How much do you pay for business insurance on an annual basis? You might be paying too much! Are you looking to lower your business insurance premiums? What insurance options are available to your business? If you would like to know the answers to those questions, then you are in the right place.
It can be frustrating trying to put together a comprehensive business insurance policy, but you are not alone. Independent insurance agents in Johnstown, PA can assist you by finding your business’s individual risks and suggesting the appropriate policies to cover against them.
Contact a local independent insurance agent near you to get started today.
How Does Business Property Insurance Protect My Johnstown, PA Business?
If you own a commercial property or retail space, business property insurance is particularly important. Business property insurance protects against common losses such as damage, employee injuries, liability, and theft. If your business does not have the appropriate insurance coverage and experiences significant property damage, it may have a hard time recovering from the financial consequences of the loss.
Since all businesses are different, they require different business coverage options. It is essential for you to consider the unique risks your business faces and discover ways to reduce these risks.
Speak with your local independent insurance agent today to discover more about how business property insurance can benefit your Johnstown, PA business.
Does My Johnstown, PA Business Really Need Liability Insurance?
An important part of your business insurance policy is business liability insurance. It is meant to cover your business’s court costs, legal fees, and financial losses in case of a lawsuit. Even if you find favor with the court system, these legal fees can be costly.
It is also essential that you obtain the right kinds of coverage for your business liability 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 additional liability risks in case one of your employees causes an accident that results in damage or injuries to a third party.
- Pollution liability insurance: This insurance option 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 financial losses and liabilities if hackers gain access to your computer systems and steal sensitive customer data.
- Product liability insurance: This insurance option covers damage that occurs to a third party caused by faults in goods your business produces, sells, or promotes.
- Premises liability insurance: This insurance option covers damage that occurs to a third party due to an accident on your business property.
- Employment practices liability insurance: This insurance option covers claims related unlawful employment practices such as breach of contract, discrimination, harassment, and wrongful termination.
When you speak with an independent insurance agent, you can find out more about these and other business liability coverage options. Your agent can help you to find the best business insurance for your Johnstown, PA business.
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What Other Business Insurance Options Are Offered for My Johnstown, PA Business Property?
In Johnstown, PA, your business property is more likely to endure 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
As a standard part of all business insurance policies, most of the above dangers are covered. Your policy is designed to include your business-owned property, and it covers your computers, furniture, inventory, and other merchandise.
At times, you may find it necessary to add specific business insurance options to your business insurance policy. Your independent insurance agent may recommend adding one or more of the following insurance options:
- Flood insurance: Note that business property insurance does not cover flood damage, even if it is a direct result of a covered hurricane.
- Equipment breakdown insurance: This option covers repair 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.
If your business is located close to waterways such as the Conemaugh and Little Conemaugh rivers, you are more at risk for flooding, so business flood insurance would definitely make sense.
Contact with your local independent insurance agent to help you insure your business properties. Also, make sure your business insurance options are adequate to allow you to rebuild, repair, or replace if necessary.
Why Should I Buy Business Interruption Insurance for My Johnstown, PA Business?
If an earthquake or flood occurs and the damage is significant, your business may have to close for an extended period while repairs are being made. Following is data on past declared disasters in the state of 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 must close for a prolonged period, it can be financially overwhelming, particularly if you own a small business. Business interruption insurance provides your business with an income extension until you can resume regular activities. This allows you to pay regular monthly payments such as utility bills, loan payments, and employee wages when your business is unable to produce revenue.
Speak with your local independent insurance agent today to discover more about how business interruption insurance can benefit your Johnstown, PA business.
Does My Johnstown, PA Business Need to Carry Worker's Compensation Insurance?
All Pennsylvania business owners are required to provide a safe place of work for their employees to carry out their duties. Accidents happen, and even when all involved take all safety precautions, people do get hurt or become ill. When you own a business in Pennsylvania you must cover your employees’ financial losses if they become ill or get hurt on the job.
Insurance companies establish their worker's compensation rates based on the kinds of jobs being performed by your employees and the likelihood they might get hurt or sick while on the job.
An independent insurance agent can help by taking a look at your expenses and match you with an insurance company that concentrates on covering businesses in your industry.
What about Insurance Options for Employee Benefits Packages?
Nowadays, healthcare coverage can be very expensive, but if your business offers underwritten health coverage to your employees, it can have advantageous outcomes. Human resources administrators have determined that businesses that offer a sustainable employee benefits package have an easier time attracting and keeping model employees.
There are many health and life insurance options available for you and your employees to choose from, which can make it difficult to determine which of the policies to combine with your employee benefits package.
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 Johnstown, PA?
In the insurance industry, insurance companies know that every business is unique and has it is own specific risks. That's why they enable business owners to fully customize their commercial business insurance policy.
Find an independent insurance agent with an office in or near Johnstown, PA to discover more. You can soon find out how easy it can be to build a comprehensive business insurance policy.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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