Insurance for Pennsylvania Businesses

From the Liberty Bell ringing atop Independence Hall to Benjamin Franklin flying a kite in a lightning storm, Pennsylvania has produced its fair share of iconic American scenes. It’s also been home to some of America’s most iconic businesses: U.S. Steel, H.J. Heinz, and Hershey’s, to name a few.

Less known, however, are the nearly 995,000 small businesses that operate within the Commonwealth. It’s no secret that the manufacturing industries in Pittsburgh and Philadelphia have dwindled in the past decades, but small business growth is back on the rise.    

For many people, starting a business is one of the most liberating things they’ll ever do. Luckily for them, Pennsylvania celebrates liberty at every turn. But you don’t need to ring a bell until it cracks when you start your company. Just make sure you know what you’re getting into.

Acquiring small business insurance is an important step, and can protect your business from the cost of unexpected lawsuits and damages, whether they come from intense snowstorms, not-so-friendly people in the City of Brotherly Love, or war with the British (although insurance might be the least of your worries if you’re fighting the Queen’s subjects).

Insurance Savings Tips for Pennsylvania Businesses

  • Exclude yourself from your Workers' Comp plan. Though Pennsylvania has strict Workers' Comp laws, sole proprietors aren't required to insure themselves under the policy. This gives you room to save money on your coverage by only insuring your employees.
  • Choose a cash-value Property policy. You can insure your property at its cash value or replacement value. You'll pay less for cash-value coverage because it only compensates you for what your items are currently worth, rather than what they would be if you bought them brand-new.
  • Pad your limits with Umbrella Liability Insurance. Rather than raising your policy limits one by one, purchasing an Umbrella policy is more cost effective. This policy offers a sort of coverage slush fund you can tap into if other policies hit their limit.

Pennsylvania: Small Business Independence

Boasting a gross domestic product (GDP) of more than $600 billion, Pennsylvania is the 20th largest economy in the world. It's also home to 125 bio-pharma companies and more than 2,000 life sciences enterprises. Not to mention, within a 50-mile radius of Philadelphia are eight of the largest pharmaceutical companies in the nation. Factor that into the state's booming technology sector and its educated workforce, and you have all the reasons you need to build your business in Pennsylvania. (Read more about the Keystone State's economic outlook in the Pennsylvania Department of Community and Economic Development's page, "Why PA?")

Of course, a booming economy isn't a guarantee that your small business will thrive. But with the appropriate small business insurance coverages in force, you can help your business survive a number of potential setbacks. Talk to an insureon agent to learn which policies can benefit your Pennsylvania-based company.

Small Business Insurance for Pennsylvania Businesses

Talk to your insureon agent about how the following coverages can benefit your business:

  • Business Owner's Policy. A Business Owner's Policy (or "BOP") is created with small-business owners in mind. This plan bundles several policies, including General Liability Insurance, Property Insurance, and Business Interruption Insurance. If you qualify for a BOP, you'll pay a discounted premium for these essential policies. Once in force, you'll have financial protection for premises liability, property damage, and lost income due to business interruption.
  • Professional Liability Insurance. Businesses in professional service sectors can be sued by clients if their work leads to economic losses. You'll want to carry adequate Errors & Omissions Insurance to cover your litigation expenses if you do face such a suit. Covered claims may include lawsuits over incomplete or shoddy work, professional negligence, or failure to deliver promised services.
  • Workers' Compensation Insurance. When your employees are injured on the job, your business will turn to its Workers' Comp coverage to pay for their medical and disability expenses. In Pennsylvania, you're legally required to provide Workers' Compensation Insurance for all your employees, full- or part-time. Employees who are also family members must be covered as well. Pennsylvania operates a state fund of Workers' Comp Insurance, which may cost less than private insurance. To learn more about Pennsylvania's requirements, read our page "Pennsylvania Workers' Compensation Law Review."
  • Employment Practices Liability Insurance. EPLI can safeguard your business from the high cost of lawsuits arising from sexual harassment claims; wrongful termination or demotion claims; and discrimination claims. When an employee sues your business for these violations, EPLI can help pay for settlements, judgments, attorneys' fees, and other court-related expenses (depending on your limits).
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