Pittsburgh Business Insurance

The Complete Pittsburgh Business Insurance Guide

Find the right business insurance policy for you.

There were 999,591 small businesses, employing 2,445,023 people, based in the state of Pennsylvania. More than 24,500 of these businesses were headquartered right here in Pittsburgh, PA. From restaurants like Primanti’s to independent tax consultants, local businesses contribute to their communities and local economies. As one this area’s many small-business owners, you can benefit from protecting your investment with a solid Pittsburgh business insurance policy. Consider this: In 2014 alone, companies in Pennsylvania collected $13,781,591 in business insurance claims.

  • 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.

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Someone filing a lawsuit against your company, can, in some cases, be enough to lead your business into bankruptcy – even if the courts ultimately rule in your favor. This is because the cost of your legal defense alone could amount to tens of thousands of dollars.

Fortunately, you can protect your business by having the right kinds of liability insurance included in your Pittsburgh commercial insurance policy. Nearly all business insurance policies include general liability insurance as part of their standard coverage. This can cover legal defense, court costs and financial damages for many of the problems your business is likely to face. An independent insurance agent can help you identify any other types of liability coverage that may be right for your Pittsburgh business. Your agent will likely talk to you about the following coverages:

  • Premises liability insurance: A component of general liability insurance, this covers your business if an accident on your commercial premises leads to third-party injuries, illnesses or property damage.
  • Product liability insurance: Another aspect of general liability coverage, this covers your business if a product you produce, promote or sell causes damage, illness or injuries to others.
  • Professional liability insurance/Errors and omissions insurance: Professionals in all fields can benefit from purchasing professional insurance that has been specifically designed for their various industries. It covers acts of negligence and other professional errors. The most well-known type is medical malpractice insurance, but there are professional liability policies in place to protect all kinds of professionals.

Business Interruption Insurance for Pittsburgh Small Businesses

Pittsburgh-based businesses contribute to the gross state product. However, if a disaster, such as a microburst or a fire, causes major damage that necessitates that you stop business operations for an extended time while repairs are made, the stoppage can negatively impact your business revenues. Make sure that your Pittsburgh commercial insurance policy includes business interruption insurance so that your company can continue to collect income during the closure. That way, you can continue to pay key employee salaries and handle your company’s monthly expenses until you can once again resume normal business operations. This coverage is typically limited to 12 months.

Property Insurance for Small Business in Pittsburgh

  • Number of natural disasters in the U.S. in 2014: 119
  • Only 61% of losses from natural disasters were covered; $9.7 billion from damage were not

Distastes of all kinds can lead to substantial financial losses for your Pittsburgh-based business, not only because of lost income but because of the resultant property damage. Fortunately, commercial property insurance covers loss or damage to your business-owned assets such as merchandise, inventory, computers, tools, machinery, signs and furniture. Businesses in different industries have different coverage needs. That is why it is advantageous to work with an experienced Trusted Choice agent when you are building your Pittsburgh commercial insurance coverage.

Also, be aware that your business insurance does not cover damage caused by floods, which can be a significant problem in the Three River City. You should therefore be sure to talk to your Trusted Choice agent about supplementing your Pittsburgh business insurance with a commercial flood insurance policy through the National Flood Insurance Program (NFIP).

Workers' Compensation for Pittsburgh Businesses

Workers' compensation insurance covers the costs associated with workplace injuries and illnesses. Every state has its own laws pertaining to workers' compensation insurance. In the Commonwealth of Pennsylvania, all businesses with at least one employee are required to carry workman’s comp coverage. The state allows employers to handle this coverage by self-insuring, by purchasing coverage through a competitive state fund or by opting for coverage through a private insurer. A Trusted Choice agent can help you review your options so you can make the best choice for your company.

Employee Coverages for Small Businesses in Pittsburgh

  • Total 2013 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 2013: $5,491/person or $16,019/family

The Affordable Care Act’s “employer mandate” states that all U.S. companies with at least 50 full-time employees provide them with subsidized health insurance coverage. Even if it is not required of your business, offering your employees benefits such as health and life insurance can help you attract and retain good workers, so it may be worthwhile. If you are interested in looking into these insurance plans for your employees, a Trusted Choice agent can help you find affordable options that you can include with your Pittsburgh business insurance plan.

Cyber Crime Insurance for Pittsburgh Small Businesses

  • Number of identity theft complaints in Pennsylvania in 2014: 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 is a new type of liability coverage that has become increasingly necessary as incidents of electronic data theft are on the rise. If you use computers or other electronic means to collect or store sensitive data, such as personal and financial information, about your customers, this insurance may be a very good idea for your Pittsburgh-based business. It shields your firm from large financial losses related to lawsuits if hackers manage to access this information, putting your customers at risk for identity theft and fraud. You can get more information about cyber crime coverage by speaking with your Trusted Choice agent.

Find the Right Pittsburgh Commercial Insurance for Your Business

Shopping for business insurance on your own can lead to disadvantages like coverage gaps and overpriced policies. When you work with an independent insurance agent in the Trusted Choice network, your agent can explain your various coverage options and can provide you with an easy way to compare Pittsburgh business insurance quotes for policies that are customized to meet your company’s needs. This will enable you to find and purchase appropriate coverage at an affordable price.

When you are ready to buy a policy for your business, turn to an independent insurance agent for assistance. There are several Trusted Choice agents with offices in Pennsylvania, and many are located throughout the many Pittsburgh neighborhoods. Find an agent with an office conveniently close to your business to learn more about Pittsburgh commercial insurance coverage.

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