In the list of the best places to live in the U.S., Pennsylvania ranked 10th, with a combined score of 59.21/100. Further, the state ranked second based on its quality of life, seventh for its safety, 30th for its affordability, and 42nd for its economy.
Many of Pennsylvania's 1.1 million small businesses require business owners' insurance to protect themselves from accidents and mishaps that could lead to unforeseen legal costs and extra expenses. Over 750,000 small business owners in the United States are in jeopardy of dealing with lost income and rely on good insurance providers to protect their work and livelihoods.
Whether they own a consulting firm in Philadelphia or a manufacturing facility in Pittsburgh, each receives coverage tailored to their specific needs. Read on to know more about the insurance company and business owner's policy providers, as well as the requirements, coverage, and other business insurance types business owners should know about.
Workers' compensation insurance is required in Pennsylvania for all employees, whether full-time or part-time. This ensures that employees who suffer a work-related bodily injury or illness have equal access to:
Businesses in Pennsylvania usually purchase several types of business insurance as a package. Common coverage options include:
In Pennsylvania, business insurance costs owners in all industries we serve about $47 per month. However, monthly costs may be lower or higher depending on factors such as:
Your industry and the risks associated with it have an impact on insurance costs. Construction companies in Pennsylvania, for example, pay $68 per month for business insurance packages. Beauty salons pay about $17 per month and are considered less risky, according to
It may appear to be a good idea to choose the minimum required insurance limits in order to save money on monthly costs. However, if an accident occurs, you may be required to pay additional out-of-pocket expenses for damages.
When determining workers' compensation coverage costs, a good insurance company will take your company's payroll into account along with other legal costs.
Knowing the different types of insurance and their coverages is important in getting the right policy for you if you want to cover your bases and get your commercial vehicles insured. Here are some of the most common types of
insurance, how they work, and what they cover:
Reliable compensation insurance, business owner's insurance, and business liability insurance remain competitive in small businesses and large enterprises alike. However, finding the right insurance agent with the right insurance company can make a big difference in your business's future.
To learn more about property damage, medical expenses, professional liability insurance, and other insurance policies for your business in Pennsylvania, read through our blogs at Assured Standard and grasp what smart long-term business solutions could look like.