Philadelphia Business Insurance

The Complete Philadelphia Business Insurance Guide

Find the right business insurance policy for you.

As the fifth most populated city in the United States, Philadelphia, PA has become a destination of choice for small-business owners. In the "City of Brotherly Love," you'll find seven Fortune 500 companies and thousands of small businesses competing for attention from local residents and the 39 million tourists that visit every year. 

Liability coverage is the first type of insurance that every Philadelphia small business will need. There are three types of liability coverage that can protect you against a mountain of medical bills, product liability lawsuits and claims of negligence. 

  • General Liability: This most basic form of liability coverage protects small businesses from typical lawsuits for accidents and injuries. If a patron slips and falls on your property due to your negligence, you'll be responsible for covering that person's medical costs. According to the 2015 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 least prepared to handle this issue.
  • Product Liability: According to a national study, 71 percent of product liability awards and 53 percent of medical malpractice awards by the courts amounted to $1 million or more. For a small business, being ordered to pay a million dollars is basically a death sentence. If you have product liability coverage, you won't have to worry that a single lawsuit will be the end of your entrepreneurial dreams in Philadelphia.
  • Professional Liability: For Philadelphia business that provide services rather than retail product sales, professional liability coverage is especially important. If your services ever lead to physical or property damage, this commercial insurance option will have your back and protect you from expensive lawsuits by paying legal fees and any resulting settlements. 

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 Small Businesses in Philadelphia

Business interruption insurance gives you the option to project your annual income in advance, and then if have to shut down operations temporarily due to an eligible interrupting event, your insurance company will pay out the lost income up to your projected total at the end of the year. Don't let a temporary business shutdown close your Philadelphia business forever.

Employee Coverages for Small Businesses in Philadelphia

  • 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 in one year: $5,491/person or $16,019/family
  • Average national cost of workers' compensation per employee: $612

In Philadelphia's highly competitive business world, employees are looking for jobs that provide the best benefits. If you are struggling to find affordable coverage options for your employees, Trusted Choice Independent Insurance Agents can help. Whether you're shopping around for quotes on health care, life insurance or workers' compensation benefits, the Trusted Choice agents can guide you toward the most affordable employee coverage options for your small business. 

Cyber Crime Insurance for Small Business

  • 10,446 Identity theft complaints in Pennsylvania 
  • Ranked 16th highest for identity theft complaints in the U.S.

Identity theft is a serious concern in Pennsylvania, but it's also something that Philadelphia small businesses have to take into consideration. Studies have shown that only 22 percent of small businesses have a response plan in place for cyber attacks. Unfortunately, data breaches happen every day, so talk to a Trusted Choice Agent about your options for cyber crime coverage as part of your commercial insurance policy. 

Selecting the best small-business insurance starts with a call to Trusted Choice. Our friendly Independent Insurance Agents are experts at matching small businesses with the commercial coverage they need to protect against today's biggest threats. Contact a Trusted Choice agent today to learn more about Philadelphia business insurance and to get a no obligation quote for your company. 

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