What commercial insurance is required in Pennsylvania

It isn’t easy to be a business owner. Business ownership comes with many risks and challenges. Having the right commercial insurance policy can minimize the effect of those risks. But how do you know you have the right amount and type of commercial insurance? In Emmaus, PA, you can talk to Patrick McNealis Insurance and Financial Group, your local independent insurance agency. We take the time to get to know our clients, and we will go above and beyond to make sure your coverage is fitted to your needs. 

In Pennsylvania, if you have any employees, you must have Workers’ Compensation Insurance. It doesn’t matter if they are full or part-time or seasonal. This even applies to family members such as children or a spouse. Employers may opt for self-insurance but must show financial ability to meet payments as required under the Workers Compensation Act. 

Commercial Auto Insurance must also be carried on any vehicles owned by the business. It is a bad idea to use personal vehicles and insurance to do business since your insurance may exclude business use. 

Those are the required commercial insurance in Pennsylvania, but some other commercial insurance lines are recommended for just about any business. Commercial property and liability coverage can save your business if a covered peril strikes. Commercial Property Insurance protects the building if you own it. It is still worth it if you rent it since it covers what is inside the building, your machinery, inventory, raw material, office equipment, and records. Commercial Liability Insurance protects you from legal action. It can pay for legal expenses and a judgment against you. The world is a risky place, and small businesses are at greater risk, with a 53% chance of being involved in legal action. 

Contact Patrick McNealis Insurance and Financial Group in Emmaus, PA for all your insurance needs.

Three commercial insurance features to consider

Commercial insurance is one of the most important things that a small business owner in Emmaus, PA can invest in. At Patrick McNealis Insurance and Financial Group, we offer commercial insurance that protects a business owner’s livelihood and may be required by law in some cases.

It can seem confusing at first to purchase a commercial insurance policy because of all the different options and features available. The following are three commercial insurance features in particular that business owners may want to consider for their policies. 

Business interruption coverage

Events could cause a company to temporarily have to close its doors. This could happen as a result of natural disasters or theft. Business interruption coverage compensates a company for profits that are lost as the result of a temporary closure of a company’s facilities. 

Product liability coverage

Companies that produce and sell products can benefit from product liability coverage. Product production leaves companies open to possible lawsuits if customers claim that a product caused them physical injury or other damages. 

Errors and omissions coverage

Companies that give professional advice or provide recommendations to clients as part of their everyday business operations could benefit from adding errors and omissions coverage to their commercial insurance policies.

This type of coverage compensates a company for expenses that result from legal defense costs if they are sued over such activities. Errors and omissions coverage is a type of professional liability coverage that is essential to companies that could be sued by clients for the advice or care they provide.

If you’d like to learn about insurance options available to you for your business in Emmaus, PA, get in touch with us at Patrick McNealis Insurance and Financial Group.