Owning a business is not for the faint of heart and protecting your valuable assets is imperative. Consequently, having enough commercial insurance to cover your business, employees, and other assets is one of the best ways to protect your livelihood. Similar to auto or homeowners insurance, commercial insurance is designed to provide monetary support in the event of a covered incident such as damage from a storm to your workplace or an injury sustained by an employee while on the clock. In Pennsylvania, state law requires that businesses carry two types of insurance – workers’ compensation and commercial auto insurance. What do these two insurances cover you ask? In simple terms, workers’ compensation helps pay for covered injuries or illnesses sustained by your employees while working while commercial auto insurance covers any business-owned vehicles. Some businesses may require their employees to use personal vehicles for work functions, but it is important to remember that most commercial auto insurances won’t cover any incident that occurs on business time. Consequently, investing in hired and non-owned auto insurance is a great way to build trust from your employees and protect all parties from being liable for 100% of damages in an accident.
Keep in mind that in Pennsylvania, even just one part-time, seasonal or full-time employee requires the business to carry workers’ compensation insurance. Failure to have insurance for your business can have costly repercussions including fines from the state and is on the hook for thousands and thousands of dollars in damages if your business is found to be liable in an incident.
When it comes to finding a commercial insurance policy, give the team at Saucon Insurance Agency in Bethlehem, PA a call to schedule a no-obligation consultation.