Umbrella Insurance Pennsylvania (Quotes, Cost & Coverage)
Call to start your quote:
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.
Umbrella Insurance Pennsylvania
Umbrella Insurance Pennsylvania. Does you business need an umbrella excess liability policy? Any company in business in today's modern world is subject to claims of wrongdoing and/or negligence. With an PA umbrella insurance policy in place, the fallout from these types of lawsuit is minimized and mitigated.
In the litigious environment in which we live, people are seemingly looking for a reason to sue a company, business, or individual and the excess liability policy can cover damages that exceed the limits of your underlying liability insurances.
Umbrella insurance Pennsylvania is excess liability that protects your business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Any Company Can Be Sued for Negligence or Wrongdoing
Now more than any time in history, people are more than glad to lodge a complaint against a business, even if the complaint has little or even no merit. When an individual feels wronged or jilted in some way, the first thing that comes to mind is to make the company offending them pay. Many people see a business as having deep pockets, even if the business is small and doesn't have a lot of revenue. With business umbrella insurance Pennsylvania, your business enjoys a heightened level of protection from such claims, and should your business find itself paying an exorbitant amount in a claim, this insurance can be invaluable.
A commercial agent working with experiencing writing business policies is a go-to source for getting the right umbrella insurance Pennsylvania policy. An agent with experience can be helpful in recognizing the risks that your business faces and helping you to find the right level of protection to put a shield between you and potential litigants.
Reasons to Buy Business Umbrella Insurance
There are a number of reasons that an umbrella insurance Pennsylvania policy may be right for you. Some of them include:
- You have professional liability coverage in force, but it might not be sufficient to cover your needs, including any payouts to litigants and the legal fees incurred to defend yourself in court.
- Your business has significant assets to protect. Remember that if a monetary award is quite significant, you may be asked to sell off assets to cover any award not met by your insurance.
- Your company runs a high risk of claims because of the service or products that you provide or sell. For example, a dog walking business is generally a less-risky endeavor than a sky-diving instruction business.
- The work you do is prone to litigiousness. Some professions see more litigation than others; a doctor is more apt to be sued than a guy providing landscaping services.
Commercial Umbrella Insurance and Your Business
Lawsuits in the business world are filed each and every day. Do you know your own business' risks?
Big businesses are not alone in their risk for legal action against them. Small businesses and mid-sized enterprises are also vulnerable, perhaps even more so. Any business of any size can be targeted, and even a minor lawsuit can cost a lot of money to dispose of, including legal fees for representing claims without merit.
Some scenarios that often leave businesses at risk of being sued include:
- An employee posting something deemed damaging about another business or individual on a social media network from a company computer.
- Advice rendered by an employee causes a client to lose money.
- A customer coming into the office for a consult slips in ice on the pavement out front and is inured.
- A bartender serves too many beers to someone who ends up in an accident and kills someone.
- A waitress drops a hot cup of coffee on a customer and causes a burn.
- An adjustment by a chiropractic professional leads to the patient's injury.
- A product you sell causes people to become ill or die.
- An employee in a company car runs a red light and causes an accident.
These are real world examples of accidents that have occurred and been adjudicated in a court of law. It is impossible to know in advance if an event will occur, which is why an umbrella insurance Pennsylvania policy makes sense. The policy kicks in to pay any excess liability not covered by your standard business insurance policy.
How Does An Umbrella Business Policy Work?
Umbrella policies have simple structures that are not too difficult to understand. To illustrate such as policy, assume that you or an employee causes an accident. Several people sustain severe injuries. The accident happens in your company car. As a result, the legal fees and costs of the accident amount to $2 million and include legal settlements, attorney's fees, hospitalization and medical costs. You only have $1 million in liability coverage. Who pays the other million? If you have an umbrella policy, the umbrella policy does.
If you don't have the policy in force, you would pay yourself, or your company would pay.
LLCs and Umbrella Policy
While an LLC structure provides some protection to businesses when it comes to such claims, there is also such a thing as 'piercing the corporate veil.' In this instance, if the plaintiff can provide evidence that the LLC and business owner were inseparable, then the business owner can be held personally liable, leaving his personal assets open to seizure.
Because of this, even if your business is set up as an LLC, having that extra layer of protection in place can be fundamental to keeping your business on the right track and progressively growing, even in the face of claims.
Request a free Umbrella Insurance Pennsylvania quote in Allentown, Allison Park, Altoona, Baldwin, Bensalem, Bethel Park, Bethlehem, Bloomsburg, Carlisle, Chambersburg, Chester, Drexel Hill, Easton, Erie, Fullerton, Greensburg, Hanover, Harrisburg, Hazleton, Hermitage, Hershey, Horsham, Indiana, Johnstown, King of Prussia, Lancaster, Lansdale, Lebanon, Levittown, McKeesport, Monroeville, Murrysville, New Castle, Norristown, Philadelphia, Phoenixville, Pittsburgh, Pottstown, Pottsville, Reading, Scranton, State College, Upper Darby, West Chester, West Mifflin, Wilkes-Barre, Wilkinsburg, Williamsport, Willow Grove, York and all other PA cities. Also see Umbrella Insurance New York, Umbrella Insurance New Jersey, Umbrella Insurance Delaware, Umbrella Insurance Kentucky, Umbrella Insurance California, Umbrella Insurance Texas, Umbrella Insurance Illinois
Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, Markel, Nationwide, Penn America, Philadelphia, Progressive, Scottsdale, The Hartford, Travelers, USLI, Western World, Zurich & others.