Get Pennsylvania business owners policy quotes, cost & coverage fast. A PA BOP combines commercial liability & business property insurance along with additional protection - all in one convenient package for small businesses.
Pennsylvania Business Owners Policy (BOP)
Whether you own a small local PA business or you operate a larger scale operation, you want to make sure that you and all of your assets are properly protected. Insurance coverage is a must for all business owners, but there are a lot of options available, and choosing the right one can be a bit confusing.
If coverage that you can rely on - and you can afford - is what you are looking for, a Pennsylvania business owners policy is a great choice.
Commonly referred to as a "BOP", a Pennsylvania business owners policy offers liability, property and business income insurance for businesses in one policy. This type of insurance covers a small business from various issues that can affect businesses, such as:
- Damage of personal property
- Bodily injury
There are also various types of coverage that can be added to a Pennsylvania business owners policy so that it can meet the individual needs of an establishment. For example, you can add income or data breach coverage to your policy if it suits your needs.
Does My Business Need A Pennsylvania Business Owners Policy?
A business owners policy is convenient and affordable, making it a wise investment for certain types of business owners. Basically, it makes coverage needs a lot easier because it includes business liability, business property, and business income coverage all in one simple policy. In other words, it saves you from having to purchase multiple policies.
Not only is it more cost effective, but it's just a lot easier. Since other types of coverage can be added to a BOP, it can be customized to meet your specific needs, which makes it an even smarter and more convenient option.
If any of the following apply to you and your organization, you should consider investing in a business owner's policy:
- Your business is located in a physical PA location, such as a leased office space, a brick and mortar store, or even your home.
- There's a chance that you could be sued; for instance, if a client could file a lawsuit against you, claiming he or she sustained an injury while on your business' property.
- Your business has assets that could be stolen or damaged by a disaster, such as a fire. Assets include furniture, equipment, digital information, money, or a stock of inventory.
What Does Pennsylvania Business Owners Policy Cover?
A BOP usually offers general liability insurance, commercial property insurance, and business income coverage. To be more specific, a standard BOP covers the following:
General Liability Insurance. In regard to liability coverage, the broader it is the better. The general liability insurance a business owner's policy offers covers a business should it be sued for damaging someone else's property or for causing harm to another person. It also assists with the cost of legal fees that you may incur.
Commercial Property Insurance. A business owner's policy can also protect your PA business' property, whether that property is owned, rented or leased. It covers various things, such as the building, the furniture, the inventory, the equipment, and the fixtures within the business. There are two different forms of commercial property coverage in a BOP; standard and special (which provides more comprehensive coverage). It also offers coverage should any accounts receivable and important documents be lost.
Business income insurance. Should some unforeseen circumstance arise that will that cause the operations of your business to be suspended, the business income insurance offered in a BOP can help to replace your lost income in order to assist you with meeting any financial obligations you may have that cannot be put off, such as paying your employees or your rent. It can also include the extra expenses of operating out of a temporary location.
As mentioned, you can add other coverage to a BOP to ensure your business has the protection that it needed. Following are some additional coverage options that businesses often opt to add to a Pennsylvania business owners policy:
- Blanket Additional Insured
- Building & Business Personal Property
- Business Income and Extra Expense
- Data Breach
- Electronic Data and Equipment
- Employment Practices Liability
- Identity Theft
- Limited Property of Others Liability
- Personal Property of Other
- Valuable Papers and Records
What Pennsylvania Business Owners Policy Doesn't Cover
BOPs typically do not cover:
- Amounts beyond the policy limits and property value.
- Commercial auto insurance
- Disability insurance
- Employee injuries - CGL only covers non-employee bodily injuries. You will need workers compensation to cover employee injuries
- Employment disputes - Employment Practices Liability Insurance (EPLI), not general liability, covers lawsuits if an employee sues over harassment, wrongful termination, discrimination, and similar issues.
- Health insurance
- Intentionally damage caused by the business owner or employees
- Personal belongings that may be used by the business.
- Professional mistakes - Only professional liability insurance (E&O) can cover lawsuits due to negligence and professional mistakes.
- Property damage resulting from employee errors.
- Property that was not purchased for business use
How Much Does Pennsylvania A Business Owners Policy Cost?
How much does Pennsylvania a business owners policy cost? The premiums vary depending on the amount of risk exposure, and it depends on the endorsements and deductible selected. Following are some of the main factors that go into the price of a policy:
- Type of business (contracting, service, retail etc.)
- Business location
- Years in business
- Business experience
- Annual payroll
- Annual revenue
- History of claims
- How much property you want to cover
PA Business Owners Policy Quotes
Request a Pennsylvania Business Owners Policy insurance quote in Allentown, Allison Park, Altoona, Baldwin, Bensalem, Bethel Park, Bethlehem, Bloomsburg, Carlisle, Chambersburg, Chester, Drexel Hill, Easton, Erie, Fullerton, Greensburg, Hanover, Harrisburg, Hazleton, Hermitage, Hershey, Horsham, Indiana, Johnstown, King of Prussia, Lancaster, Lansdale, Lebanon, Levittown, McKeesport, Monroeville, Murrysville, New Castle, Norristown, Philadelphia, Phoenixville, Pittsburgh, Pottstown, Pottsville, Reading, Scranton, State College, Upper Darby, West Chester, West Mifflin, Wilkes-Barre, Wilkinsburg, Williamsport, Willow Grove, York and all other cities in PA.
Pennsylvania Insurance Regulations
There are some regulations when it comes to Pennsylvania insurance that you should be aware of. We will be looking closely at both personal and commercial insurance within PA to find out what the regulations and limits are, so that whether you own a business or simply drive a car, you are able to get the insurance that is required by law. Understanding what the law requires the first step to making sure that you are compliant. Let's take a close look at these types of insurance.
PA Commercial Insurance
First, let's discuss business insurance. There are lots of different types of business insurance that you can get, but the most common one out there is what is called commercial liability or general liability insurance. This type of insurance protects you in case you are sued by someone who comes on your property and is injured or has their property damaged by something that happens on your premises. This may be something as simple as slipping on a wet floor or it might be a parking lot mishap the damages the vehicles there. However, this is not a mandatory type of insurance required by Pennsylvania law.
There are two types of insurance that are required in Pennsylvania however. These are pretty standard across most states. The first is Worker's Compensation insurance which is sort of like health insurance for anyone who is injured on the job. In addition, Pennsylvania requires that commercial vehicles that are actively being used in a business carry commercial auto insurance.
Pennsylvania Personal Insurance
You also need to know what the regulations are for personal insurance. The first type of insurance we will cover is auto insurance. In Pennsylvania, you are required to carry liability insurance for bodily injury of $15,000 per person and $30,000 per accident. In addition, property damage liability coverage is required at an amount of $5000. You are also required to carry uninsured motorist coverage at $15,000 per person and $30,000 per accident as well as underinsurance motorist coverage at $15,000 per person and $30,000 per accident. Finally, Pennsylvania requires first party benefits medical payments coverage of $5000. This is a great deal more than is required in most states.
There also some life insurance regulations that you will find under Title 40 of the state statutes. A free look period of 10 days is required for life insurance, there is a grace period on payments of 30 days and there is a guaranteed benefits and cash value law as well.
If you are looking for state specific Business Owners Policy insurance quotes, costs and information: California Business Owners Policy, Colorado Business Owners Policy, Delaware Business Owners Policy, Florida Business Owners Policy, Illinois Business Owners Policy, Kentucky Business Owners Policy, New Jersey Business Owners Policy, New York Business Owners Policy, Oregon Business Owners Policy, Pennsylvania Business Owners Policy, Texas Business Owners Policy, Washington Business Owners Policy.