The place you do business says a lot about your success. Maybe your wholesale company acquired a second location. Perhaps your law office just moved to a stylish new office space, or maybe your hair salon just needed a few extra stations.

Whatever purpose your commercial space serves, you need to protect it from the unexpected. At Hood Insurance Agency, a business insurance agency in Lynnwood, WA we understand your challenges and can help you to evaluate your coverage options so you can select the right coverage for your business.

Business Property Insurance Coverage Options

Property Damage:

The Risk: While operating a forklift in your warehouse, an employee collides with a storage rack and it collapses.

Coverage: Business property coverage can help when your business’s personal property is damaged by a covered event.

Damaged Inventory:

The Risk: When the storage rack collapses, it destroys inventory worth several thousand dollars

Coverage: Business personal property insurance can help you repair or replace covered business items, such as computers, tools, and inventory.

Loss of Income:

The Risk: You lose business income when you must temporarily close your company for repairs from a small electrical fire.

Coverage: Business income insurance can help replace lost profit up to policy limits. This may provide you with operating and payroll expenses that keep your company running.

It’s sad but true. It’s a simple reality that anyone who comes into contact with you or your employees while you’re conducting business can file a claim or lawsuit against you for any number of reasons — from physical injuries to wrongful termination.

That is why at Hood Insurance Agency, a business insurance agency in Lynnwood, WA, we offer small business general liability insurance, which can help with challenging situations and the associated costs of legal defense and legal damages, up to policy limits selected for covered claims.

Our team understands the challenges faced by small business owners. That is why we can provide you with the insight and discuss your liability insurance options so that you can choose a customized coverage plan that is right for your business. 

Here are some business liability risks you may want to manage — and potential solutions:

Injuries

The Risk: A customer trips over a fixture at your business and is injured.

The Coverage: Premises and operations insurance can help with hospital bills and damages – as well as coverage for your business if the customer sues for negligence. 

Lawsuits

The Risk: A former client files and wins a lawsuit over work performed by your company. 

The Coverage: Products and completed operations insurance can help with the defense costs and – in some cases – the legal damage for which you may be responsible. 

Data Breaches

The Risk: You lose confidential business and customer data when your computer system is hacked. 

The Coverage: Cyber liability and data breach can help provide you with legal and forensic assistance to attempt to recover stolen data, as well as ongoing data security consultation to help you manage cyber risks. 

Disgruntled Employees

The Risk: A disgruntled former employee – or even an applicant you didn’t hire – brings legal action against your company. 

The Coverage: Employment Practices Liability can help cover your business entity, directors, and employees if you are accused of wrongful termination, harassment, discrimination, or other employment-related offenses. 

We understand the challenges of protecting your company from people with negative intent. That is why our team can show you insurance coverage options to help address a variety of risks like these — low-tech and high-tech

Here are just a few ways you can personalize a Hood Insurance Agency policy to help manage typical risks:

Employee Dishonesty

The Risk:While reviewing bank statements from the last few months, you discover someone wrote checks worth thousands of dollars to a vendor you don’t use.

The Coverage: Employee dishonesty coverage can help if employees steal from your company — whether on their own or with the help of outsiders.

Theft

The Risk:Your deposit bag is stolen from a messenger on her way to the bank — and contains more cash than usual because it’s your company’s busiest time of the year.

The Coverage: Money and securities theft (external) coverage can help if money and securities are stolen while they’re in the care of anyone covered by your policy.

Counterfeit Currency 

The Risk: You accept what appears to be a perfectly legitimate money order. A few days later, your bank tells you it was counterfeit and immediately debits your account.

The Coverage: Money order and counterfeit paper currency coverage can help if you accept counterfeit bills or money orders as payment.

Forgeries

The Risk: Although addressed to your business, a batch of newly printed checks are delivered to someone else — who uses several of your checks to pay for expensive electronic equipment.

The Coverage: Forgery and alteration coverage can help when checks are fraudulently written, altered or signed.

Data breaches

The Risk:A hacker gains access to your computer system and steals your customers’ credit and debit card information.

The Coverage: Cyber liability and data breach response coverage can help you investigate a breach and manage negative effects on your company’s reputation. It also helps you notify consumers and provide them with a credit monitoring service for a period.

However you use vehicles in your business, one thing is clear: You need commercial auto insurance. And at the Hood Insurance Agency, we can help with coverage options that reduce risk and improve operations.

Here are some typical commercial vehicle risks — and the coverage we offer:

In a best-case scenario, you’re able to manage an injury so employees can get back to work as quickly as possible. A workers’ compensation policy can address medical care and lost income for your employees, death benefits for survivors, and your potential liability for covered claims. At the Hood Insurance Agency, we work with you to reduce costs and improve recovery times – by making quick contact with an injured employee and using excellent medical providers for a specific injury or illness.

Business umbrella insurance can help with an additional layer of liability insurance that begins at the limit of an underlying liability policy. Purchased in $1 million increments, it can provide up to $10 million of coverage for qualifying businesses with covered claims — and it allows you to help protect your business from risks like large jury awards.  

Here are some other typical risks you can manage with an umbrella policy:

We understand you have needs. That is why our team is prepared to introduce you to a variety of life insurance options as you make a decision about the type of coverage you want for your business.   

Here are some other typical risks you can manage with Hood Insurance Agency:

The Risk: You find an ideal candidate for your open CFO position — but she accepts an offer with a more attractive compensation package from a competitor.  

The Coverage: Executive bonus plans that include life insurance or annuities can help you create compelling job offers for top talent.

The Risk: The manager who oversees your company’s day-to-day operations is unable to work as a result of a covered event. 

The Coverage:Key person insurance can help if a business partner or top employee dies or becomes disabled — the policy’s benefit or cash¹value can be used for candidate searches, training expenses and lost income.

The Risk: You know your family would be burdened by business debt if you passed away before completing ambitious expansion plans that rely on large loans.

The Coverage: Life insurance proceeds can help liquidate outstanding business debt and help protect your family’s personal assets.

The Risk: When your business partner dies unexpectedly, her husband wants to sell their portion of the business.

The Coverage: A funded buy-sell agreement can help with a smooth settlement between the owners of a company and their heirs.

Help improve the safety and profitability of your business by:

• identifying hazards in the workplace
• Recommending appropriate safety and loss prevention controls
• Providing safety training materials to your employees
• Establishing best practices for maintaining a safe work environment.