Which coverages should small business owners in Harrisburg, PA, focus on?
Apart from the rigorous business registration process, starting a Harrisburg, PA business means critically focusing on insurance. Whether you are starting a small or midsized business, insurance can save you from unforeseen events like fire, theft, lawsuits, and natural disasters. However, insurance can be confusing, especially if you are not well-versed in the surplus amount of business laws in Pennsylvania. If you are unsure of which coverages to buy for your small business, here are a few coverages experts at Henderson Insurance Agency recommend.
General Liability Insurance
Whether your small business is home-based or not, you need to have adequate liability insurance equal to your business value to provide defense and damage reimbursement.
This policy is mandatory and applies to all business owners with employees. The policy compensates workers who may get injured while at work and provides income replacement and medical benefits in exchange for the right not to sue you. This coverage is nearly crucial if you have more than five employees or run a high-risk business.
Property insurance can protect your business equipment like computers, machines, desks, and other inventory and the building. The policy covers your valuables from vandalism, fire, theft, and other accidents.
Business Owner’s Policy (BOP)
A business owner’s policy is a typical combo package that includes all required business coverages such as property insurance, liability coverage, business interruption insurance, and crime insurance. Your insurance company can alter the package based on your business needs.
Professional Liability Insurance
Also known as errors and omissions insurance, professional liability insurance protects your business from lawsuits due to errors or failure to deliver the correct professional services. Mistakes happen all the time, and it doesn’t matter the kind of business you run, but that doesn’t mean you should be sued for every mistake if you have professional liability insurance.
If you run a high-risk operation business, you might want to take more steps in securing it. You can speak to our insurance experts at Henderson Insurance Agency to ensure you have the correct levels of protection. For more information about commercial insurance, contact us today.