Category Archives: Insurance

Washington’s Paid Family and Medical Leave Program.

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PFML_Employer_OverviewWashington is soon to be the fifth state to offer paid family and medical leave benefits. All workers will no longer have to choose between caring for their loved ones and making ends meet. They can dedicate their time away from work to be the best caretaker they can be. In return employers have access to an inexpensive benefit, save on payroll costs while the worker is on leave, and reduced employee turnover costs.

Workers can begin taking leave in 2020, but next year employers will have some actions to take.

First, employers need to withhold premiums from paychecks starting with the first check in 2019. These premiums are split between employers and workers. Workers foot most of the bill, but employers with 50 or more employees have a portion to pay also. (Employers with fewer than 50 employees don’t have to pay premiums but are still responsible for collecting and remitting the workers share.) Premiums are paid to the Employment Security Department by employers quarterly, starting in 2019. Learn more about premiums on the Premiums page.  Continue reading →

How Can Business Insurance Help Your Small Business?

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When you’re starting a small business—or running a growing one—there are so many expenses competing for your limited dollars that it’s easy to ignore business insurance. Spending money to protect against possible risks in the far-off future seems like a waste of your precious capital.

But not having insurance is how many small business owners get into financial trouble—or even go bankrupt.

are you coveredA recent survey by Manta and Insureon reveals just how many entrepreneurs are putting themselves at risk. Fewer than three in 10 small business owners in the survey have a business owner’s policy, the basic business insurance that covers general liability insurance and commercial property insurance to protect you from loss. Even fewer (21 percent) have Errors & Omissions (E&O) or professional liability insurance, 17 percent have workers compensation insurance, 6 percent have business interruption insurance, and only 2 percent have cyberinsurance.

Playing fast and loose with business insurance is a big mistake for many reasons. The increasing frequency of extreme weather events such as floods and wildfires creates additional risk of damage to your business’s property or equipment. Could you afford to replace all your business’s computers if a thief broke in and took them? What would happen if a lawsuit hit your business?
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Tips for Choosing the Right Insurance to Protect Your Business

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When you are starting a small business, every dollar counts. One best practice that all small business owners should consider is liability insurance. Most of the information out there about liability insurance comes directly from insurance providers, so it is important to do extensive research to ensure that you are relying on objective information to make business decisions.  Continue reading →

Surety Bond Guarantee Program

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The SBA’s Surety Bond Guarantee Program helps small and emerging contractors obtain bid, performance and payment bonds. The SBA guarantees up to 90% of a bond issued by a surety company for construction, service, supply and manufacturing contracts. To qualify as a small business an applicant’s annual receipts must meet the NAICS standard.

The Seattle Bond Office handles applications for bond guarantees on behalf of contractors domiciled in nine western states and thirteen southern states.

Learn more here… http://www.sba.gov/surety-bonds

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Ask SCORE: What type of insurance should I have to protect my small business?

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No matter what type of business you own, you operate under some degree of risk. Sadly, no business is completely immune to lawsuits. Fortunately, however, a variety of insurance options exist to help protect small businesses.

Among the most common types of small business insurance are…

General Liability Insurance

Also known as commercial general liability insurance, this type typically covers claims associated with accidents or injuries on your property or your clients’ premises. General liability policies offer financial protection in the event of bodily injury, property damage, medical expenses, libel, slander, and the cost of defending lawsuits.  Continue reading →

Get tips for choosing the right insurance to protect your #smallbiz.

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When you are starting a small business, every dollar counts. One best practice that all small business owners should consider is liability insurance. Most of the information out there about liability insurance comes directly from insurance providers, so it is important to do extensive research to ensure that you are relying on objective information to make business decisions.

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Business insurance makes good business sense.

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Like home insurance, business insurance protects your business against fire, theft and other losses. Contact your insurance agent or broker. It is prudent for any business to purchase a number of basic types of insurance. Some types of coverage are required by law, others simply make good business sense. The types of insurance listed below are among the most commonly used and are merely a starting point for evaluating the needs of your business.

Liability Insurance – Businesses may incur various forms of liability in conducting their normal activities. One of the most common types is product liability, which may be incurred when a customer suffers harm from using the product. There are many other types of liability, which are frequently related to specific industries. Liability law is constantly changing. An analysis of your liability insurance needs by a competent professional is vital in determining an adequate and appropriate level of protection for your business.   Continue reading →