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Why do I need liability insurance?
In the course of owning a business, customers may come to your location, or you may go to them. Both of these things open you up to a possible lawsuit should bodily injury, or property damage, occurs. Liability will cover you for these things, should someone get hurt on your premises, or you damage someone else’s property.
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How much will insurance cost for my Pennsylvania business?
The cost of business insurance varies for Pennsylvania businessowners. To make sure you don't pay too much, request multiple insurance quotes from various carriers so you can compare coverages in addition to premium costs.
The easiest way to request multiple quotes is to work with an independent insurance agent that represents more than one company.
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What types of insurance do I need for my PA business?
Every Pennsylvania business has different needs in regards to staffing, building size, policies, and insurance is no different. We recommend that every business consider general liability, commercial property, and worker's compensation to start.
If you offer professional advice including financial, accounting, or medical, it is also important to purchase professional liability insurance.
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Do I need work comp insurance?
Pennsylvania law requires all businesses with at least one employee carry worker's compensation insurance that could be injured when performing activities for the business.
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Does my small business need business income insurance?
Regardless of the size, every business needs business income insurance. If there is a covered claim and you are unable to operate, you will still have your regular operating expenses. The mortgage company or employees will not care if the business is bringing in income. You want to be able to stay afloat while your business is being restored.
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What is Care, Custody & Control?
Care, custody, & control refers to tangible property that is not yours (the insured’s) but is in your possession. For example, for a garage owner it would mean a customer’s vehicle, or for a farmer it could be boarded horses owned by others.
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Do I need property insurance if my business is in my home?
When you run a business out of your home, it is important to check your homeowner’s policy. Most of the time anything that is business related is excluded, including property that is used in the course of your business. This would include things like a computer, office furniture, and any stock you may have in your possession. So if you unfortunately had a fire, none of those items would be replaced. It is important to have separate businessowners policy to provide coverage for your business personal property.
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Do I need a business auto insurance policy if I use my personal car?
Most personal auto insurance policies have an exclusion for business related activities, so you do need a business auto policy. Plus, if you are doing business and are at fault in an accident, your business could be drawn into a lawsuit. Since, a personal auto policy cannot cover a business; you will need the business auto insurance policy to protect your assets.
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Why does my LLC need to be listed on my insurance policy?
Regardless of the type of business you are operating, the risk of being sued in the United States is probably higher than you think. If you have multiple entities, they should all be listed on your insurance policy in the event of a claim. Even if you are not found guilty, the expense of defense can shut down your business if you don’t have any coverage. Plus, as a member of the LLC, that leaves you exposed as well.
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What is considered a write off expense for business insurance?
The IRS allows certain insurance premiums to be deducted as a business expense. For a full list, check out the IRS website. Some common insurance premiums that you can deduct include Commercial Property, Liability, Workers Compensation, and in addition to that if you have your Workers Compensation through a state fund, those payments can be deducted as well.
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Do direct sellers need business insurance?
If you work from home for a company that provides you direct selling opportunities it may be a good idea to look into direct sellers insurance, especially if you have an inventory of significant value. Your current home insurance policy might not cover what you think in terms of your business inventory. It’s a good idea to check with your renters or homeowners insurance agent to see what is covered.
