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Which insurance policies are recommended for Philadelphia businesses?
In Philadelphia, small and midsize businesses account for 4 in 10 workers and 8 in 10 establishments. This number will only continue to grow as Philadelphia's economic competitiveness expands. Here are the common types of small business insurance policies Philadelphia businesses purchase.
General liability insurance
A general liability policy protects Philadelphia businesses from lawsuits related to customer accidents, defamation, and copyright infringement. Plus, commercial leases often require this coverage.
BEST FOR
- Customer bodily injuries at your business
- Damage to a customer's personal property
- Libel and other advertising injuries
Professional liability insurance
This policy covers the cost of lawsuits related to work mistakes and oversights, such as a recommendation made by a consultant that causes a client to lose money. It's also called errors and omissions (E&O) insurance.
BEST FOR
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber insurance
Cyber insurance covers costs related to a data breach or cyberattack at your business. Every Philadelphia business that handles credit cards or other personal information should carry this coverage.
BEST FOR
- Customer notification costs
- Fraud monitoring services
- Data breach investigations
Business owner’s policy
A BOP bundles general liability coverage and commercial property insurance together at a discount. It's the policy most often recommended for small businesses in Philadelphia.
BEST FOR
- Customer personal injuries
- Damaged business property
- Business interruption coverage
Workers’ compensation insurance
Workers’ comp is required for all Philadelphia businesses with employees. It also covers medical expenses for sole proprietors who suffer a work-related injury, which personal health insurance may not cover.
BEST FOR
- Medical bills for employee injuries
- Disability benefits
- Workplace injury lawsuits
Commercial auto insurance
All vehicles owned by Philadelphia businesses must be covered by commercial auto insurance. This policy covers auto accident injuries and property damage.
BEST FOR
- Medical bills from an accident
- Property damage caused by your vehicle
- Auto accident lawsuits
Errors and omissions insurance
An E&O policy protects consultants and professional services in Philadelphia against legal costs from clients who accuse you of inaccurate or harmful services.
BEST FOR
- Work errors and oversights
- Late or incomplete work
- Negligence accusations
Commercial property insurance
This policy covers the cost to repair or replace your building's physical structure and its contents, such as inventory, computers, and furniture. Bundle it with general liability coverage in a BOP for a discount.
BEST FOR
- Storm damage
- Fires
- Theft and vandalism
Commercial umbrella insurance
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
BEST FOR
- Customer lawsuits
- Car accident lawsuits
- Employee injury lawsuits
Looking for different coverage? See more policies.
How to get insurance for your Philadelphia business
View video transcript.
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Are you ready to get insurance coverage for your Philadelphia business? Complete Insureon's easy online application to get a quote today from top-rated providers.
Which business insurance policies are required in Philadelphia?
State and local laws can determine the type of coverage you need. These policies help you comply with Pennsylvania business insurance requirements.
Workers' compensation insurance
Pennsylvania state law [PDF] requires all businesses, from Pittsburgh to Erie, with employees to carry workers’ compensation insurance. This includes full-time, part-time, and seasonal employees.
Businesses must either purchase a policy through an insurance company or get permission to self-insure their company.
Workers' comp pays for medical expenses from job-related injuries and illnesses. It also provides disability benefits for injured Philadelphia workers.
Commercial auto insurance
Pennsylvania state law requires all business-owned vehicles to be covered by commercial auto policies. This coverage pays for the legal and medical expenses associated with accidents involving work vehicles.
Philadelphia businesses must meet the state's minimum requirements [PDF] for auto liability insurance, which are:
- Bodily injury liability: $15,000 per person / $30,000 per accident
- Property damage liability: $5,000 per accident
- Medical benefits: $5,000
Keep in mind this is the minimum you're required to carry. It's worth considering higher limits, given the potential cost of a lawsuit. Additionally, commercial auto coverage in the city of Philadelphia is likely to be more expensive then in rural or suburban areas due to a higher-than-average claim rate.
Trucking companies may also need additional coverage to comply with regulations.
If you need business insurance coverage for a personal, rented, or leased vehicle, you should consider hired and non-owned auto insurance (HNOA) instead.
How much does business insurance in Philadelphia cost?
Small businesses in Philadelphia don't have to pay a lot for commercial insurance. Here are a few average costs for Pennsylvania businesses:
General liability: $42 per month
Workers' comp: $49 per month
Professional liability/E&O: $59 per month
The cost of business insurance depends on factors such as:
- Your industry and risks
- Business operations
- Number of employees
- Policy limits and deductibles
Other common questions about Philadelphia business insurance
How do I get a certificate of insurance for my business?
Sometimes you need to get insured quickly to sign a contract or other agreement. With Insureon, you can get same-day insurance in three easy steps:
- Fill out our easy online application to get quotes from top-rated providers.
- Review your insurance options, choose a policy, and pay for it online.
- Download a certificate of insurance by logging into your account.
Our licensed insurance agents will help you get coverage that meets your small business insurance needs. Most businesses can get their certificate of insurance within a few hours of applying for business insurance quotes.
Can my business be held liable for a data security breach?
Your business could be held responsible for a data breach, which is why cyber insurance is so important. Small businesses are a common target of cyberattacks, since they often have fewer security measures in place.
Pennsylvania's data breach laws require Philadelphia businesses to notify any residents whose personal information is exposed in a data breach. Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack.
Cyber insurance, also called cyber liability insurance, covers these costs and provides resources so you can get back to business fast.
Does my industry affect Philadelphia insurance requirements?
Yes, the city of Philadelphia may have special requirements for business insurance and bonds, depending on the type of work you do.
Here are a few types of businesses that might need extra protection:
- Contractors may need general liability insurance or a surety bond to sign a contract or bid on a project. Having the right insurance and bonds helps you comply with state licensing requirements.
- Home inspectors must carry errors and omissions (E&O) insurance with a limit of $100,000 per occurrence / $500,000 aggregate.
- Cleaning businesses may need a janitorial bond to fulfill the terms of a contract in Philadelphia.
- Certified registered nurse practitioners (CRNPs) must maintain professional liability coverage either under a provider's insurance or their own with a $1 million per occurrence / $3 million aggregate.
- Photographers and videographers will need proof of insurance to receive media permits to shoot on any Philadelphia parks and recreation property.
When running a business in Philadelphia, you need to be aware of laws and regulations for Pennsylvania, Philadelphia County, and the city of Philadelphia.
How can I get help starting a small business in Philadelphia?
Though small businesses make up the majority in Philadelphia, there is still plenty of room for new businesses and entrepreneurs. Here's a list of local grants and resources that could help you get started:
- Pennsylvania Business One-Stop Shop is a new online resource that'll walk you through resources available to help plan, register, operate, and grow a business in Pennsylvania.
- Free Library of Philadelphia provides free and low-cost workshops, access to electronic and print business resources, networking opportunities and more for emerging and established small business owners.
- Philadelphia Alliance for Capital and Technologies (PACT) helps facilitate interaction, information, and education for small businesses through programs, events, and conferences.
- SCORE Philadelphia connects small business owners with mentors and offers a wide range of free workshops and resources.
- City of Philadelphia Department of Commerce offers networking opportunities and support for small businesses.
- The U.S. Small Business Administration (SBA) is a trusted source for small business loans with competitive rates and fees.
- SBA Philadelphia Business Guide lists the requirements needed to start, grow, and expand your business.
Keep in mind that many lenders will require you to first obtain business liability insurance, which is yet another reason to insure your investment.
How can I save money on Philadelphia business insurance costs?
Small business owners can save money on insurance by comparing quotes from different insurance companies. With Insureon, you can get free quotes from top-rated insurance carriers by filling out one easy application.
There are a few other ways to save, such as:
- Bundle policies for a discount. The most popular option is a business owner's policy (BOP), or bundle employment practices liability insurance (EPLI) with directors and officers (D&O) insurance.
- Choose less expensive policy options, such as lower limits or a higher deductible.
- Focus on workplace safety. Fewer accidents means fewer claims, which helps keep your premium low.
Learn more about how to find cheap business insurance.
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