Insurance for Business Owners

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In Pennsylvania, when an employee sustains a job-related accident resulting in bodily injury or suffers an occupational disease in the course of employment, the employer is subject to liability.  The workers’ compensation laws establish this liability as well as the benefits of the injured worker.  Generally, any employer who hires at least one employee, part-time or full-time, is required to provide workers’ compensation coverage.  Employer’s requirements may be met by purchasing a policy for workers’ compensation from Cummings Insurance.  Eligible employers may also opt to self-insure.

Whether you need business auto insurance depends on the kind of driving you do. Cummings Insurance will ask you many details about how you use vehicles in your business, who will be driving them and whether employees, if you have them, are likely to be driving their own cars for your business. While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects. Call Cummings Insurance and we can help explain the differences.

General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage. General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations and can include bodily injury, property damage, operations, product liability, contracts and more.

Directors and Officers liability insurance protects an organization's directors and officers from financial loss due to third-party claims against them regarding their work as directors and officers. A financial loss may arise from defense costs, judgements, settlements, and fines arising from negligence suits, shareholder actions, and other business-related suits. The third-party claims don’t need to be proven as true, even false allegations can cause financial loss. D&O insurance can be viewed as Management Errors & Omissions insurance. D&O insurance also protects the organization from loss due to certain types of claims. What type of enterprise claims the insurance policy covers depends on the type of organization insured, i.e., public or private, and policy specifics.

Bonds are a type of insurance purchased by a bond issuer to guarantee the repayment of the principal and all associated scheduled interest payments to the bondholders in the event of default. The insurance company takes the risk of the issuer into account in order to determine the premium that would be paid to the insurer as compensation. Credit enhancement is a method taken by a borrower to improve its debt or creditworthiness so as to obtain better terms for its debt. One method that may be taken to enhance credit is bond insurance, which generally results in the rating of the insured security being the higher of the claims-paying rating of the insurer.

 Cyber liability insurance is small business insurance for cyber threats or information breaches involving computers data, particularly, sensitive customer information, credit card numbers, Social Security numbers, account numbers, health records and driver’s license numbers.

 This insurance insurance covers the damage that your business suffers because of a cyber security breach including investigative services, data recovery and identity recovery. Cyber liability insurance also covers damage impacting your customers or business partners because of the cyber attack. These damages include things like legal fees, customer notifications and settlement costs.

 Contractors insurance is a specialized form of insurance designed to protect contractors and construction companies from various risks and liabilities. It provides financial protection against injuries, property damage, faulty workmanship, and other potential risks that contractors may face in their line of work. If you’re a contractor, subcontractor or independent tradesman, you need to carry commercial insurance.

  Professional liability insurance protects professionals such as accountants, lawyers, and physicians against negligence and other claims initiated by their clients. Professionals with expertise in a specific area require this type of insurance because general liability insurance policies do not offer protection against claims arising from negligence, malpractice, mistakes, or misrepresentation.