Commercial Checkup

It can be difficult to determine just which business insurance coverage your company needs. This is where a good agent can be a big help. Let's review the three most common types of small business insurance coverage: general liability, property and workers' compensation insurance.

General liability insurance coverage protects your business in the event of claims of bodily injury or physical injury or damage to property - protection for your business in the event of an accident at your workplace or another location where you conduct business. General liability insurance coverage is often offered along with property coverage in a single policy called a Business Owner’s Policy, or BOP. Property insurance covers your business’s property and inventory against physical loss or damage by accident, theft or some other cause, even if it’s away from your business location at the time of the loss. By combining property insurance and general liability coverage into a BOP, companies can get appropriate business liability coverage at a lower cost than they would by buying two separate policies. BOP policies are generally available at reasonable small-business rates. However, if a BOP’s coverage limits would be less than your company’s potential liabilities, it's wise to add a commercial umbrella to fill the potential gap between policy limits and an awarded claim.

If your company provides professional services - such as medical care, accounting or computer consulting - professional liability insurance is critical coverage. "Errors and Omissions" coverage, as it is also known, protects businesses from claims that a company committed negligent acts or made errors or omissions when performing their professional services. Professional liability claims can be very expensive as compared to general liability claims.

By necessity, business owners have become savvy consumers - weighing all the options and getting prices from different agencies in an attempt to find the lowest rates for the coverage they need. But there’s more to consider than just cost alone. When you purchase your business insurance from a single agency you can ensure that your coverage is designed to protect your business and that you aren't paying extra money for redundant coverage. How much is peace of mind worth to you?

Pennsylvania requires businesses to carry workers’ compensation insurance to pay for medical and disability expenses for employees who suffer injuries or illnesses related to their jobs. Business insurance rates for workers' compensation are based on company's payroll and services. Owners, partners and officers may exclude themselves from workers' compensation coverage, saving the company money on premiums. Employer's liability insurance is generally offered as a portion of the worker's compensation policy to provide coverage should a worker claim that an accident was caused by unsafe working conditions.