What Kind of Insurance Does Your Business Need?


Make Sure Your Business is Covered

If your customers visit your place of business, or if you have employees, odds are good an injury is going to happen at some point in time, and the injured person is going to seek to hold your business accountable for monetary damages.  Whether it’s a slip and fall, an employee’s auto accident in a company vehicle, or a defective product, you should take steps to protect your assets and your business by maintaining adequate insurance coverage.

Depending on the nature of your business, you may need one or all of the following types of insurance coverage:

  • Business Property Insurance generally covers the physical property and contents (known as ‘personal property’) and pays the policy owner for damages due to various catastrophes such as theft or fire.
  • Business Liability Insurance pays for claims by third parties for loss, damage or injury if your business is found liable.  It also covers, up to policy limits, your legal expenses and the medical expenses of third parties injured on your business premises in some types of cases.
  • Commercial Auto Insurance protects you from financial loss up to the policy limits when a person sustains property damage or bodily injury involving your business cars, trucks, SUVs, and other commercial vehicles if your business is found liable.  Depending upon the terms of your commercial auto coverage, this insurance may also repair or replace your business vehicle if it is lost or damaged due to theft, accident, etc.
  • Workers Compensation Insurance, commonly called Workers Comp, is required by the state for businesses with a certain number of employees, as designated by the state.  Compliance is mandatory, and your business may be heavily fined and penalized for failing to carry adequate workers comp insurance.

There are other types of insurance options that may be available based on your particular industry or type of business. If you need assistance deciding what kind of and how much insurance your business needs, or help with other matters related to managing your business, the attorneys at the Scolieri Law Group, P.C. can help.  Located in western Pennsylvania, our attorneys are experienced in Pennsylvania business law and can advise you regarding your potential liability exposure, as well as recommend agencies in your area.  Contact us today at (412)765-0546 or via email at info@scolierilaw.com.