Having the right kind of business insurance helps protect you from the unexpected costs associated with keeping your doors open and your day-to-day operations running smoothly.
Building a policy that serves your business and protects your financial interests can be complicated, and search bots don't offer the ongoing one-on-one support you need. Fortunately, you have access to independent insurance agents in the Williamsport area that want to help you get the types and amounts of coverage for your business from a trustworthy insurance company.
Contact an independent insurance agent near you to get started right away.
Why Do Businesses in Williamsport, Pennsylvania, Need Liability Insurance?
Business liability insurance is the cornerstone of your commercial insurance policy. It covers your court costs, financial damages, and legal fees if your business is sued for a covered event. In a liability lawsuit, costs climb quickly. Here are some examples of how various types of liability insurance help your business:
- Premises liability insurance: This covers third-party injuries, illnesses, and property damage that occur if there's an accident on your business property.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage that are caused by defects in products your business produces, sells, or promotes.
- Employment practices liability insurance: This covers lawsuits related to accusations of illegal employment practices such as discrimination, harassment, breach of contract, and wrongful termination.
- Cyber liability insurance: This covers financial losses and liabilities if hackers access your computer systems and steal sensitive customer data, such as financial information, credit card numbers, Social Security numbers, or personal data.
- Pollution liability insurance: This covers cleanup costs and damages if your business is responsible for an accident that leads to the pollution of the ground, water, or air.
- Commercial vehicle liability insurance: This is required by law if your business owns and operates vehicles. This auto insurance policy covers your company’s increased liability risks if one of your drivers causes an accident that results in third-party injuries or damage.
When it comes to handling a liability lawsuit, it's important to remember that you may not have been able to do anything to prevent the incident from occurring in the first place. Your independent agent will be with you every step of the way to help you work with your insurance company until the matter is resolved. Your agent can help you get the coverage you need to protect your financial stability, even if unexpected events threaten to derail your business's growth.
What Insurance Policies Protect Your Williamsport Business Property?
Your business property may be one of the biggest investments you make. Unfortunately, weather events, fires, and crime can cause serious damage to your building, the property surrounding it, and your business-owned equipment and supplies.
Commercial property insurance is a standard part of every business insurance policy. It covers your commercially owned property, including your merchandise, inventory, computers, and furnishings.
You may want additional coverage in the form of specialized property insurance. Here are some options:
- Inland marine insurance: This covers portable business property while it is in transit or is stored away from your place of business, such as at a worksite.
- Boiler and machinery insurance: This covers the repair or replacement of a broken-down furnace or other machinery, and can also cover any business losses associated with machine malfunctions.
- Bailee's insurance: This covers valuable property owned by others whenever it is in your business’s care, custody, or control, such as when you are performing repairs or maintenance services on it.
Your commercial property insurance policy, no matter how robust, does not cover damage resulting from a flood. Even if the flood is the direct result of a covered event, your insurance company won't pay for damages.
Pennsylvania businesses should be concerned about flooding that results from weather events. Your agent can talk with you about how to mitigate the risk of flood damage using a commercial flood insurance policy. Your coverage limits should be high enough so you can repair, rebuild, or replace essential items and property as necessary, even if your business property is damaged due to flooding.
Why Is Business Interruption Insurance a Good Idea in Williamsport, PA?
After a major disaster, you may be forced to close the doors to your business while you rebuild. Williamsport businesses have experienced severe weather-related damage in the past. The federal government has declared a number of disasters in Pennsylvania in recent history:
- Severe storms and flooding in 2018, 2016, and 2011
- Severe winter storms and snowstorms in 2016, 2014, and 2010
- Tornadoes and flooding in 2013
- Hurricane Sandy in 2013
- Tropical Storm Lee in 2011
- Hurricane Irene in 2011
Closing your business for several weeks can be financially challenging. With help from your agent, you can use a business interruption insurance policy to assist you with the continuation of income until you can make necessary repairs and get back to normal.
With business interruption coverage, you can pay your regular monthly expenses, even if you aren't open for business.
Do Businesses in Williamsport Need Worker’s Compensation Insurance?
Williamsport businesses must follow Pennsylvania laws about offering worker’s compensation insurance to their employees. Even when you take necessary precautions and put safety measures in place, your workers can still get hurt on the job.
Worker’s compensation insurance provides the coverage you need to help your employees get back to work safely and quickly after receiving medical care when a covered event occurs.
In Pennsylvania, all businesses must carry worker’s compensation coverage if they have one or more employees, regardless of the number of hours they work each week.
Your premiums are based on your business type. Your Williamsport independent insurance agent can help you find the right type of insurance company and help you get the lowest possible rates combined with the best coverage.
What about Insurance Products for Employee Benefits Packages?
When you offer subsidized healthcare coverage to your employees, you maximize your chances of recruiting and retaining top talent. Studies conducted by human resource managers show that businesses offering competitive employee benefits packages find it easier to attract ideal employees.
There are many options when it comes to designing a benefits package that works with your budget and offers a great deal of value to your employees. When you speak with an independent insurance agent, they'll work to identify areas where you can maximize your offerings without blowing your budget.
Why Work with an Independent Insurance Agent in Williamsport, PA?
Your business has unique needs. While it's easy to hop online and let a search bot tell you how much a basic business insurance package costs, you may be leaving yourself open to financially devastating perils.
Your Williamsport independent insurance agent understands Pennsylvania laws. They can help you identify potential areas of weakness that are specific to your business, so you can get the right types and amount of insurance to protect your investment.
Find a local insurance agent today to discover the benefits of having an expert on your side.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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