Business Insurance

If you have a business in Philadelphia, however big or small it’s operation is, you need to have some form of business insurance to help protect your business from the consequence and risk of certain events happening.

As with all types of insurance, there are a wide range of policies and different levels of coverage. It’s important that you educate yourself and pick out the most appropriate insurance policy. Picking the wrong one could result in an under protected business, or your business paying too large a monthly premium for coverage you aren’t likely to need.

Insurance for Commercial Property

As the name suggests, insurance for commercial property helps protect the business from property damage. This includes both natural events such as snow, flooding or wind caused damages, and also non-natural damages to the property such as vandalism, rioting etc.

Commercial property is a relatively generic term and doesn’t just cover the company’s buildings. An example that is covered by commercial property insurance is if a company’s servers are damaged by the area being flooded. In this scenario, the insurance would cover the monetary consequences of losing the servers.

Insurance for Product Liability

If your business is a product based company (you make or sell a product), it makes sense to buy insurance to cover your product liability. In the event that a product you manufactured or sold is defective, and happened to injure one of your customers, this type of business insurance would help cover the monetary value of the issue.

This may not be appropriate for all types of products, and there are definitely some types of products you can manufacture or sell that are at higher risk of injuring consumers. For example, if your company manufactures phone lithium-ion batteries, a defect could be a lot more devastating compared to a defective photo frame.

Insurance for Home-Based Businesses

Many sole traders work from home, and this type of insurance is appropriate for covering liability of a home-based business. A common myth is that your home insurance as a homeowner helps cover all aspects of business at home, but this is not the case.

Insurance for General Liability

This type of insurance protects your business from the financial burden of legal issues and legal cases resulting from accidents in the workplace. Legal fees could rack up when facing a battle with a current or former employee in courts, and having this layer of protection means you and your business should feel less of an impact financially if something like this does happen.

Insurance for Professional Liability

The same way that product liability was most appropriate for protecting yourself from liability of a defective product, insurance for professional liability covers service based businesses. More specifically, this insurance could cover the financial losses caused by poor advice from your business (if its an advisory business), negligence on your business’s part and generally just a professional error. In many industries, practicing businesses are legally required to have insurance to cover professional liability.