Pennsylvania Comprehensive General Liability Insurance (Quotes, Cost & Coverage)
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Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial 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.
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.
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 Comprehensive General Liability Insurance
Pennsylvania Comprehensive General Liability Insurance. CGL is a type of insurance that every business needs to have if it wants to be able to protect itself from the many types of costly claims that it faces. For a business owner the possibility of being found liable for an accident, or a mistake - should be a priority. The scary reality is that all it takes is being found liable for one major issue and suddenly the years of hard work you have put into building your business can be ruined in the blink of an eye. A Pennsylvania comprehensive general liability insurance can help protect your business.
Pennsylvania comprehensive general liability insurance protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
When you run a business there are a wide range of risks that you need to be aware of that could potentially turn into a problematic legal situation. By being proactive and finding a solid Pennsylvania comprehensive general liability insurance policy from a reputable company, you can help to protect your business from future lawsuits.
What Does PA Comprehensive General Liability Insurance Protect A Business From?
No matter what type of business you own and operate you are going to have a product of some kind that you provide to customers. When your customers purchase that product from you there are expectations on their part of how that product will perform. For example if you run a construction business and you build homes, anyone buying a home from your company would expect that it would be well built and that it would be safe to occupy. If there was a mistake made during the construction of that home that caused it to structurally fail, then the owners of that home would be well within their rights to file a lawsuit against you.
At that point your company would likely be held liable for the damages, for any damage to the home owner's property, for the cost of providing temporary lodging to the home owners while they await repairs, and also additional punitive damages for inconvenience. If the structural failure of the home causes an injury, or even worse someone to lose their life, then the penalties would be much more severe.
This is where a Pennsylvania comprehensive general liability insurance policy would come into play, and it could potentially save your business from financial ruin. This type of insurance policy would cover you in the event of a lawsuit of this nature, and it would help you to avoid paying out so much money that it would cripple your business. In addition to the example given above this type of insurance policy will also protect your business from any bodily injury or property that happen on the work site and any most other work related functions that your business performs. PA comprehensive general liability insurance will not cover any company vehicles that your business uses, so you will need a separate policy for this.
How To Choose The Right Insurance Company
For any business finding ways to save money and cut costs is important, since it will help to increase profit margins. With that being said there are certain things that are so essential to the future of your business that you simply cannot afford to cut corners. Pennsylvania comprehensive general liability insurance is one of those areas.
You may be tempted to choose a discount plan with lower payments, but what happens when you actually need to file a claim? Will the company you have insurance through help you with the claims process or will they try to delay having to pay out? What about your deductible amount, is it so high that your business will have a huge out of pocket expense that could cause you issues moving forward? What if the coverage limits are too low?
Going back to the example above if you have coverage for $1,000,000 in damages, and a home your company built has a defect that ends up costing someone their life, that $1,000,000 won't come close to covering what a wrongful death lawsuit would award the homeowner in this case. That means that you will be paying out of pocket for the rest of the damages, which could end up causing you to lose your business. The bottom line here is that you need to do your homework before making any final decisions about which insurance company to use to protect your business.
CGL Policy Help
For you to protect your business you need the right Pennsylvania comprehensive general liability insurance policy. For you to get the right coverage, you must figure out for what risks you want to protect your business against. Talking to an experienced insurance advisor can help. Taking this simple step can protect your business from being destroyed if you are ever sued.
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 2018 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 2018 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 Small Business Insurance
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.
- Business General Liability
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Comprehensive General Liability
- Directors and Officers Liability
- Employers Liability
- Employment Practices Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Professional Liability
- Small Business
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners thnk about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc.? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
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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, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.