Pennsylvania Business Insurance

Why Get Business Insurance in Pennsylvania
Companies in Pittsburgh, Philadelphia, Allentown, Erie, Reading, and other Pennsylvania locations can benefit from having business insurance. Whether a business is large or small, business insurance offers protection against potential financial losses as a result of lawsuits and settlements. Sometimes small business owners think that the cost of business insurance is too expensive. In fact, the opposite is true. If your small business is not insured, all of your company’s assets are potentially at risk in the event of a lawsuit. A court approved settlement could force you to liquidate your property to pay for the damages awarded. A comprehensive business liability insurance policy could prevent such a catastrophe from happening.

Worker’s Compensation in Pennsylvania
The state of Pennsylvania’s Worker’s Compensation Law is compulsory for all employers. This means that it is a requirement for all employers to provide worker’s compensation insurance for all of their employees. Waivers are not allowed. Procurement of worker’s compensation insurance may be through a private insurance provider, a competitive state fund, or self-insurance.

Unlike other states, agricultural employers must also provide worker’s compensation insurance. However, it is voluntary to provide coverage for domestic servants.

Employees entitled to worker’s compensation benefits may receive payments for:

  1. Full medical benefits without time or monetary limits
  2. Disability Benefits
    • Temporary total disability benefits
    • Permanent total disability benefits
    • Permanent partial disability benefits
  3. Death Benefits

Coverage for Pennsylvania Business Insurance
Once a business is insured, the policy will cover the company against potentially huge expenses from lawsuits which in reality can cripple the business operations of small companies. In cases when there’s a negligence lawsuit, the legal defense costs alone can be too much to continue the operations of a small business and can lead to its closing. Most small businesses do not have enough capital or cash flow to survive situations like these without having Pennsylvania business liability insurance in place. A good liability policy can help business owners minimize the impact of these lawsuits to the company. Smart business owners have the responsibility of protecting their investments and providing for their employees. An important part of this responsibility is to protect the company from anything that might cause its potential downfall.

Using a private insurance carrier can be advantageous because it is easy to compare options and costs online. This allows business owners to quickly and securely find the best low-cost business insurance in Pennsylvania. Ask about the different types of coverage offered to business owners and see if you qualify for any discounts. Be certain that you and your assets are fully protected in the event of a claim.