The Commonwealth of Pennsylvania, which is the birthplace of independence and the Constitution, and nicknamed the “Keystone State”, brings in nearly five million tourists each year due to its historical sites and attractions, lush landscapes, relaxed lifestyle, and charming residents. It is no surprise that tourism is one of Pennsylvania’s most popular industries, alongside agriculture where there are approximately 63,200 farms throughout the state. Major Pennsylvania cities include Philadelphia, Pittsburgh, and Harrisburg. Twenty-three Fortune 500 companies reside in Pennsylvania including Hershey, Sunoco, and Cigna. The 2011 CNBC Top States for Business features Pennsylvania as the seventh state for technology and innovation, eighth for education, and seventh for access to capital, all of which contribute to the myriad of ways in which a small business in Pennsylvania can thrive. Of course, business insurance in Pennsylvania is recommended to protect these companies and their success.
Standard Business Insurance Coverages in Pennsylvania
Business Owners Insurance in Pennsylvania is an insurance policy obtained by a business, also known as a BOP, as a comprehensive bundle for small companies that offers a variety of liability coverages. General liability an property insurance are two of the principal types of coverage in a BOP. The insurance coverage for Pennsylvanian employers transfers risk away from the organization owner to the insurance company by providing them with added security for different types of liability, including buildings, equipment, and legal liabilities. The most common claims that business owners insurance coverage protects you from include: loss of income, liability claims, important documents, equipment breakdown, fire, employee dishonesty, money and securities, and property claims. Other components for the enterprise in Pennsylvania may be supplemented from the original BOP coverage depending on the possible risks of the business.
General liability insurance in Pennsylvania is designed strategically and carefully to provide security and protection for employers from financial burdens that may result from dishonest acts, omissions, or both, caused by the business leader or their workers and may result in bodily injury or property damage. Contractual liabilities, liabilities from goods sold, and accidents on the premises of the firm are some of the more common types of exposures covered under general liability insurance. The injury or damage might be a result of disruption or unplanned. General liability insurance for organizations in the state of Pennsylvania may be a single policy or can be part of a package policy.
A package policy is an select type of insurance policy for a Pennsylvania-based company that includes two or more different types of insurance into one insurance policy, or a bundle. Typically, a package policy in the state of Pennsylvania will combine general liability insurance (explained above) and commercial property (explained below). A bundle policy can also be tactically set up to include just about every type of coverage which will vary based on the unique needs of the organization. A package policy is attractive to an employer as it provides them with a great amount of flexibility to acquire a policy for the personal necessities and risk exposures of the business.
Commercial Property Insurance in Pennsylvania is a type of security coverage for different types of Pittsburgh, Pennsylvania commercial property, including, vital papers, building, materials, equipment, furniture, stock, and personal property. Commercial property insurance offers protection against different types of perils, including windstorm, hail, explosion, fire, wreckage, theft, natural disasters, and lightning strikes. Small business owners in a variety of industries feel more protected with this selection of insurance, including clothing retailers, not-for-profit entities, manufacturers, and service-related industries, like restaurants.
Any Pennsylvania business owner with employees is required by law to obtain Workers’ compensation insurance to offer coverage against employee work-related illnesses, or occupational injuries. Workers’ compensation insurance in Pennsylvania is a no-fault, state-mandated insurance structure that provides benefits to employees who experience injuries or an illness during work hours. The commonwealth state of Pennsylvania requires every company with employees to carry workers’ compensation insurance, therefore, they may be liable for harsh fines and civil penalties if they fail to carry it, and possibly be subjected to paying the cost of injuries received by their workers. By having workers’ compensation insurance for your Philadelphia, Pennsylvania company, your personnel benefit from medical care and wage loss coverage with the guarantee that they will not take legal action against the employer for injury or illness received on the job.
Business owners in the Keystone State, whether they have one vehicle or numerous vehicles, need to have peace of mind by being protected by commercial auto insurance. Commercial auto insurance in Pennsylvania supplies financial security to employers and their personnel by offering coverage for a company’s use of vehicles including trucks, vans, and cars. Commercial auto insurance offers protection against paying for damages and medical costs that may result from vehicle accidents, vandalism and damage from hail storms and other natural disasters. Coverage for Pennsylvania employees includes a variety of vehicles including those that are rented, owned, leased, or hired by the business owner, as well as employee-owned vehicles used for work-related duties. Whether for making deliveries or picking up supplies, it’s recommended that companies purchase a commercial auto insurance policy if employees use their personal vehicle for work operations; this is called non-owned commercial auto insurance.
Commercial umbrella insurance in Pennsylvania is beneficial to firms due to the coverage limits of their existing liability policies, and since they generally don’t cover all expenses in the case of an unexpected and catastrophic event occurs. Umbrella insurance fills the gap between where the general liability insurance and the commercial auto insurance or other liability insurance stops. Commercial umbrella insurance for staff in the northeastern state of Pennsylvania is an important resource that fills in the gaps and covers various exclusions in their main business liability coverage. Umbrella insurance is an advantageous solution to have added protection for property damage, bodily injury, or other types of liabilities.
Some Additional Business Insurance Coverages in Pennsylvania to Consider
Errors and Omissions insurance policies offer Pennsylvanian employers and workforce protection against claims and lawsuits made by clients or customers for careless duties and acts, mistakes, and oversights made through various business operations which resulted in lost wages or output on the part of the client or customer. Errors and Omissions insurance in Pennsylvania cover legal defense and court costs for business owners, as well as settlements as stated on the insurance contract. As pediatricians require malpractice insurance to protect themselves, owners of small enterprises in the mid-Atlantic state of Pennsylvania should have errors and omission insurance, primarily if they offer services or consulting advice, whether directly or through subcontractors.
Professional liability insurance in Pennsylvania provides security for employees, such as accountants, CPA’s, and general contractors, from being responsible for paying the legal cost of defending against errors, claims of negligence, failure to perform, or omission which was made by a client, along with damaged owed in that claim. The coverage’s primarily focus is on the financial obligation on the part of the client from this type of Professional liability insurance. Claim coverage may be provided even if the legal actions turn out to be unfounded. Professional liability insurance in the state of Pennsylvania is required by law in the medical and legal professionals, but is also required by contract in other industries.
Employment Practices Liability Insurance (EPLI), gives business executives protection against claims of discrimination, unlawful termination, sexual harassment, breach of contract, income violations, false imprisonment, emotional grief, defamation, slander, mental distress, careless hiring and promotion decisions, and offensive claims. Employment practices liability insurance in Pennsylvania is based on the laws, acts, and protection from Title VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act, and Family and Medical Leave Act; the Equal Opportunity Employment Commission (EEOC) enforced all of these laws.
Fidelity Bonds in Pennsylvania
Fidelity bonds in Pennsylvania are a specific variety of insurance offered to employers in order to protect against losses, like fraud, embezzlement, or theft by one or more workers. Since compensation from employee fraudulent acts is usually not possible due to the cash already being spent, fidelity bonds are an important security measure for Pennsylvania-based entities that would otherwise have to suffer these financial losses. Even if your company has extra security against this type of fraud, such as employee screening, close supervision, and internal controls, it doesn’t always prevent these things from occurring. Losses accrued from employee thefts of money, property, or securities are all covered under fidelity bonds insurance in Harrisburg, Pennsylvania. There are three major types of fidelity bonds; business service bonds, standard employee dishonesty bonds, and ERISA bonds.
Surety Bonds in Pennsylvania
A surety bond is a noteworthy contract or agreement shared between three parties: the principal, obligee, and surety (insurance company). The surety bond acts as a promise that the party will pay an agreed upon dollar amount if one of them fails to meet a commitment, such as fulfilling the terms of the contract. A surety bond protects the beneficiary from financial burden if the contract is not fulfilled, while the surety company takes on the liability for not performing. A surety bond is typically required for financial reimbursement. Owners of small businesses in the state of Pennsylvania may require a surety bond to guarantee payment of utility bills or state sales taxes, while a contractor may need to post a bond to guarantee work or be qualified for licenses. While surety bonds in Pennsylvania are usually in the construction industry, surety bonds are also used by mortgage brokers, automobile dealers, medical suppliers, health club owners, notaries public, and others. Since many small businesses need bonds, a variety of types and features of surety bonds in the state of Pennsylvania offer a range of guarantees.
You have worked hard opening your business in Pennsylvania so as a business owner, you should protect that business with optimum coverage. While you may have a standard business insurance policy for your pet supply store in Philadelphia or café in Pittsburgh, or any other type of small business, it doesn’t mean your business and assets are fully protected. Additional business insurance policies can be obtained to cover things aside from basic liability coverage including natural disasters, fire, theft, fraudulent activity, litigation, and accidents. In the state of Pennsylvania, your business has a variety of insurance options for your business in order for the best protection possible.