Self-employed individuals are typically not subject to Washington’s insurance regulations. This means that if you have a problem, can take it to court, and are then able to prove that it was caused by an injury to your business, you can settle the claim. If you directly communicate with your self-employed company, or if you would have to go through an attorney to settle a claim, to settle a dispute with your self-employed business, you could succeed. Here is more about self-employed liability coverage and how you can get the protection you need.
A self-employed individual can become a victim of theft, vandalism or even an auto liability lawsuit. Because of this, the insured business is required by law to carry auto liability coverage. Unfortunately, many smaller companies may not have this coverage because they don’t think it is worth the expense. The solution is to purchase the right policy from a reputable insurance company – one that provides the protection you need at an affordable rate.
When you own a small business, you are also required to carry insurance on your personal property. This means that you can be held financially liable for damage that occurs to your own belongings or your property. It also means that you can be held financially liable if someone else’s personal property is damaged in an accident that you caused. Personal property is usually referred to as Covered Rental Property or CVR. This coverage varies from state to state, so it is a good idea to learn all you can about your insured business and your particular policy.
If a theft or damage to your items occurs while you are away from your business, you need a theft and fire insurance policy to cover these perils. In addition, if your business has employees, you will also need to purchase Employers Liability Insurance, which protects your company from liability claims by employees. You may also want to consider a Business Interruption Insurance policy, which covers the costs of things going wrong during an interruption of business. These policies generally specify that things such as smoke, sparks, high heat, electricity, and explosion are covered.
If you own a fleet of vehicles such as cars, trucks, and vans, you will need a vehicle insurance policy to protect your assets in case a driver causes a wreck. You can purchase separate policies for your car, truck, van, or even bike. However, many times, these policies will combine both auto and vehicle insurance to protect you for any damages that occur to your insured vehicles. A motorcycle insurance policy helps protect your investment, but it can help you in the event that you are sued because someone was injured or killed in an accident with your vehicle. A lawsuit can cost thousands of dollars and getting legal representation can cost even more, so having this type of insurance can help relieve some of these expenses.
The costs related to not having insurance can be enormous and you could lose everything, including your business. Therefore, it is critical to purchase commercial vehicle and auto insurance to protect your investments. Your insurance premium can be lower if you purchase multiple policies at the same time. Make sure you check out several different rates before making your decision.