Pennsylvania Retailer Insurance
If you have a business in Pennsylvania, you might already know that this state’s economy has been doing better than ever. In fact, business bankruptcies have been on the decline since 2010. (Source: U.S. Courts). That same year, 19,484 businesses opened in Pennsylvania, and 70.5 made it to 2012. And in 2013, 22,822 new businesses opened, with 77.3 remaining open at least until 2014. (Source: BLS, BED). About 105,046 of Pennsylvania’s 999,591 small businesses are in the retail field. If this describes your business, it’s time to learn about Pennsylvania retailer insurance.
Pennsylvania Retailers Need The Following Insurance
Business Liability Insurance (GL): No matter how careful you are to keep your store clean and safe for customers, there is a chance they will get hurt during their visit. The good news is that your Pennsylvania retailer insurance policy will include general liability, and this will pay for the medical bills that will add up if anyone is injured on your store’s property. Plus, general liability will cover any repairs that need to be made to the personal belongings of your customers, should they be damaged during a visitor to your retail store. Without general liability, you could be sued and thereby forced to pay for medical treatment and personal property repairs on your own, so clearly this is an important part of your Pennsylvania retailer insurance policy.
Business Personal Property Insurance: Even if your store is located in a safe area and you take all the precautions you can, you never know when it will be vandalized, burglarized, or damaged by a storm or other incident. But when you have Pennsylvania retailer insurance, you don’t have to worry about paying for repairs, since you have business personal property coverage to do that for you. This coverage can also pay for expenses that include equipment breakdown, sewer backup, data loss, and more.
Workers Comp Protection: If you have any employees working at your store, workers compensation is an important part of your Pennsylvania retailer insurance policy. You need this coverage to pay for the healthcare bills of any employees who somehow injure themselves while working for you. Workers compensation can even make up for the lost wages of employees when they need to take time off work to heal from their injury or illness.
Umbrella/Excess Liability: Many businesses benefit from obtaining excess liability to pay for any expensive general liability claims. This part of your Pennsylvania retailer insurance policy should be enough to pay for the medical bills and repairs when multiple people are injured or end up with damaged belongings as a result of visiting your store. If you fail to get this coverage, you could end up paying out of pocket when your general liability limits are reached, which is not exactly unlikely when you own a business.
Cyber Crime Liability: Cyber crime is increasingly rampant when it comes to businesses that use technology. Instead of worrying about how it could affect your business, you should be proactive and add cyber crime liability coverage to your Pennsylvania retailer insurance policy.