Tacoma Business Liability Insurance
Tacoma business liability insurance will provide necessary coverage for your small business. While buying Tacoma business liability insurance isn't exactly fun or glamourous, it's an absolutely essential purchase. A lawsuit could easily put your company in serious trouble if you don't have protection, due to the high cost of legal fees.
In addition to Tacoma business liability insurance, you may need other types of coverage. For example, you most likely need property insurance to protect your Tacoma office or retail building, as well as your assets. You may be able to purchase this coverage in a package with liability coverage. If you can buy a package, such as a Business Owner's Policy, or BOP, you will save money.
Also, in addition to property coverage, you may need to purchase Tacoma business liability insurance to cover other components of your company. For example, if you are manufacturing or selling a product, you need a policy to protect you if someone makes a claim regarding your product. You may also need liability coverage to protect your company vehicles and other components of your business. It's important that you understand the basics of Washington liability insurance before you choose a policy.
General Business Liability Coverage
Your Tacoma business liability insurance will protect you from third-party claims related to advertising injury, personal injury and property damage. So, if someone walks into your Tacoma, WA office, hurts themselves, and then tries to sue you, you're protected. In addition to bodily injury, personal injury includes claims of libel and related issues are covered under general liability insurance.
Advertising injury is the most difficult of the three types of claims to understand. Advertising injury refers to claims made about your Tacoma company's advertising. These claims typically come from your competitors in Washington or elsewhere in the world. The most common claims are related to copyright infringement, libel, slander and so forth.
The confusing part is how your Tacoma business liability insurance company defines advertising. It may be quite straightforward: advertising is any positive statement you or any of your employees makes about your company, in any form. Or, it may be much more strict. Advertising may not include online promotions, for example.
It's important to understand how your Tacoma business liability insurance company defines advertising injury so you know what's covered. Of course, it may depend on the Washington courtroom that hears your case, too. Advertising injury doesn't exactly have a clear definition, regardless of what your liability insurance company says.
Property damage is a pretty straightforward type of claim. When someone suggests that your Tacoma company damaged their property, that's property damage. However, your liability coverage doesn't include protect for your property, just for claims others make about property damage. That's why you need other kinds of protection, in addition to Tacoma business liability insurance.
You need to protect your Tacoma, WA property. You also need to protect your assets. This is especially true if you have expensive inventory, such as a high end antique store, or expensive equipment, like tractors. Almost all businesses have some kind of assets and most have property, too.
If you're running a business out of your Tacoma, WA home, you may need more than your homeowner's policy. Your homeowner's policy may not protect you for business like activity. If you have computer equipment you use for work, for example, you need to insure those assets under a separate insurance policy.
You can insure your assets for cash value or replacement value. If you insure them for cash value, you will receive the market value for the items. If you insure them for replacement value, your insurer will pay the cost of replacing the items. Obviously, replacement value is more expensive than cash value, but it may be worth it depending on the future worth of the items your insuring.
If have costly equipment that will go down in worth, for example, you should consider replacement value if you need to. Whatever you do, be sure that you protect the inventory you have! Also, when you purchase valuable items or equipment, be sure you update your assessment and make sure everything is well-insured.
You may be able to purchase property insurance as part of package, called a BOP. A BOP will most likely include all of the coverage you need for your small company, depending on what kind of work you're doing. If you're in certain industries, you may not be eligible for a BOP, but many small to medium-sized businesses are eligible.
The advantage of a BOP is that it includes both property coverage and Tacoma business liability insurance. Also, as mentioned, it tends to offer better rates than separate policies. If you're eligible for a BOP, be sure to ask for quotes to compare the packages offered by insurers.
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