Types of Business Insurance
Protection is more than a policy — it’s a principle.
Business Insurance That Protects Your Business — And Your Peace of Mind
Running a business is like leading a wolf pack: one misstep, and things can get messy fast. The right insurance protects your territory, your team, and, most importantly, your ability to keep hunting (or, you know, making a profit). Here’s a breakdown of essential business insurance types, what they cover, and why your business can’t afford to skip them.
General Liability Insurance
General Liability Insurance protects your business from claims of bodily injury, property damage, and more.
What It Covers:
Injuries on your business property
Damage to someone else’s property caused by your operations
Legal defense costs if someone decides to sue
Why It Matters:
Imagine a client slips in your store and breaks a wrist. Without general liability insurance, you could be responsible for medical bills, legal fees, and lost income — basically everything except a full moon howl.
Who Needs It: Almost every business — from retail shops to construction crews to online stores.
Professional Liability Insurance (Errors & Omissions)
Professional Liability Insurance protects you if a client claims your work caused them financial loss.
What It Covers:
Negligence or mistakes in the services you provide
Defense costs if someone sues you over errors or missed deadlines
Why It Matters:
Even the best-trained wolves slip up occasionally. One small oversight could cost your client money — and without coverage, it could cost your business even more.
Who Needs It: Consultants, contractors, service providers, anyone giving professional advice.
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Commercial Property Insurance
Commercial Property Insurance covers your building, equipment, and inventory against loss or damage.
What It Covers:
Fire, theft, and vandalism
Natural disasters (depending on your policy)
Equipment breakdown and loss of inventory
Why It Matters:
If your den burns down or your gear is stolen, commercial property insurance helps you rebuild without having to raid your own stash of bones (or cash).
Who Needs It: Businesses with physical assets — offices, warehouses, stores.
Stop Gap / Employers’ Liability Insurance
Stop Gap / Employers’ Liability Insurance covers gaps in liability not handled by Washington State’s workers’ compensation system.
What It Covers:
Legal liability for employee injuries that fall outside state workers’ compensation
Defense costs if an employee sues for a workplace injury not covered by the state
Why It Matters:
Even in Washington, where the state handles most workplace injury claims, there are rare scenarios where an employee might still hold your business liable. Stop Gap / Employers’ Liability insurance steps in so you don’t have to pay out of pocket — think of it as backup from a loyal pack member when things go off-script.
Who Needs It: Businesses with employees who might have claims not fully covered by Washington’s workers’ compensation system, typically including general liability gaps.
Commercial Auto Insurance
Commercial Auto Insurance protects vehicles used for business operations.
What It Covers:
Collisions, damage, and theft
Liability if your vehicle injures someone or damages property
Why It Matters:
If your delivery van becomes the villain in someone else’s story, commercial auto insurance steps in so you don’t have to pack up and run.
Who Needs It: Businesses that use vehicles for deliveries, client visits, or transport.
Cyber Liability Insurance
Cyber Liability Insurance shields your business from data breaches and cyberattacks.
What It Covers:
Costs associated with a data breach
Notification and credit monitoring for affected clients
Legal expenses from privacy violations
Why It Matters:
Even a wolf pack has secrets, and so does your business. Hackers don’t care if you’re small or large — cyber liability insurance keeps your sensitive info from being turned into a public howl.
Who Needs It: Any business that stores client data digitally — which, let’s be honest, is everyone.
Business Interruption Insurance
Helps cover lost income if your business can’t operate due to a covered event.
What It Covers:
Lost profits due to covered disasters (fire, storm, etc.)
Ongoing expenses during the downtime
Why It Matters:
If disaster strikes, business interruption insurance ensures your operations don’t grind to a halt while you’re figuring out how to survive. It’s like a reserve pack: ready when you need it most.
Who Needs It: Businesses that can’t afford downtime — which is pretty much all of them.
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Not Sure Which Coverage You Need?
Even the wisest wolves sometimes need a second opinion. Contact Hood Insurance Agency today for a personalized assessment. We’ll help you protect your business so you can focus on hunting bigger opportunities — not worrying about what could go wrong.