What kind of Business Insurance do I need?

Navigating the Maze: Understanding Different Types of Commercial Insurance Policies in Pennsylvania

As a business owner in Pennsylvania, you're likely juggling a million things at once. From managing your team to serving your customers, your plate is full. One crucial aspect that often gets pushed to the back burner – but shouldn't! – is commercial insurance. It might seem complex, but understanding the different types of policies available is vital for protecting your hard work and securing your business's future.

Think of commercial insurance as a safety net for your business, designed to cushion the financial blow from unexpected events. Just like individuals have different insurance needs, businesses do too. Let's break down some of the most common and essential types of commercial insurance policies offered by William Penn Insurance LLC:

1. General Liability Insurance (GL): Your Foundation of Protection

This is often considered the cornerstone of commercial insurance. General Liability protects your business from claims of bodily injury or property damage caused by your business operations, products, or on your business premises.

• Imagine this: A customer slips and falls in your store, or your employee accidentally damages a client's property while on a service call. GL insurance from William Penn Insurance LLC can help cover the resulting medical expenses, repair costs, and even legal fees if you're sued.

2. Commercial Property Insurance: Protecting Your Physical Assets

If your business owns or leases physical space, equipment, inventory, or furniture, Commercial Property insurance is essential. It helps cover the costs to repair or replace damaged or lost property due to events like fire, windstorms, theft, and vandalism.

• Think this through: A fire breaks out in your warehouse, damaging your inventory and equipment. Commercial Property insurance from William Penn Insurance LLC can help you rebuild, replace your lost goods, and get back on your feet.

3. Commercial Auto Insurance: Covering Your Business Vehicles

Just like your personal vehicles, any vehicles your business owns, leases, or uses for work purposes need commercial auto insurance. This policy provides coverage for accidents, property damage, and bodily injury involving your business vehicles.

• Consider this: Your delivery van gets into an accident while making a delivery. Commercial Auto insurance from William Penn Insurance LLC can help cover the costs of repairs, medical expenses, and potential legal liabilities.

4. Workers' Compensation Insurance: Protecting Your Employees

If you have employees, Workers' Compensation insurance is required by law in Pennsylvania. It provides benefits to employees who suffer work-related injuries or illnesses, covering their medical expenses and lost wages. William Penn Insurance LLC can help you meet this legal requirement.

• Picture this: An employee gets injured while operating machinery or develops a repetitive strain injury from their work. Workers' Compensation ensures they receive the necessary medical care and financial support without the need for lengthy legal battles.

5. Professional Liability Insurance (Errors & Omissions Insurance - E&O): Safeguarding Your Services

This type of insurance is crucial for businesses that provide professional services, advice, or design work. It protects against claims of negligence, errors, or omissions in the services you provide that cause financial harm to your clients.

• Think about this: An accounting firm makes a critical error in a client's tax filing, resulting in financial penalties. Professional Liability insurance from William Penn Insurance LLC can help cover the client's losses and your legal defense costs.

6. Cyber Liability Insurance: Addressing the Digital Risks

In today's digital age, Cyber Liability insurance is becoming increasingly important. It helps protect your business from financial losses resulting from data breaches, cyberattacks, and other cyber threats, including notification costs, data recovery, legal fees, and business interruption.

• Consider this: Your company's customer data is compromised in a cyberattack. Cyber Liability insurance from William Penn Insurance LLC can help you manage the costs of notifying affected customers, recovering lost data, and dealing with potential lawsuits.

Who needs to be listed on my car insurance?

Who needs to be on my car insurance as a driver

Everyone who drives the car should be on your car insurance policy as a driver, as well as everyone that drives your car regularly should be on your car insurance as a driver. 

Everyone that lives in your household should be listed on the car insurance policy  as a driver or as an excluded driver(meaning a non driver). All household members have to be listed if they are over the age of 16 because they have access to the vehicle to use as transportation, even if they are not licensed they are of age and physically could operate the vehicle so they have to be listed as a non driver on the insurance policy until their driving status changes to an actual operator.  You list them as excluded on the car insurance if they do not drive the car at all, or do not have a license which means that they have no coverage if they actually would drive your car and cause an accident. 

Here is an excerpt from a carrier describing who should be listed on the car insurance policy;

 “You must list yourself, your spouse and any person who drives any vehicle on this policy regardless of whether that person lives with you. Please include any relative who resides in your home, is of legal driving age or has a permit even if he or she doesn't drive any vehicles. Also, please include any child who lives away from home and drives a vehicle on this policy, even if only occasionally.”

Why must everyone that drives must be listed, not just the owner of the car?

Insurance pricing is based on your risk profile. The likelihood of you having a claim. As your likelihood increases or decreases then your insurance can increase or decrease. 

If a driver you know is driving will severely impact the rate; young driver or driver with prior accidents and tickets. And materially withholding that information can result in legal action by the insurance carrier. 

It is better to protect yourself and A. not let anyone drive your car or B. Add all drivers to your policy. That way you have a clear conscience on making sure your car is properly protected in any circumstance.