Liability Insurance Philadelphia Policy Information

Liability Insurance Philadelphia. In some situations, a person or business may unwillingly cause a person or party to be injured or damaged. If the affected person claims the damage, the individual or organization may undergo financial loss. For example, a mail carrier may slip on your icy driveway and get injured. He can sue you for pain, suffering, medical expenses and lost income. A customer gets sick from using one of your products and takes your business to court. You accidentally injure someone while driving and wind up in court, paying substantial legal bills.

No one is immune from such occurrences. Without adequate liability insurance Philadelphia coverage, they can cause devastating effects to your business or career.

Liability insurance Philadelphia protects your company from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.

Liability insurance Pennsylvania protects you against loss if your actions, negligence, or a condition of your property causes injury or death to a person or property belonging to another person is damaged or destroyed. Without liability insurance, you would be on your own if you are found legally responsible for any number of reasons.

With court awards and legal fees getting more and more expensive, it is vital for everyone to get liability coverage from a trusted liability insurance Philadelphia provider. The insurer's duty is to defend you and cover legitimate claims posed against you up to a certain limit. All costs including your defense costs and the cost of settling claims are covered, and this provides you with invaluable peace of mind.

Below are the types of liability insurance Philadelphia businesses and professionals need to have:

Workers Compensation Insurance

According to PA law, employers in Pennsylvania are responsible for the safety of their employees whenever they are at work. An employee may get injured while they work, or a former employee becomes ill due to the work they did while on your employment. Such employees may sue you or your organization and claim compensation if they believe that you are responsible. Employers' liability insurance Philadelphia ensures that you are protected from financial loss due to such claims. However, if your employee gets injured due to a motor accident, you may be covered by your motor insurance against any compensation claims. Employee liability insurance is compulsory in PA for any employees of a business that are not owners, and you can be fined for not having a current insurance policy that complies with PA state laws.

Public Liability Insurance

Public liability insurance covers an individual, business, a contractor or even a community building from any costs of legal action if they are found responsible for injury or death of a person, or loss or damage of property. It covers you from claims made by members of the public or other businesses against you, but your employees can't sue you. Unlike employers' liability, public liability insurance Philadelphia is not compulsory in most cases.

Nevertheless, businesses in all industries are recommended to have a public liability cover if there is a likelihood of being sued for negligence. In some cases, it is mandatory. For example, licensing authorities may require a business to have it to hold public events. This type of cover does not help you if you are involved in known criminal actions or hazardous activities.

The popularity of public liability insurance Philadelphia is increasing, and it may be included in insurance policies. If you find out that you are covered for public liability in other insurance products, ensure that the amount you are covered is enough.

Product Liability Insurance

According to government statistics, defective and dangerous products cause thousands of injuries annually in the United States. Responsibility for such injury may be distributed among all people who are involved in the product chain. Parties exposed to product liability claims include the manufacturer, importer or distributor, the party who assembles and installs the products, the wholesaler and the retail store from which the customer got the product.

If you manufacture, import, sell or distribute products in PA, you should have product liability cover from your liability insurance Philadelphia company of choice. It covers you for any damage or injury that may be caused by the use of your products. People who believe that they have been harmed by your product can sue you without having to prove that you were negligent or had the intention to cause harm.

Product liability insurance may also cover for claims made by a customer if they are harmed by the lack of adequate instruction on the use of a product. These claims might even be due to failure to warn on your product label. Therefore, this type of insurance is vital to any business that manufactures or distributes products.

Professional Indemnity

Regardless of how many years of experience you or your firm may have, there is a possibility that one day you or one person in your team will make a mistake. It might be professional negligence, loss of data, unintentional breach of confidentiality or defamation.

Professional indemnities (also know as errors and omissions (E&O) and professional liability) are designed to protect professionals such as doctors, lawyers, chartered accountants, architects, etc... from legal liabilities to pay for any damage caused by their negligence as they perform their professional duties. Someone may sue you if he/she suffers a loss after applying your professional advice or receiving your service. Different types of professional indemnities are designed for different professions. For instance, the medical profession has medical insurance indemnity as a requirement for professional registration or licensing.

With respect to industry bodies regulatory requirements, professional indemnity liability insurance Philadelphia is mandatory especially for professionals such as accountancy, surveying, engineering to name but a few. Also, professionals working on contract terms such as IT consultants, business and management consultants will certainly need PI insurance to get a contract. However, large or small a professional business is, without PI insurance the business is left vulnerable to financial and reputation compromise.

Why You Need Philly Liability Insurance

Even if you are not legally obliged to have liability insurance Philadelphia cover. Without it, you are at risk of paying thousands if not millions of dollars in compensation and legal fees whenever a claim is presented in court against you. This is in addition to the opportunity cost of time lost when you are out of business defending allegations. There are many listed liability insurance Philadelphia companies that can provide you with adequate liability cover for your business and profession. You need it sooner than later so that you can enjoy peace of mind as you focus on providing your customers with the best products and services and growing your business.

Philadelphia Business Regulations

Information directly from The Department of Licenses. The Department of Licenses (L&I) processes applications, issues licenses, issues permits, and conducts inspections to insure that regulations are met. Every person who desires to engage in any business in the City of Philadelphia, whether or not that person maintains a place of business in the City, must possess a Commercial Activity License from L&I. This is a one-time license and can be used for all businesses operated within the City.

Some business operators will only need a Commercial Activity License. However, other business operators need a combination of licenses. For example, a street vendor selling fruit and vegetables may need four licenses (Sidewalk Sales; Food Preparing and Serving; Scales; and Commercial Activity). The type of license you need depends on the kind of business activity you will engage in.

Additional Small Business Commercial Insurance Resources

Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.

Businesses need commercial insurance to protect their assets, employees, and customers. It helps to cover the costs of potential accidents, lawsuits, and other unforeseen events that can result in financial loss.

For example, if a customer slips and falls on a wet floor in a store, the business could be held liable for their injuries. Commercial insurance can help cover the costs of medical bills and legal fees associated with the incident.

Additionally, businesses often have valuable equipment and inventory that need to be protected from theft or damage. Commercial insurance can provide coverage for these items in the event of a disaster, such as a fire or natural disaster.

Furthermore, businesses often have employees that can be injured on the job. Workers compensation insurance can provide coverage for medical bills and lost wages for injured employees.

Overall, commercial insurance is a necessary tool for businesses to protect their assets, employees, and customers. Without it, businesses could face significant financial loss in the event of an unexpected occurrence.

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Learn about Pennsylvania small business insurance requirements for general liability, business property, commercial auto & workers compensation including PA business insurance costs. Call us (267) 296-1099.

Liability Insurance Philadelphia