Is business insurance really necessary? It is if you do not want to be completely shut down due to a lawsuit or disaster. If you own and operate a business in Exeter, Pennsylvania or you plan to start a new business, it is crucial that you know about the elements of insurance in order to protect your assets and your workers. It is important to know what you need, what to expect, and what you want to add (if possible) to your business insurance in Exeter PA. The following will address the various elements of business insurance for your information.
Property Coverage
If you own the structure where you operate your business, or you rent your building out for another business, you will have to buy property coverage that meets the minimum requirements. It will have to cover the building, contents, structural improvements, and tenant’s improvements. The contents coverage needs to include furniture, equipment, and fixtures as well as the structure itself.
Liability Coverage
Liability coverage is used to cover your business in case of lawsuit. If a person gets injured by anything on your property, you are at risk of a lawsuit to recover damages. Customers, clients, business partners, bystanders, and anyone who is in or around your structure can sue you for damages and injuries incurred due to an unintentional negligent act. You can also be sued for professional advice you provide if a third party claims to have been harmed by it. Professional liability is a specialty form of coverage.
Workers’ Compensation
If you have people who work for you, you are required to have Worker’s Comp (WC) coverage in the state of Pennsylvania. WC insurance protects your business as well as your employees in case injuries occur during work hours. This coverage is required for full-time, part-time, and seasonal workers.
These are the basic forms of coverage every business in Pennsylvania will need. If you have vehicles that are part of your business and used for business, you will need coverage for your vehicles. Any extra protection you may desire can be covered in what is called an umbrella coverage option. richard i hart insurance provides quality and affordable Business Insurance in Exeter, PA to suit your needs and extras.
