Commercial Insurance - Blog | Wenatchee Insurance Agency

Contractors have special needs when it comes to insurance in Central Washington

Posted on November 8, 2023November 8, 2023 by Matt McColm

As a contractor, it’s crucial to have insurance to protect your business from various risks.

Here are seven types of insurance you should consider:

1. General Liability Insurance: This insurance provides coverage for damage or injuries that might occur due to your job. For instance, if you accidentally damage someone’s property while working, this insurance can pay for repairs. In Washington State, Labor, and Industries will want to have proof on file.

Link to L & I

2. Professional Liability Insurance: Also known as Completed Operations Coverage, this coverage protects you against claims where your work is alleged to have caused a financial loss. If a client claims that an error in your work caused them to lose money, professional liability insurance would cover your legal costs and any settlements.

3. Commercial Auto Insurance: If your business involves the use of vehicles, commercial auto insurance is necessary. This provides coverage for accidents, injuries, and property damage related to company-owned or leased vehicles.

4. Builders Risk Insurance: This insurance, also known as Course of Construction Insurance, provides coverage for the project itself from damage or loss due to events like fire, theft, or severe weather conditions. It can be done for new construction or a remodel job.

5. Tools and Equipment Insurance: This insurance covers the cost of repairing or replacing your equipment due to theft or unexpected breakdowns. It does not cover normal wear and tear.

6. Commercial Umbrella Insurance: This insurance provides an extra layer of protection beyond the limits of your other policies. If a claim exceeds the coverage limits of your other insurance, commercial umbrella insurance can cover the excess costs.

7. Surety Bonds: These act as a guarantee that you will fulfill the terms of your contract. If you fail to do so, the bond can pay to have the job completed. Some jobs will require additional bonds if you win the bid.

Fast Bond Quote Link

Remember, the specific insurance requirements can vary depending on the nature of your work and where you operate. Therefore, it’s a good idea to consult with your independent insurance agent to ensure you have the right coverage.

Topics: Contractor Insurance, Business Liability, Surety Bond, Builder’s Risk, Commercial Auto, Completed Operations, General Contractor, Sub, Handyman, LandI Labor and Industries, Tools and Equipment,

What are four coverages that a restaurant needs in North Central Washington?

Posted on October 17, 2023October 17, 2023 by Matt McColm

In North Central Washington, a restaurant should have several insurance coverages to protect its business, employees, and customers from various risks. Running a Pizza place in Wenatchee is going to have different risks than a Mexican Restaurant in Winthrop or a Café in Leavenworth. We quote every business is uniquely.

Here are four essential insurance coverages for a restaurant:

General Liability Insurance: This insurance is essential for any business, including restaurants. It covers bodily injury, property damage, and personal injury claims that may arise from accidents or incidents on the restaurant premises. For example, if a customer slips or suffers food poisoning, general liability insurance can help cover legal expenses and settlements.
Property Insurance: Property insurance, sometimes known as commercial property insurance, protects a restaurant’s physical assets, including the building, equipment, inventory, and furnishings, from damage or loss due to events like fire, theft, vandalism, or natural disasters. It can also include coverage for business interruption, which can compensate for lost income if the restaurant needs to close temporarily due to covered damage. Business Interruption was a tremendous asset for the COVID shutdowns.
Liquor Liability Insurance: If your restaurant serves alcohol, liquor liability insurance is essential. It provides coverage for claims related to alcohol-related incidents, such as fights, accidents, or DUI incidents, that occur on or because of your premises. This coverage can protect your restaurant from costly lawsuits and damages.
Food Contamination or Spoilage Insurance: Restaurants rely on fresh ingredients and food products. Food contamination or spoilage insurance helps cover the costs of replacing spoiled or contaminated food due to power outages, equipment failures, or other unforeseen circumstances. This coverage ensures that you can maintain food safety standards and avoid financial losses.

Additional coverages

Additionally, depending on the specific circumstances and location of your restaurant, you may need other insurance coverages such as cybersecurity insurance, commercial auto insurance (if you have restaurant-owned vehicles), or employment practices liability insurance (for protection against employment-related lawsuits). There are cases where these can be bundled together in a Business Owner Policy.

If you are catering or hosting large events then Event Insurance is an affordable way for hosts to fill in coverage gaps.

It’s crucial to work with your local insurance agent to assess your restaurant’s unique needs and select the appropriate insurance coverage to provide comprehensive protection for your business.

Topics: Restaurant Insurance, BOP, Small Business Insurance, General Liability, Pizza, Café, Chelan Insurance, Event Insurance, Business Interruption, Liquor Liability, Wenatchee Insurance, Local Insurance Agent,

How do I get insurance for my Restaurant in Washington State?

Posted on July 5, 2023July 5, 2023 by Matt McColm

Wenatchee has been a Foodie destination for years. Wenatchee Insurance loves insuring restaurants new and old. A restaurant typically needs the following types of insurance:

General Liability Insurance: Covers accidents and injuries on the premises

Property Insurance: Protects against damage or loss to the building and assets.

Liquor Liability Insurance: Necessary if the restaurant serves alcohol. The fast rule is the higher of percentage of alcohol over food then the more expensive the insurance.

Business Interruption Insurance: Covers income loss during temporary closures. (This was a big miss for some that dropped this coverage prior to COVID shutdowns to save money).

Commercial Auto Insurance: For restaurant-owned vehicles. If you are making deliveries or have a logo then have the conversation about commercial auto insurance with your agent.

Employment Practices Liability Insurance (EPLI): Protects against employment-related claims.

Specials:

Many of the needed coverages can be found bundled together in a Business Owners’ Policy or BOP.

If you are new to Washington State or are starting a business. Washington State has programs regarding Worker’s Compensation, Long Term Care, and Family Medical Leave. With the individual health insurance marketplace being strong many small employers use the Washington Healthplanfinder for insurance by adding an allowance to payroll and having a local Enrollment Center walk through the plans.

At Wenatchee Insurance Agency, we are an independent broker and customize coverage based on your restaurant’s needs and local regulations.

Topic: Wenatchee Insurance, Business Insurance, Restaurant Insurance, Liquor Liability, Healthplanfinder, Wenatchee, Foodie, General Liability, Chelan, Okanogan, Douglas

What about insurance for my business?

Posted on June 16, 2023June 16, 2023 by Matt McColm

Congratulations, you have taken the leap and started a business. Did you remember your insurance?

Your situation changes the moment that money changes hands. You get a business license immediately so that you can cover taxes and connect with an insurance policy.

Without special endorsements, your home or renters’ policy will exclude losses of business equipment. If you have customers visit your home, then you are looking at increased exposures that your insurance company needs to know about.

Useful types of business insurance policies

If you are making a delivery and your car insurance is only set up for personal use, then yes the insurance company can deny a claim. Commercial auto policies cover a wide range of exposures.

If you are doing a pop-up, maker’s market, or another short-term store front then an event or vender’s insurance policy will cover needed liability risks and can provide you with a Certificate of Insurance for the landlord/organizing community.
If you a contractor then you want to look at a builder’s risk policy for your job site. Without insurance, a loss can be catastrophic financially.

If digital information is important to your business such as credit card information or customers’ personal data then cyber coverage quickly becomes important.

A business insurance policy is a top priority for a business owner as it protects their business and, in some cases, their personal assets.

It’s important to note that the specific insurance needs for your business may vary depending on factors such as your industry, size, location, and specific risks involved. Consulting with an insurance professional or broker can help you determine the most appropriate coverage options tailored to your business needs. Wenatchee Insurance writes most of our policies in Chelan, Douglas, and Okanogan. We also write for the rest of Washington State as requested.

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Category: Commercial Insurance

Contractors have special needs when it comes to insurance in Central Washington

Here are seven types of insurance you should consider:

Link to L & I

Fast Bond Quote Link

What are four coverages that a restaurant needs in North Central Washington?

Here are four essential insurance coverages for a restaurant:

Additional coverages

How do I get insurance for my Restaurant in Washington State?

Specials:

What about insurance for my business?

Useful types of business insurance policies

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