What You Need to Know About Pennsylvania Business Insurance

Business owners know just how daunting starting your own company can seem. It’s not just about having a good idea, building a team, and finding customers. You have so many other responsibilities that you may not have even considered, such as insuring your new business.

For companies in Pennsylvania, business insurance is required by the state. However, which types of business insurance you need and in what amount may not be as apparent. Luckily, our experts have simplified this issue with our helpful guide on business insurance in Pennsylvania.

What insurance does the law require?

If you simply search “Pennsylvania business insurance” online, you can quickly become overwhelmed by the sheer number of plans and providers in the market. You can rest easy, though, knowing that you aren’t required to have every single type of plan by the state. In fact, you might only need two types depending on your business.

Workers’ compensation is required by state law for businesses that have one or more employees, both full and part-time. While some exceptions exist, this can usually serve as a guiding principle. The other insurance that the law requires for businesses that operate any vehicles is commercial auto insurance. The minimum requirements in Pennsylvania are bodily injury liability of $15,00 per person and $30,000 per accident, property damage liability of at least $5,000 per accident, and medical benefits of $5,000.

Outside of these two plans, your business won’t have to meet any other Pennsylvania business insurance requirements. However, keep reading to learn about other plan options and how they can benefit your business.

Other types of business insurance in Pennsylvania.

General liability insurance.

While not required by Pennsylvania law, this insurance plan can really help out almost any business. Plus, some commercial lease providers will only agree to rent out their space if you have it. It provides protection against common third-party risks, like bodily injury on your premise or damage to property. The policy can help you avoid expensive liability lawsuits should your business ever be at fault.

Property insurance.

The physical building your company is in and the equipment inside it are covered by business property insurance. If your business ever suffers from something like a fire, flooding, or theft, your provider can help mitigate the costs to replace everything. You can also use it to protect all of your inventory to have a safety net in the face of the unexpected.

Cyber insurance.

This type of insurance policy has grown more prevalent in the face of newer and more common cyber threats. It’s especially recommended if your business stores or manages important customer data like credit card information. Companies that have cyber insurance and experience a data breach or cyber-attack can file a claim to help cover the costs of fixing the problem. That includes investigative services, data recovery, and legal costs associated with the attack.

Employment practices insurance.

If an employee feels like their rights have been violated, it can open you up to legal recourse. This insurance helps mitigate those damages. Some companies offer this under their Businessowners Policy, while others offer it as a standalone plan. It’ll help protect you in the case of allegations of sexual harassment, discrimination, or wrongful termination.

Want to learn more about your business insurance needs?

Contact the team of experts at villaNOVA Insurance Partners. As a full-service insurance brokerage and consulting firm, we bring years of experience, new ideas, and, more importantly, the flexibility that larger firms can’t provide. Insurance is not a “one-size-fits-all” industry, which is why we’ll work closely to understand your unique needs and find the best solution to meet them.

Learn more about our services online, or contact us to schedule your initial consultation.