Business Insurance in Pittsburgh, Pennsylvania
Accidents and professional errors may affect even the most experienced and diligent businesses. With that in mind, effective loss control practices are essential to your organization’s loss control measures, regardless of size or sector. Fortunately, the agents at Neofes Insurance Group are well-equipped to help you assemble an optimal insurance portfolio.
What Is Business Insurance?
Your organization should first understand that business insurance, also known as commercial insurance, does not always refer to a single policy capable of protecting your company. Rather, in many cases, your company may need to compile its own insurance portfolio by purchasing separate policies that, when woven together, cast a suitable safety net across common risks and exposures.
Types of Business Insurance Policies
Many forms of insurance transcend industry lines and unique circumstances and may provide valuable coverage for most businesses. With that in mind, it’s advisable that your company strongly consider retaining the following:
- General liability insurance—If your organization is at fault for third-party losses, such as those arising from bodily injury, property damage or personal and advertising injury, this coverage can help pay for the following:
- Medical bills
- Reduced wages
- Repairing or replacing damaged property
- Business legal costs arising from lawsuits
- Commercial property insurance—This coverage, also known as business property insurance, can provide financial protection for physical property used to operate your organization, such as the following:
- Business interruption insurance—Also called business income insurance, this coverage can provide financial relief if a covered event forces your company to pause or alter its normal operations by helping to pay for the following:
- Rent/mortgage payments
- Lost income
- Employee payroll
- Tax/loan payments
- Workers’ compensation insurance—If your employees are injured on the job or develop work-related illnesses, this coverage, which is often legally required, can help pay for the following:
- Medical services
- Lost or reduced wages
- Vocational rehabilitation
- Disability benefits
- Death benefits
- Employer legal costs arising from lawsuits
Although certain core coverages may be suitable for most businesses, it’s also essential for your decision-makers to identify any gaps in your insurance portfolio that may require additional policies, such as the following:
- Commercial auto insurance—This coverage may be necessary if your company owns and operates motor vehicles.
- Cyber liability insurance—This coverage can help insulate you from losses arising from cyber incidents.
- Professional liability insurance—This coverage may render financial assistance if a client alleges that your business provided inadequate services.
- Employment practices liability insurance—If your business is sued for improper workplace practices, such as discrimination or harassment, this coverage can provide financial support.
How Much Does Business Insurance Cost?
Before providing you with a quote for a sufficient business insurance portfolio, insurers must thoroughly analyze your circumstances and needs. This process may generally include consideration of the following criteria:
- Workforce size
- Business assets
- Claims history
- Portfolio details (e.g., coverages purchased, policy limits, deductibles)
How to Get Business Insurance
If you need business insurance solutions, we’re here to help. Give Neofes Insurance Group LLC a call today to get started.