Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number. (read more)
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it. (read more)
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Equipment Rental Insurance Pennsylvania
Equipment Rental Insurance Pennsylvania. If you own a business that rents out equipment to other businesses or individuals, then equipment rental business insurance is a paramount purchase to ensure your business' mitigation of liability and loss. Whether you're renting out rototillers for digging up a garden or party tents for weddings, covering your risks is an important part of being a responsible and successful business owner.
When you own a business that rents out equipment, the perils you face are very real. You may rent a piece of equipment to someone who subsequently becomes injured by the equipment. If this happens, you may be held responsible and held liable for the ensuing damages, including any medical costs and any costs for property loss. Equipment rental insurance Pennsylvania can mitigate your losses and help your business maintain its growth despite any claims and lawsuits that might arise.
Equipment rental insurance Pennsylvania protects your business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Basic Insurance for Rental Equipment Businesses
There are some basic coverage types that all businesses, including equipment rental businesses, must consider. Some of them include:
- General liability coverage. If you or someone working for you are held responsible for property damage or bodily injury, then this Equipment rental insurance Pennsylvania coverage can be a godsend.
- Property insurance coverage. This protection provides peace of mind that the investment you've made in your equipment is not a loss if someone damages or steals items from your equipment inventory. It also covers the physical building in which you do business and non-rental items inside.
- Commercial vehicle insurance. Auto insurance to cover your business vehicles is important. This coverage should extend to your employees who use company vehicles.
- Worker's compensation. This coverage is oftentimes included in mandatory state taxes. If not, it is a valuable coverage that provides monetary payments for illness or injury related to work as well as medical payments for injured or ill workers.
Rental Equipment Coverage
There are two main areas of concern when it comes to the risks that you face with your rental equipment. The first of these is that the equipment is at risk of damage or loss when you rent it out to your customers. Secondly, it can become a source of bodily injury or cause damage to property. Because of these risks, it is important to work with an insurance agent who understands the intricacies of such coverage and the overall nuances of the equipment rental business to find a an Equipment rental insurance Pennsylvania policy package that covers your business from all angles.
The agent may recommend inland marine protection. This type of floater policy covers the equipment that you have both at your business and off the property, without regard to who is operating or handling the equipment. This all-risk policy generally has a per-loss deductible. Another common recommendation is enhanced general liability coverage. This type of policy can protect your business from property damage claims and claims of bodily injury that arise from the operation of your business. This includes any rental items that your customers use.
Your Rental Business and Rental Agreement
In general, your business should have an attorney-approved rental agreement in place to allocate the responsibility of damage or loss of your rental items. This agreement should also address liability claims and the responsibility of payment of those claims. Still, regardless of the responsibility assigned to the customer by the rental agreement, your business still needs adequate Equipment rental insurance Pennsylvania coverage. For instance, if there is a possibility that your customer lacks the knowledge or skill for proper equipment use, you may be left liable. If the customer loans out the equipment to someone else prior to returning it, you can be held responsible for losses or injury from the third party.
The customer might also be unwilling to meet the obligations laid out under the agreement. It may also be the case that the customer absconds with the property, leaving you holding the bag for replacement. In these scenarios, the right level and type of coverage can mitigate these losses and leave your business whole again.
If you rent out equipment that has a high replacement value, it may be best practice to require that the customer purchase insurance that covers any liability or loss for both the customer and your business and furnish you with a certificate of insurance to prove coverage.
Choosing Your Equipment Rental Insurance Policy
Work with a commercial agent when choosing equipment rental insurance. Your agent is adept at understanding your unique needs and can recommend the right level and type of coverage for you and your business. By explaining your business model and the risk that customers may face when renting from you, your agent is better able to understand how much insurance, the type of Equipment rental insurance Pennsylvania insurance, and the level of coverage that your business needs.
Your agent can customize your insurance package to meet your needs and can compare rates for insurance policies that meet your needs with different companies. This gives you the ability to find the right Equipment rental insurance Pennsylvania policy for your budget.
Pennsylvania Economic Business Outlook & Commercial Insurance Requirements
While you might have a fantastic idea for a business, if you aren't setting up shop in the right PA location, there's a good chance that you won't see the success that you hope to achieve. With that said, it's important that you have an understanding of the economic status of the state that you are thinking about doing business in. It's also important for you to know what type of rules and regulations regarding insurance are in place in that state.
If you are thinking about doing business in the Commonwealth of Pennsylvania, keep on reading to find out some valuable information that you can use to make the best choices for your operation.
Pennsylvania's Economy Now And Into The Future
In terms of the economy, Pennsylvania's future looks pretty bright. It boasts the sixth largest economy in the United States. It is also home to some of the largest private and public organizations in the nation, as per sales.
The job market is expected to see steady growth in Pennsylvania during the 2019 calendar year. That rate is expected to be 1 percent, which is a marked increase from previous years. This is largely due to the high pool of educated laborers that reside in the state. Currently the unemployment rate is 4.9 percent, which is on-par with the rest of the nation. It is believed that the unemployment rate will continue to drop as more jobs are added.
For business owners, there are several industries that will afford success. The food products industry, particularly related to agriculture, contributes largely to the state's economy. This is expected to continue moving forward throughout the 2019 calendar year. Other industries that are forecasted to see growth include:
- Printing & Publishing
If you are thinking about doing business in PA, working in one of these industries will likely afford you success.
Insurance Requirements For Businesses In Pennsylvania
The Pennsylvania Insurance Department regulates insurance in PA. Business owners are legally required to carry workers compensation insurance. This type of coverage is a must for any business that employs any W2 part-time or full-time employees, and for employees that are either hourly or salaried. You must also carry PA commercial auto insurance if you plan on using a vehicle to conduct anything related to your business.
While commercial liability insurance is not required in Pennsylvania, it is still a wise idea to invest in. This type of coverage will protect you from the cost of any lawsuits that could potentially arise.
Additional Resources For Retail Insurance
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Adult Novelty
- Appliance & Electronics Store
- Art Gallery
- Auto Service Repair
- Auto Supply Parts Store
- Bicycle Shop
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Car Wash
- Carpet Store
- Clothing Store
- Collectibles Memorabilia Store
- Convenience Store
- Cosmetics Store
- Dry Cleaning
- Equipment Rental
- Funeral Home
- Furniture Store
- Gas Station
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Lingerie Store
- Luggage Store
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tobacco Store
- Toy Store
- Travel Agency
- Wig Store
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.