Is Commercial Insurance Required in Pennsylvania?

Under the state law, businesses with employees must have workers compensation coverage. The exceptions are sole proprietors and partners. For businesses that have company vehicles, they have to have commercial auto insurance that complies with the state’s minimum liability requirements.

Why Is Commercial Insurance Needed?

Even though it may not be required in Northeastern, PA, having a variety of different types of commercial insurance based on your industry can help save your business from financial disaster. If your product hurts customers, or a fire destroys your inventory, it could wipe out your small businesses. Each industry has its own unique set of risks, so different industries need different types of insurance. An agent at The Tyson Agency can help determine the right kind of coverage for your business.

Common Commercial Insurance Policies

Depending on the lease for commercial space, property insurance may be required. Property insurance does more than protect the area; it can also protect equipment and inventory. Commercial liability insurance is useful for protecting businesses from lawsuits, any customer property damage, and customer injuries. Professional liability insurance can help protect businesses that provide expert advice to clients. If clients suffer a loss because of the advice, this policy can help cover any fees and legal costs. Cyber liability insurance helps protect businesses from a loss if personal information is exposed.

In Pennsylvania, there is a Breach of Personal Information Notification Act, which requires businesses to notify customers if their data could be compromised and can cost a lot to small business revenues. A business owner’s policy is not for every business but can be useful for smaller companies with few employees and in low-risk industries. This type of coverage combines general liability with property insurance. Commercial auto insurance is similar to personal auto insurance and can cover legal and medical expenses from an accident, as well as repairs to the vehicle.

Contact The Tyson Agency, serving Northeastern, PA, to get a quote on commercial insurance.