Building a suitable Harrisburg business insurance policy can be a complex endeavor, so you may find it beneficial to work with an independent insurance agent in the Trusted Choice® network. These knowledgeable agents are available to help you identify the exposures that are unique to your particular industry, and they can offer appropriate coverage recommendations. These agents are able to work with a number of reputable insurance companies to provide you with a selection of Harrisburg business insurance quotes for policies that are designed to meet your business’s specific coverage needs.
- According Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt unprepared to handle this concern.
- According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more, so this coverage may be crucial.
- That same national study found that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
Liability insurance shields your Harrisburg-based business from large financial losses related to certain liability lawsuits. This insurance covers court costs, legal defense fees and financial damages, but you need to have the appropriate types of liability coverage. All business policies include commercial general liability insurance. The main components of this type of insurance are the following:
- Premises liability insurance: This covers third-party injuries, illnesses and property damage that may occur as the result of accidents on your business premises.
- Product liability insurance: This covers your business if a product that your company produces, promotes or sells causes injuries, illnesses or property damage to others and you are named in a liability lawsuit.
Your Trusted Choice insurance agent can recommend additional liability insurance types that may be appropriate for your business. Some commonly purchased policies are pollution liability insurance, commercial vehicle liability insurance and completed operations liability insurance.
Finally, if your business employs certain kinds of professionals, you may also want to recommend that they purchase professional liablity insurance:
- Professional liability insurance/Errors and omissions insurance: This is professional liability insurance designed to cover professionals such as doctors, real estate agents and hairdressers against lawsuits that might be brought against them due to perceived negligence, professional mistakes or failure to complete a job competently. Medical malpractice is one example of professional liablity coverage, but there are specific policies that cover all kinds of professionals.
Use our independent agent matching system to find the best insurance plan in your area. You tell us what you’re looking for, and our technology will recommend the best agents for you. Any information you provide will be sent to only the agents you pick. We do not sell to third parties.
Business Interruption Insurance for Harrisburg Small Businesses
- Gross domestic product (GDP) for U.S.: 2.2%
- Gross state product (GSP) for Pennsylvania: 0.7%
- The GSP is 1.5% lower than the GDP
Businesses in Harrisburg contribute to Pennsylvania’s gross state product. But if a disaster like a structure fire or a tornado forces you to halt commercial operations for an extended period while repairs are made, your business will not be generating any revenue at all. During a very long closure in which your business cannot afford to pay employee salaries, you risk losing valuable employees and potentially ending up in bankruptcy.
Fortunately, you can protect your business from this pitfall. If your Harrisburg commercial insurance portfolio includes business interruption insurance, your company receive a continuation of income during the time that it is not operational due to a covered event. This makes it possible to keep managing your business expenses, including payment of salaries, until you can resume your normal business operations. Business interruption insurance coverage is typically limited to 12 months.
Property Insurance for Small Business in Harrisburg
Disasters like tornadoes and accidental fires can result in a great deal of property loss for your Harrisburg-based business. A solid commercial property insurance policy can cover most, if not all, of your business assets including such things as signs, merchandise, inventory, tools, computers and office furniture. Because of the diverse coverage needs of businesses operating in different industries, it is beneficial to work with a Trusted Choice agent, who may recommend additional policy offerings such as boiler and machinery insurance, inland marine insurance, and others, if appropriate.
Workers' Compensation for Harrisburg Businesses
If someone who works for you is injured or sickened in the course of doing job-related duties, your business is liable for covering associated medical costs and lost wages. Workman’s comp insurance provides this coverage and even pays death benefits to surviving family members if a job-related illness or injury proves fatal.
Every state has specific laws pertaining to workers' compensation insurance. In Pennsylvania, all businesses that have at least one employee are required to carry this coverage. Your Trusted Choice agent can help you find appropriate coverage at a competitive rate.
Employee Coverages for Small Businesses in Harrisburg
- 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 Harrisburg business has at least 50 full time employees, the “employer mandate” portion of the Affordable Care Act (ACA) requires you to provide them with subsidized health insurance coverage. Even if this mandate does not apply to your particular business, offering benefits such as life and health insurance can help you attract and retain gifted employees, and it may even earn your business a federal tax credit. It may therefore be worth the added cost. Talk to your Trusted Choice agent to learn more and to review your coverage options.
Cyber Crime Insurance for Harrisburg 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
Cyber crime insurance covers your business against the lawsuits and damages that may arise following a data breach in your computer system. If hackers and data thieves access or steal sensitive customer information, including personal and financial data, it puts these customers at risk for identity theft and fraud. Your company can be held liable for the cost of credit monitoring services for those affected as well as financial losses suffered by your customers and their banks and credit card companies. This can add up significantly.
As the risk of data theft continues to rise, this coverage is growing in importance. Talk to your Trusted Choice agent to learn more about how adding cyber crime insurance to your Harrisburg business insurance portfolio can be beneficial for your company.
Find the Right Harrisburg Commercial Insurance for Your Business
Every business has its own specific coverage needs. Because commercial coverage has so many options and policy packages, building a policy that is suitable for your particular business can sometimes be tricky. The experienced agents in the Trusted Choice network can recommend the right policy types and coverage options to meet your company’s various coverage needs. These independent agents are free to work with several different insurance companies so they are able to help you build the best and most affordable Harrisburg business insurance package.
There are many Trusted Choice agents with offices throughout Pennsylvania, including in and nearby the city of Harrisburg. Find an agent near you if you would like to get more information, discuss your coverage needs and compare Harrisburg commercial insurance quotes.