A customer slips and falls. An employee has an automobile accident in a company vehicle, injuring himself or someone else. A product you distribute is found to be defective and potentially dangerous. While you hope that none of these situations arise in your business, are you willing to take the chance that it will not happen to you? Protect your assets and your business by maintaining a liability insurance policy for you and your company.
How do you know if you need liability insurance? Regardless of the nature of your business, there are four basic types of business insurance that you should consider:
- Business Property Insurance covers at a minimum the physical property and contents (known as ‘personal property’) from damage or loss by 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 by/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 repair or replacement your business vehicle lost due to theft, accident, etc.
- Workers Compensation Insurance, commonly called ‘Workers Comp’, is required by the state for businesses with a state-designated number of employees.
In addition to these four basics, there are other types of insurance options that you may need to consider. If you need assistance determining your liability insurance needs, or 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 firstname.lastname@example.org.