A general commercial liability policy is not required in Hershey, PA, but there some businesses that are required to carry workers compensation insurance or commercial auto insurance. A business with four or more regular employees, whether they are full time or part time, must have workers compensation insurance. Any business that relies on vehicles will also need to have the proper commercial auto insurance.
While a general liability policy and other types of commercial insurance may not be required by the state, there are a number of benefits that come with having it, especially if you have a business that could be considered high risk. An agent at Options Insurance Agency can help you come up with the right policy for your risk. A general liability policy will pay for bodily injury, personal injury, property damage to another person’s property, advertising injury, and legal defense and judgments. Since there aren’t any award caps in the state, having a lawsuit against your business can be financially devastating. The statute of limitations for personal injury and product liability is three years. The statute of limitation for intentional conduct is two years. Accidents can happen at any time to any business, so having insurance can protect your assets. Without insurance, any accidents that do occur will have to be paid out of pocket, which could wipe out any profits. A reasonable estimate is to have between $500,000 and $1 million for your liability policy.
If your business has a lot of inventory or specialized equipment, you may want to consider commercial property insurance. Not only does this cover damage to the building your business operates in, but it also covers any equipment and inventory inside the building.
Contact Options Insurance Agency, serving Hershey, PA, to get a quote on commercial insurance.