Commercial insurance is a diverse and unique specialization in the insurance industry. This is insurance that provides protection for the business against unforeseen circumstances. There are typically three types of commercial insurance coverage: property insurance, liability insurance, and workers' compensation insurance.

Property insurance provides financial protection from damages to your business property. Liability insurance is necessary for damages to third parties. Finally, workers' compensation insurance covers on-the-job injuries to your employees. The Pennsylvania Insurance Department emphasizes that choosing an insurance company is an important decision. Additionally, the Pennsylvania Insurance Department recommends that consumers consider five key points as they consider an insurance provider.

Understanding Commercial Insurance in Pennsylvania

Property Coverages: Property insurance pays for damages due to fire, theft, or other unforeseen circumstance. Unforeseen circumstances may include broken windows or doors, as well as other property of the business. Neglecting to purchase the appropriate insurance policy can have major financial ramifications in the event of an emergency.

Liability Coverages: This type of insurance also has requirements to meet state guidelines. Liability insurance protects third parties; for example, your customers, in the event of an accident.

Workers Compensation: In the state of Pennsylvania, the department of insurance issues a checklist for business owners to review to ensure that their commercial insurance policy meets state minimums.

Professional Coverages: Errors and Omissions insurance (E&O), as well as malpractice insurance, are two types of insurance needed for professionals. Errors and Omissions insurance pays for inadvertent oversights on the part of the professional that cause injury to a third party. Malpractice insurance is coverage in the event that the professional's conduct is below the profession's standard of care.

Specialty Coverages: Specialty coverage offers additional coverage for specific incidents that are not fully covered, or under covered, in a standard insurance policy. As each business is unique, specialty coverage will differ depending on the situation.

To better serve you, contact our agents at East Penn Insurance Group today for a personalized assessment of your commercial insurance in Pennsylvania.

The Facts About Commercial and Institutions

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