Spokane Business Liability Insurance

Spokane business liability insurance will defend your company against most third-party claims related to property damage, personal injury and advertising injury. If you're not sure what advertising injury is, don't worry: you're not alone. Basically, advertising injury claims are related to damage caused by your company advertising. Of course, defining advertising can be relatively complicated in the courtroom.

It's important that you understand that although Spokane business liability insurance will protect your company from claims related to property damage, it does not protect the property itself. So, in addition to Spokane business liability insurance you need Washington property insurance to protect your office or business location. If there's a fire or other natural disaster, you need to have this coverage in place.

As you probably already know, Washington business insurance is quite expensive. Luckily, you can work to reduce your rates. For example, teaching certain safety precautions in the workplace will lower your risk and therefore lower your premiums. A good Spokane business liability insurance company will give you ideas on different ways to reduce your risk and, consequently, your rates.

Property Coverage

You may be able to purchase property insurance as part of a package deal that includes Spokane business liability insurance. One such package is called the business owners policy or BOP. BOPs are available to many small to medium-sized businesses, and may be the most affordable way to cover all of your insurance needs.

BOP's are not available to every company, so you may or may not be eligible depending on the nature of your business. For example, if you're opening a large restaurant and serving a significant amount of alcohol in Spokane, WA, you may not be eligible. Or, if you're in the automobile industry, say, you're opening a gas station, then you're probably out of luck.

Regardless of your particular business activity, it's absolutely essential that you purchase insurance to cover your property and your assets. You may have heard of "schedules". Schedules basically provide a list of the assets and property of your Spokane, WA company. You should make sure that your schedules are up to date at all times, so that all assets are insured.

You can insure your property for cash value or replacement value. Replacement value is generally more expensive than cash value, but it means that you will be paid to the total amount it costs to replace whatever you've insured. Cash value, on the other hand, will simply offer you the market value. Obviously, you need to consider the devaluation of your equipment or other assets when you're considering what kind of policy to purchase.

Advertising Injury

Advertising injury claims will most often come from your Spokane, Washington competitors. Liability claims include trademark infringement, copyright, invasion of privacy and libel. Again, the difficult part is defining what is meant by advertising. Obviously, there are the commercial and magazine advertisements, but there are many more subtle forms of advertising.

For example, consider your online activity. Do you think your twitter or Facebook updates are considered advertising? Sometimes, any kind of promotion of services is considered advertising, but that may or may not be true with online advertisements. It's important that you understand how your Spokane business liability insurance company defines advertising.

Note that if you intentionally publish false information, your Spokane business liability insurance policy will not protect you. This is also true if you engage in criminal behavior, breach a contract, violate someone's rights, intentionally harm someone, or anything else along those lines. In general, liability insurance coverage for your Spokane, WA company, is meant to protect you against accidents, not intentional harm.

Reducing Your Rates

Your Spokane business liability insurance will base your rates on statistical risk. so, if you take steps to reduce the risk of your Spokane, Washington company, you can lower the cost of your business coverage estimate. If you take steps to reduce the liability of your Spokane company,

turn reduce your risk and your rates.

A good insurer will give you ideas about how you can reduce your liability risks, and therefore lower your rates. For example, leading safety trainings for your employees can help you reduce your risk. Even simple measures, such as keeping your documents organized, and the workplace clean, can help lower your rates. In general, decreasing your liability, as well as other hazards, will help minimize premiums.

Your Spokane business liability insurance agent may also have ideas on ways in which you can reduce the cost of your liability coverage. As a small business, your risk should be relatively low and the cost of insuring your company will be less than that of a large company. When you ask for quotes, you may want to ask whether or not the insurer will consider reducing rates for safety precautions.

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