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Business Insurance

Get affordable insurance coverage to help protect your business.

Get Multiple Quotes

At BECU, we want to give members like you access to affordable business insurance coverage to help protect your business and livelihood. That's why we've partnered with MyBusinessProtected to give you access to affordable business insurance products from top insurance companies.

As a BECU member, you have access to affordable insurance coverage based on your unique business needs. Without business insurance, a significant loss could be devastating to your business and your assets.

 Features and Benefits of MyBusinessProtected

  • Get multiple quotes from leading insurance companies by completing a single form.
  • Compare rates and coverage options from top insurance carriers and secure coverage in the same day.*
  • Find options for General Liability, Business Owner's Policy (BOP), Commercial Auto, Professional Liability and Cyber policies all in one place.
  • Get assistance or a recommendation from MyBusinessProtected's licensed agents.

Business insurance coverage is critical to protecting your business from risks, including property loss, and repairing or replacing property, such as after a fire, storm or theft.

It can also help cover the costs of legal claims made against your business. Depending on your type of business, you may need multiple business insurance policies to protect your company.

Relevant insurance products to consider include General Liability, Business Owners Policy (BOP), Workers Compensation, Commercial Auto, Professional Liability and Cyber.

How Do I Get Started?

  1. Visit MyBusinessProtected to get started.
  2. Fill out the form and provide your basic business information including federal employer ID number, business owner information, business address location(s), sales revenue, number of employees, etc.
  3. Select the type of business insurance you are looking for.
  4. Compare multiple quotes from top insurance carriers.
  5. Choose policies based on your business needs.

Want personalized assistance or recommendations? Call 877-638-6709 to speak with a MyBusinessProtected licensed agent.

Types of Insurance

Business Owners Policy insurance simplifies coverage needs by combining two policies that most businesses need — business property and business liability.

  • Business Property: This covers the structure of your commercial property as well as your business' property, including mobile items used for business purposes. Business property under BOP can also pay for things like debris removal, lost income, and environmental cleaning.
  • Business Liability: The coverage for business liability under BOP is the same as General Liability Insurance. This covers claims including consumer injury, advertising harm, and product liability.

General Liability (GL) insurance, sometimes called small business insurance or commercial liability insurance, provides insurance coverage for your business against claims made by others including bodily injury, damage to property, or personal injury.

Almost every business owner or independent contractor can benefit from having this type of insurance.

You may also need General Liability Insurance if:

  • You or your employees visit client's offices, or host clients at your workspace.
  • You represent your client's business.
  • You use third-party locations for any business-related activities.
  • You use a client's equipment.
  • You use your personal vehicles for business-related purposes and your personal insurance does not cover business-related risks.
  • Your customers require you to have this type of insurance. (Many companies require proof of coverage before they will enter into a contract or begin a business relationship with you, often requiring a minimum level of coverage).

Any business that owns motor vehicles or uses any motor vehicles for business purposes needs commercial auto insurance. This insurance helps companies cover the costs of repairing or replacing company vehicles within the boundaries of the insurance policy. Personal Auto Insurance on a vehicle used for business purposes may not have enough insurance, leaving the company financially responsible for losses.

Businesses may also benefit from purchasing Commercial Auto Liability Insurance coverage for their commercial vehicles.  Depending on the coverage, this insurance covers vehicles the business owns, contracts with, and leases. It also helps cover injured employees should an accident happen.

Professional Liability Insurance is coverage for individuals and businesses who charge a fee for a service. Providing your expertise to the market can result in significant costs to your customers when a mistake is made. Without this insurance those costs could put your business at risk.

This type of insurance can be named many different things depending on the industry you are a part of. It is also called Errors & Omissions for real estate agents and appraisers, and Technology Errors & Omissions for software programmers. For many other services and freelancers, a standard Miscellaneous Professional Liability policy can provide the right coverage. Given the many ways in which people can become dissatisfied with advice or services, investing in extra protection can help you rest easy knowing there's another option that can help protect you and your business.

Cyber Insurance coverage can cover a broad range of information security-related claims, including data breaches, network failures and media or content liability.

Many small business owners dismiss this insurance as something that only big companies should worry about. However, if your small business handles sensitive information including PCI, personal customer data, and more that ;could be exposed, leaving you liable to numerous claims. All it takes is one breach to significantly impair your business.

It's your job to keep employees safe at work. Although employees may be injured on the job, that's why having Workers Compensation Insurance is important. It provides wage replacement and medical benefits to employees who are injured at work.

In exchange, employees relinquish their right to sue their employer for negligence. Therefore, Workers Compensation Insurance protects employers from costly lawsuits while also assuring employees that they are guaranteed some coverage in case of illness or injury on the job. In most states, employers are required to carry workers compensation insurance — even for temporary or seasonal workers.

NOTE: Washington state does not allow private workers' compensation coverage. You must purchase your coverage directly from the Labor and Industries (L&I) department. Please visit https://lni.wa.gov/agency/ for more information.

Frequently Asked Questions

Have a question not listed below? Call 877-638-6709 to speak with a MyBusinessProtected licensed agent.

Please do not contact BECU if you need to report a claim. To report a claim, contact the insurance company from which you obtained your policy. Specific information about how to report a claim should be provided in your individual policy package.

The general information you should have readily available to request a quote includes, but is not limited to the following:

  • Business Owner(s) Information: First and last name, mailing address, date of birth, Social Security Number, phone number, email address.
  • Business Information: Federal ID #, website URL, year the business was founded, entity type (LLC, Sole Proprietorship, Partnership, S Corp, C Corp, etc), sales revenue, number of employees.

Businesses that create, store and manage electronic data online, such as customer contacts, customer sales, personal identifiable information and credit card numbers, can benefit from cyber insurance. In addition, e-commerce businesses can benefit from cyber insurance, since downtime related to cyber incidents can cause a loss in sales and customers. Similarly, any business that stores customer information on a website can benefit from the liability coverage that cyber insurance policies provide.

General Liability covers the things employees say and do. It can involve their actions at work as well as their activities when they are off the clock. A seemingly innocent comment or photo on social media can have a negative impact on the company they work for. The company can be represented in a negative light due to an employee's personal behavior, political beliefs, or release of internal corporate information.

When an individual, whether they are representing a company or not, makes a defamatory statement that is spoken, it is called slander. When a defamatory statement is made in written form, it is called libel. Since social media deals mainly with written communication it falls under the libel category. Every person who has a social media account, even a business account, takes on a liability risk when they choose to use their account inappropriately.

*MyBusinessProtected is the lone entity involved in the offering and sale of insurance, and is solely responsible for the timing and content of any and all insurance coverage offerings.

BECU is providing access to business insurance products through its relationship with MyBusinessProtected a service of MassDrive Insurance Group, LLC, the licensed agent for all products. Copyright ©2022 - MassDrive Insurance Group, LLC. All rights reserved.

MyBusinessProtected provides direct-to-consumer business insurance solutions. BECU makes no representations regarding the appropriateness or otherwise of the products or services provided by MyBusinessProtected and the insurance carriers on its platform. There are additional service providers for comparative purposes. If you choose to pursue coverage, you must do your own diligence and make your own independent decision. BECU licensed insurance entity may earn commissions or a referral fee or other forms of compensation for products purchased through MyBusinessProtected.