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Business insurance is critical to protect your business against losses that could put you out of business. Small businesses are especially vulnerable to financial losses because they often don’t have the resources to recover from a major setback such as a fire, flood, or lawsuit. Business insurance can help fill the gaps and protect you from significant financial loss. Commercial insurers offer several types of business insurance policies to help you find the best in Pennsylvania; We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
The Pennsylvania Department of Insurance requires all businesses to carry workers’ compensation insurance if they have employees, including part-time and temporary workers. This includes domestic employees such as maids, nannies, or caretakers. Exceptions include employers with only corporate officers, family members of sole proprietors, or real estate agents working on commission.
Pennsylvania also requires businesses to carry unemployment insurance if one employee or more for at least 20 weeks per year. Liability insurance is required in Pennsylvania for most professions and occupations. These liability requirements are put in place to protect the public from negligence and wrongdoing on behalf of professionals and businesses. If you’re unsure whether liability insurance is required for your business, contact the Pennsylvania Department of Labor.
Here’s a look at some of the most common types of business insurance and what they cover:
This policy protects businesses against lawsuits and claims filed by third parties. It covers damages, medical bills, and other expenses related to injuries and property damage caused by the business or its employees. It also covers advertising injuries, such as copyright infringement or libel, which occur in doing business.
General liability policies don’t protect against professional malpractice, faulty artistry, or damage to company property. They also don’t cover employment-related claims, such as discrimination or wrongful termination.
Workers comp insurance helps protect your business from work-related injuries or illnesses that can occur at any moment. Although workers’ compensation insurance provides coverage for a broad range of risks, it excludes some types of losses, injuries, and illnesses. By understanding these exclusions, you can take steps to protect yourself, your employees, and your business.
The policy may exclude independent contractors or other workers who are not considered employees, such as contractors or domestic help. Intentional injuries: Workers’ compensation policies typically do not cover injuries that the employer or employee intentionally inflicts.
Commercial property insurance usually covers the physical damage to your business’s property caused by a covered peril, such as fire, lightning, or wind. It may also cover the loss of business income if your premises are damaged and you have to close temporarily.
It’s important to note that commercial property insurance doesn’t cover certain disasters such as flooding, earthquakes, war, and nuclear hazards. If you live in an area at risk for these types of disasters, you can purchase additional coverage.
Product liability protects you against claims of harm caused by your products. You may have a product liability claim if a customer is injured by a product purchased from your business. The claim can be brought directly against your company by the injured customer, or the customer may sue your product manufacturer.
The main things that product liability insurance excludes are defects in design or manufacture (warranties cover this), injuries or damages that occur outside of the U.S., and the cost of recalls.
Commercial auto insurance policies provide coverage for vehicles used for business purposes. They apply to all businesses, and many companies offer commercial auto insurance policies. Multiple factors determine the cost of a commercial auto insurance policy, such as the type of car being insured and the type of business being run.
Commercial Auto excludes:
Off-road use (unless it’s necessary to conduct your business)
Delivery or transportation of flammable liquids
Use of any vehicle to carry more passengers than it was designed for.
Your business is unique, and so are your insurance needs. Insurers take several factors into account when calculating your premiums. Here are the main factors that insurers consider:
Before you purchase business insurance, here are some tips on how to choose the right coverage for your company:
