Purchasing suitable coverage for your business can be complicated, so you may benefit from working with a professional who is familiar with the ins-and-outs of commercial insurance. Independent insurance agents in the Trusted Choice® network can help you identify the various exposures that are unique to your particular industry. They can then work with a number of reputable insurance companies to provide you with a selection of Erie business insurance quotes that can mitigate these exposures. Find an agent near you to learn more.
General liability coverage is an important part of every commercial insurance package. It provides your business with compensation for court costs, legal defense fees and financial damages if a covered lawsuit is brought against it. A Trusted Choice agent can answer your questions about this coverage and can identify any other types of liability insurance, such as commercial vehicle liability coverage, that you may want to include with your Erie commercial insurance coverage. Your agent may talk to you about such things as the following:
- Premises liability insurance: This is part of your general liability coverage. It covers third-party injuries, property damage or illnesses that may occur because of an accident on your business premises. According to the 2015 Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and over 30 percent say felt the least prepared to handle this concern. Liability insurance covers the unexpected medical costs for which your business may be liable.
- Product liability insurance: This is also part of your general liability coverage. It covers your Erie-based business if it is sued because of injuries, illnesses or property damage caused by products you produce, promote or sell. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more, so this insurance coverage can prove quite valuable.
- Errors and omissions insurance: Also known as professional liability insurance, this covers the professionals who work for you if they are sued for mistakes, errors in judgement or other professional errors that cost clients financial or other problems. Medical malpractice insurance is a well-known example of professional liability insurance. In fact, 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
Business Interruption Insurance for Erie Small Businesses
- Gross domestic product (GDP) for U.S.: 2.2%
- Gross state product (GSP) for Pennsylvania: 0.7%
- The GSP was 1.5% less than the GDP
Businesses in Erie make a significant contribution to Pennsylvania’s gross state product. However, if a covered disaster, such as fire or a severe thunderstorm, forces you to shut down commercial operations for an extended time while repairs are made, your business will not be generating any revenue at all. In some cases, this can lead companies into bankruptcy.
You can avoid this loss by including business interruption insurance with your Erie commercial insurance policy. This coverage provides a continuation of income while your business is not operational due to damage caused by a covered event. This enables you to pay key employee salaries and monthly expenses until you are able to resume normal business operations.
Property Insurance for Small Business in Erie
- Number of natural disasters in the U.S. : 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damage were not
Whatever the cause of damage to your Erie-based business, from fires to severe weather, if your commercially owned property is lost or damaged, you will get reimbursement for these losses if your business insurance policy has the right kinds of property coverage.
Commercial property insurance covers your business-owned property, such as merchandise, signs, computers, tools and machinery, and furniture. Because coverage needs vary according to industry and business type, it is beneficial to work with a Trusted Choice agent who can recommend appropriate property coverage options, such as inland marine insurance and spoilage insurance. Talk to your Trusted Choice agent to learn more.
Workers' Compensation for Erie Businesses
Workers' compensation insurance covers the costs associated with injuries and illnesses suffered by employees while on the job. Every state has its own laws pertaining to workman’s comp insurance. In the Commonwealth of Pennsylvania, all businesses with at least one employee are required to have this coverage. The state allows employers to obtain this coverage a number of ways. You can do it by self-insuring, by purchasing coverage through a competitive state fund or by purchasing coverage from a private insurer. A Trusted Choice agent can help you review your options so you can select the best option for your company.
Employee Coverages for Small Businesses in Erie
- Total spending on premiums in Pennsylvania: $2,966,353
- Ranked 47th for highest premiums in the U.S.
- Annual cost of health care for small businesses: $5,491/person or $16,019/family
If your Erie-based business employs at least 50 full time workers, you are required by the Affordable Care Act (ACA) to provide them with subsidized health insurance coverage. Even if you are not required to offer it, providing your employees with benefits such as life and health insurance makes it possible to attract and retain a talented workforce. Your business may even qualify for a federal tax credit. If you are interested in looking into these types of coverages, be sure to talk to your Trusted Choice agent about finding suitably priced options.
Cyber Crime Insurance for Erie Small Businesses
- Number of identity theft complaints in Pennsylvania: 10,446
- Ranked 16th highest for identity theft complaints in the U.S.
- Only 22% of businesses have a cyber/data breach response plan
Electronic data theft is on the rise, and the financial damage that can result following a data breach is often quite expensive. However, because cyber crime insurance is a somewhat new insurance offering, many U.S. businesses are still without this important coverage.
Cyber crime insurance covers your business against the lawsuits and financial damages that may result if criminals hack into your computer system and steal sensitive customer information, such as personal and financial data. Talk to your Trusted Choice agent to learn more about how adding cyber crime insurance to your Erie business insurance portfolio can be advantageous for your company.
Find the Right Erie Commercial Insurance for Your Business
Every company has different coverage needs, and there are commercial insurance policies that cater to the various business industries. Agents in the Trusted Choice network can identify the hazards faced by your particular business, and they can help you mitigate these exposures by recommending the right coverage options. Because independent agents are free to work with several different insurance companies, they can help you find the policies that offer the most value for your money as you build your Erie business insurance portfolio.
There are many Trusted Choice agents with offices throughout the Commonwealth of Pennsylvania, including in and near Erie. Find an agent near you to get more information so you can compare Erie commercial insurance quotes with ease.