercial Insurance in Washington

Owning a business in Washington comes with a lot of rules and regulations, and one of those is the type of commercial insurance that your business must have. There are two types that are mandated, and there are several more that are very helpful to business owners without being required by the state. If you have a business in Washington and you need commercial insurance, call us at Sound Choice Insurance Agency Inc in Lynnwood, WA.

Workers’ Compensation

This type of insurance is required for most businesses that have any number of employees. They can be part-time or full-time, and there can be just one of them, and the insurance is mandatory, though there are a few exceptions to this law. In Washington, workers’ compensation insurance is purchased directly from a state fund rather than from an insurance company. When an employee is covered by workers’ comp insurance, there is protection for your business in case a worker has an accident while working. The policy pays for the medical bills so that your business doesn’t have to. 

Commercial Auto Coverage

This insurance type covers a vehicle that is owned by a Washington business. There are three types of coverage that are required to be in the auto policy, and there are required minimums for each type. The state requires a certain amount of bodily injury liability coverage for one person who is injured in a vehicle accident. There is another required amount for everyone who is injured in a vehicle accident. Another amount is mandated for property damage liability. All of these amounts are fairly low in Washington, so it’s often recommended to get more than the minimum amount of coverage. 

Commercial Coverage

If your business doesn’t have the insurance that it needs, call us at Sound Choice Insurance Agency Inc in Lynnwood, WA.

Is having commercial insurance in Lynwood necessary?

Those that are in the Lynnwood, WA area may find that this is a great place to own a business. The strong local economy and overall support for local business can provide a significant boost. As you are looking to build a business here, choosing the right insurance plan continues to be very important. There are a few reasons why having the proper commercial insurance will continue to be beneficial to businesses. 

Coverage is Required for Companies

A common reason that businesses here need to have a commercial insurance plan is that they will be required to have this protection. Businesses that are in Lynwood area may take out a business loan, raise money from investors, or even lease a building to operate out of. In all of these cases, it is very likely that they will sign agreements requiring the business to carry insurance. 

Coverage Protects Business Assets

You should also get a commercial insurance plan to ensure you have protection for your company’s assets. If you are going to purchase any assets for your organization, it will be very important that you ensure they are covered and protected. If you have a proper insurance plan in place for your organization, it will provide support to replace or repair these assets if you do incur some forms of loss. 

As you are evaluating your commercial insurance needs and options in the Lynnwood, WA area, you may find that there are a lot of tough choices to make. Fortunately, the team with Sound Choice Insurance Agency Inc can help to make it easier for you. The insurance team with Sound Choice Insurance Agency Inc will be able to explain all of your coverage options and offer any support needed to build an ideal plan. 

4 Things You Should Know About Washington Commercial Insurance

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!