A general liability policy protects Philadelphia businesses from lawsuits related to customer accidents, defamation, and copyright infringement. Plus, commercial leases often require this coverage.
This policy covers the cost of lawsuits related to work mistakes and oversights, such as a recommendation made by a consultant that causes a client to lose money. It's also called errors and omissions (E&O) insurance.
Cyber insurance covers costs related to a data breach or cyberattack at your business. Every Philadelphia business that handles credit cards or other personal information should carry this coverage.
A BOP bundles general liability coverage and commercial property insurance together at a discount. It's the policy most often recommended for small businesses in Philadelphia.
Workers’ comp is required for all Philadelphia businesses with employees. It also covers medical expenses for sole proprietors who suffer a work-related injury, which personal health insurance may not cover.
All vehicles owned by Philadelphia businesses must be covered by commercial auto insurance. This policy covers auto accident injuries and property damage.
An E&O policy protects consultants and professional services in Philadelphia against legal costs from clients who accuse you of inaccurate or harmful services.
This policy covers the cost to repair or replace your building's physical structure and its contents, such as inventory, computers, and furniture. Bundle it with general liability coverage in a BOP for a discount.
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
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State and local laws can determine the type of coverage you need. These policies help you comply with Pennsylvania business insurance requirements.
Businesses must either purchase a policy through an insurance company or get permission to self-insure their company.
Workers' comp pays for medical expenses from job-related injuries and illnesses. It also provides disability benefits for injured Philadelphia workers.
Pennsylvania state law requires all business-owned vehicles to be covered by commercial auto policies. This coverage pays for the legal and medical expenses associated with accidents involving work vehicles.
Philadelphia businesses must meet the state's minimum requirements [PDF] for auto liability insurance, which are:
Keep in mind this is the minimum you're required to carry. It's worth considering higher limits, given the potential cost of a lawsuit. Additionally, commercial auto coverage in the city of Philadelphia is likely to be more expensive then in rural or suburban areas due to a higher-than-average claim rate.
Trucking companies may also need additional coverage to comply with regulations.
If you need business insurance coverage for a personal, rented, or leased vehicle, you should consider hired and non-owned auto insurance (HNOA) instead.
Sometimes you need to get insured quickly to sign a contract or other agreement. With Insureon, you can get same-day insurance in three easy steps:
Our licensed insurance agents will help you get coverage that meets your small business insurance needs. Most businesses can get their certificate of insurance within a few hours of applying for business insurance quotes.
Your business could be held responsible for a data breach, which is why cyber insurance is so important. Small businesses are a common target of cyberattacks, since they often have fewer security measures in place.
Pennsylvania's data breach laws require Philadelphia businesses to notify any residents whose personal information is exposed in a data breach. Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack.
Cyber insurance, also called cyber liability insurance, covers these costs and provides resources so you can get back to business fast.
Yes, the city of Philadelphia may have special requirements for business insurance and bonds, depending on the type of work you do.
Here are a few types of businesses that might need extra protection:
When running a business in Philadelphia, you need to be aware of laws and regulations for Pennsylvania, Philadelphia County, and the city of Philadelphia.
Though small businesses make up the majority in Philadelphia, there is still plenty of room for new businesses and entrepreneurs. Here's a list of local grants and resources that could help you get started:
Keep in mind that many lenders will require you to first obtain business liability insurance, which is yet another reason to insure your investment.
Small business owners can save money on insurance by comparing quotes from different insurance companies. With Insureon, you can get free quotes from top-rated insurance carriers by filling out one easy application.
There are a few other ways to save, such as:
Learn more about how to find cheap business insurance.