If you own commercial property or retail space, business insurance is very important. Would you like to add other coverage options to your business insurance policy? Do you want to see what insurance options are available to your business? If you said yes to these questions, then you are in the right place.
At times, putting together an all-inclusive business insurance policy can be confusing, but you are not alone. Independent insurance agents in Lebanon, PA are there when you need them. They can help you find your business’s particular risks and suggest appropriate policies to cover against them.
Contact an independent insurance agent in or near Lebanon, PA to get started today.
How Does Business Property Insurance Protect My Lebanon, PA Business?
Business property insurance protects your business against common losses such as damage, employee injuries, liability, and theft. If your business does not have the appropriate insurance coverage and experiences substantial property damage, your business may have a hard time recovering from the financial consequences.
Since not all businesses are the same, they require different coverage options. It is essential for you to consider the unique risks your business faces and find 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 Lebanon, PA Business Need Business 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. However, even if you find favor with the courts, these legal fees can be expensive.
It is also important that you acquire 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 insurance 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 if 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 to 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 insurance coverage options. Your agent can help you find the best business insurance for your Lebanon, PA business.
What Other Business Insurance Options Are Offered for My Lebanon, PA Business Property?
If your business is located close to waterways like Quittpahilla Creek, you are more at risk for flooding, so business flood insurance would be a really good idea.
In Lebanon, PA. your business property is very likely to suffer property losses or damages 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. It is designed to include your business-owned property, such as computers, furniture, inventory, and other merchandise.
Sometimes, 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 options:
- Flood insurance: Note that business property insurance does not cover flood damage, even if your business property is destroyed by 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 while 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 for help in insuring all of your business properties. Additionally, make sure your business insurance options are sufficient to allow you to rebuild, repair, or replace if necessary.
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Why Should I Buy Business Interruption Insurance for My Lebanon, PA Business?
When a flood or severe storm occurs and the damage is considerable, your business may have to temporarily close for an extended 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 must close for a prolonged period, it can be financially devastating, especially if you own a small business. Business interruption insurance provides your business with an income allowance until you can resume regular activities. When your business is unable to generate an income, this lets you pay normal monthly payments such as utility bills, loan payments, and employee wages.
Speak with your local independent insurance agent today to learn more about how business interruption insurance can benefit your Lebanon, PA business.
Does My Lebanon, PA Business Need to Carry Worker's Compensation Insurance?
All Pennsylvania business owners are required to provide a safe workplace for their employees to carry out their duties. Accidents happen, and even when all safety precautions are taken, employees 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 base their worker's compensation rates 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 specializes in covering businesses in your industry.
What about Business Insurance Options for Employee Benefits Packages?
These days, healthcare coverage is very expensive, but if your business offers underwritten health coverage to your employees, it can have favorable results. Human resources administrators have determined that businesses offering a sustainable employee benefits package have an easier time attracting and keeping model employees.
There are numerous health and life insurance options available for you and your employees to choose from, which can sometimes 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 Lebanon, PA?
In the insurance industry, insurance companies recognize that every business is unique and has it is own risks. Knowing this, they enable business owners to customize their business insurance options.
Find a TrustedChoice independent insurance agent with an office in or near Lebanon, 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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