How much do you pay for business insurance on an annual basis? Are you looking to lower your business insurance premiums? What insurance options are available to you? If you are looking for the answers to those questions, then you are definitely in the right place.
At times, building a comprehensive business insurance policy package can be confusing, but you are not alone. This is where independent insurance agents can help you by identifying your business’s individual risks and suggesting appropriate policies to cover against them.
Contact your local independent insurance agent near Hazleton, PA to get started today.
How Does Business Property Insurance Protect My Hazleton, PA Business?
Business property insurance is extremely important if you own any type of commercial property or retail spot. Business property insurance protects against common losses, such as theft, damage, employee injury, and liability. If your business does not have the proper insurance coverage and suffers significant property damage, it may never recover from the financial consequences of the loss.
Because all businesses are different, they do not all require the same coverage options or the same amount of coverage. It is essential for you to consider the unique risks that your business faces and find ways to reduce these risks. If you are considering business property insurance for your business, here are a few things that you should know.
What Is Covered under Business Liability Insurance and Why Does My Business Need It?
A valuable element of your business insurance policy is business liability insurance. It is meant to protect your business assets by paying for any court costs, legal fees, and financial damages in case of a pending lawsuit. Even if the lawsuit rules in your favor, these costs can be exorbitant, putting a strain on your business functions.
You also want to make sure you acquire the right kinds of business insurance to cover against any risk your business might face. Following are some of the business liability options available to you:
- Commercial vehicle liability insurance: This insurance coverage is required if your business owns and operates vehicles. It covers your business's added liability risks in case one of your employees causes an accident that results in damage or injuries to a third party.
- Employment practices liability insurance: This insurance option covers claims related to accusations of unlawful employment practices such as a breach of contract, discrimination, harassment, and wrongful termination.
- Pollution liability insurance: This optional insurance covers the cleanup costs and losses if your business is liable for an incident leading to the pollution of the air, ground, or water.
- Cyber liability insurance: This insurance option covers monetary losses and liabilities if hackers gain access to your computer systems and steal sensitive customer data.
- Product liability insurance: This insurance option covers damage occurring to a third party caused by faults in goods your business produces, sells, or promotes.
- Premises liability insurance: This insurance option covers damage occurring to a third party due to an accident on your business property.
By speaking with an independent insurance agent, you can find out more about these and many other business liability coverage options. Your agent can help you to find the best business insurance for your Hazleton, PA business.
What Other Business Insurance Options Are Offered for My Business Property?
In Hazleton, PA, your business property is extremely likely to suffer property losses or damage due to dangers such as the following (in order of occurrence):
- Flooding and water damage
- Severe storms and lightning damage
- Hurricanes and tropical storms
- Heavy snow
- Burglary and other property crimes
Most of these dangers are covered by your business property insurance, which is a standard part of all business insurance policies. Designed to include your business-owned property, it covers your computers, furniture, inventory, and other merchandise.
Occasionally, you may find it necessary to add specific business insurance options to your business insurance policy. Your independent insurance agent may suggest adding one or more of the following insurance options:
- Flood insurance: Note that business property insurance does not cover flood damage, even if a covered hurricane damages your business property.
- Equipment breakdown insurance: This option covers repairs or replacement of damaged equipment and any losses related to equipment breakdowns.
- Bailee's insurance: This option covers other people’s property when in your business’s care, such as when you are doing repairs or upkeep on it.
- Inland marine insurance: This option covers your movable business property during transfers or if you store it away from your place of business.
Contact your local independent insurance agent to help you insure all your business assets. Also, make sure your business insurance options are adequate to allow you to rebuild, repair, or replace if needed.
Why Should I Buy Business Interruption Insurance?
When an earthquake or flood occurs and the damage is substantial, your business may have to close for a prolonged period while repairs are being made. Following is data on past declared disasters in Pennsylvania:
- Number of federally declared disasters in PA since 1953: 62
- Most common reasons for declared disasters: flood/26
- Average number of tornadoes in PA per year: 16
If your business is forced to close for an extended period, it can be financially devastating, especially if you own a small business. Business interruption insurance provides your business with an income extension until your business can resume regular activities. This allows you to pay normal monthly payments such as utility bills, loan payments, and employee wages when your business is temporarily unable to generate an income.
Talk with your local independent insurance agent today to discover more about how business interruption insurance can benefit your Hazleton, PA business.
Does My Hazleton, PA Business Need to Carry Worker's Compensation Insurance?
All Pennsylvania business owners are required to provide a safe workplace for employees to carry out their duties. Things happen, and even when everyone involved takes all safety precautions, people can get hurt or become ill.
When you own a business in Pennsylvania, you must cover your employees’ financial losses if they get hurt or become ill on the job. Your business must also provide workers’ compensation if an employee works on a constant basis or you are an out-of-state employer.
Insurance companies base their worker's compensation rates on the types of jobs being performed by your employees and the odds they might get hurt or become ill while on the job. It would cost more to cover an ocean fisherman than a retail clerk.
An independent insurance agent can go over the advantages and disadvantages of each business insurance option so you can make an educated choice.
Why Should I Work with an Independent Insurance Agent in Hazleton, PA?
In the insurance market, insurance companies understand that every business is unique and has it is own particular risks. Knowing this, they enable business owners to entirely customize their business insurance options.
Find an independent insurance agent with an office in or near Hazleton, PA to discover more. You can soon discover how easy it can be to build a comprehensive business insurance policy package.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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