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 Scrap Metal Dealers Insurance
Pennsylvania Scrap Metal Dealers Insurance. It is important for all businesses to have appropriate levels of insurance in place. This protects the company against unexpected loss and ensures that there are funds available to settle any lawsuits, disputes, or other similar claims.
Pennsylvania scrap metal dealers insurance also protects your business should something go wrong at your plant, including fire, break-in, spills, or injuries. The only way to ensure that you are fully protected is to speak with a qualified insurance broker and purchase products that are relevant to your business operation. Learning more about PA scrap metal dealers insurance is a great place to start.
Pennsylvania scrap metal dealers insurance protects your business from lawsuits with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
What Is Scrap Metal Dealer Insurance?
PA scrap metal dealers are veru busy on a daily basis. Drivers travel to pick up metal, customers enter the scrap yard to drop off materials, and employees operate heavy machinery to sort and prepare inventory for delivery to a foundry or other customer location.
Pennsylvania scrap metal dealers insurance is not just a single policy. It is typically a package consisting of numerous polices, offering protection against a wide range of potential problems. Each insurance company includes a different combination of policies in their scrap metal insurance packages.
When shopping around for policies, make sure you get the details of exactly what each package covers. It is a good idea to jot down some information about your company and your insurance needs before you start shopping around. For example, a large plant with over 100 employees may have very different needs than a smaller operation with less than 20 staff members.
What Do Scrap Metal Dealer Policies Cover?
As mentioned, most Pennsylvania scrap metal dealers insurance vary depending on the insurance company you decide to go with. In general, most PA scrap metal dealers packages cover the following:
- Property Damage - Protecting the company's physical assets, such as its products, products, buildings, building contents, and any products that are currently in transit. This type of policy also covers the loss of money, should a safe or other secure storage system become compromised. Also including specialized coverage for equipment and machinery.
- Business Interruption - Providing financial assistance to a company should revenue be reduced as a result of, or directly after a property damage claim is made.
- General Liability - Protecting your company should an accident or incident occur that does bodily injury property damage to a third party - like a customers getting injured while on your premises.
- Commercial Umbrella Liability - Excess liability for large claims.
- Workers Compensation - to protect your company if you face an lawsuit or allegation by a staff member.
- Commercial Auto - For your trucks and other vehicles that drive on the road.
This is not an exhaustive list but does contain a few of the polices that most scrap metal packages include. Remember to talk about your unique situation with your insurance agent to ensure that you get a comprehensive policy that meets all your protection needs.
Who Should Invest In PA Scrap Metal Dealer Insurance?
In most states, scrap metal dealers are only required to have workers comp insurance, which can result in company owners deciding not to purchase additional coverage. This may seem like a good way to meet your legal obligations while controlling costs. However, it can quickly backfire.
If there are property damage issues, incidents that affect third-parties, or incidents of theft, you as a company owner are on the hook to pay for any replacements or repairs. In most cases, these repairs cannot be put off or delayed. To do so could negatively impact your bottom line.
Instead of relying on the legal minimums, consider the type of financial risks you could be exposed to during the course of your business. It's a good idea to make a complete list so you can bring it with you when you speak with your insurance agent. Add things like how often you deal with hazardous material waste, the number of employees you have, how the metal is transported to and from your plant, and the specific types of workplace hazards your employees face. All of this information can help you stay adequately covered, protecting your company and its future should something go wrong.
How Much Coverage Do You Need?
All company owners have an obligation to ensure that their workplaces are covered by the appropriate insurance polices. Failure to do so can leave you in a very bad financial position. Some uninsured or inadequately insured companies even need to shut their doors after an accident or spill as a result of the financial costs involved. There are many types of policies that those involved in the scrap metal industry need to have in place. Since this can get confusing, and due to the importance of being adequately covered, it is always a good idea to speak with a reputable broker before making your policy decisions.
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.