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.
Pennsylvania Bookkeeping Insurance
Pennsylvania Bookkeeping Insurance. As a bookkeeper, you work with sensitive, personal financial information which could expose you to a lot of risk. Even the best bookkeeper can make a miscalculation or omit data that can cause a client to suffer financial loss.
Also, running a business or professional firm means that you face many business risks. The good thing is that you can get Pennsylvania bookkeeping insurance to protect you from the many threats you face.
Pennsylvania bookkeeping insurance protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Types Of Bookkeeping Coverage
There are some fundamental Pennsylvania bookkeeping insurance policies for firm that can keep it protected. Here are some of the most important coverages you can purchase:
General Liability Insurance: Let's say you visit a client's office to do some bookkeeping work, and you accidentally spill hot coffee on the client's laptop, damaging it beyond repair. Apart from protecting you from financial losses due to high costs involved in settlements, general liability insurance can also protect your reputation.
This type of Pennsylvania bookkeeping insurance will also protect you against 'slip-and-fall' accidents that can occur in your office or on your premises.
Professional Liability Insurance: This is one of the most important coverages for PA bookkeepers. A bookkeeper's job involves recording financial transactions that a small business performs from day to day. Such an activity exposes you to human errors such as journal entry errors. Even if you've not made an error, you might still be sued for negligence - but fortunately, professional liability insurance will protect you against such a claim.
Property Insurance: In general, property insurance will protect a business and business owner from the costs of damage to property as a result of incidents such as fire, theft or weather destruction. Whether you own a building that is housing your PA bookkeeping office, or you rent an office, you need property insurance to protect your company's assets from events that are beyond your control. Apart from being expensive to repair, property damage can be devastating in other ways, such as disrupting your business and making you lose clients.
Business Income Coverage: On top of general liability and property insurance, you can also purchase business income coverage. This will protect you against loss of income in case you're unable to run your business as a result of property damage due to an unexpected occurrence. For instance, a storm might force you to close your business for several days while you try to salvage and repair your premises. With business income coverage, you can be covered to meet your financial obligations.
Data Breach Coverage: Bookkeepers store a lot of sensitive information, which could be lost or stolen. When this happens, your business could face penalties, regulatory fines, and a tarnished reputation. Keep in mind that data breach isn't confined to big business and hacking is not the only manner in which a business can lose data.
For instance, a thief may break into an employee's car and steal a laptop which contains your clients' personal information. Your offices may be broken into before thieves disappear with sensitive information. You therefore need Pennsylvania bookkeeping insurance coverage to protect you against data breaches.
Employee Dishonesty Coverage: As a financial professional, you deal with a lot of sensitive financial information. This means that if an employee is dishonest and steals some records, it could pose huge risks to your company.
For example, an employee can use access a client's record and use the sensitive and valuable information to steal some money or shares. And employee could also enter ghost vendors into your system and start cutting checks payable to the fictitious vendor. You therefore need employee dishonesty coverage to protect you from an employee's fraudulent acts.
Workers Compensation Insurance: You need workers' compensation insurance if your business has any non-owner employees. PA workers comp covers you against employees' medical care in case they are injured at work. This coverage also takes care of sick workers as well as their income while they are recovering. Also, most states require workers comp and will impose fines or jail time for employers who fail to buy such coverage.
PA Bookkeeping Insurance
These are just some of the policies available as part of Pennsylvania bookkeeping insurance and if you need coverage, you should speak to a professional broker to help you with a customized insurance package.
PA Corporate Headquarters Insurance
The protection of your corporate building is necessary. Taking the time to find the best protection is a wise investment that you can make for the future growth of your business.
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 Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Attorney Lawyer
- Business Consulting
- Corporate Wellness
- Court Reporter
- Debt Collection Agency
- Detective Agency
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- Financial Planner
- HR Consultant
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Project Management
- Temporary Staffing
- Tax Preparer
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
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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.