Pennsylvania is often venerated for its history: the Liberty Bell, the Ben Franklin connection, the whole "original state" cred. But it's also establishing itself as a heavy hitter in the twenty-first century's tech scene. Two cities in particular, Philadelphia and Pittsburgh, have made themselves (and their IT chops) known. In our report on top tech cities, Best Places to Live for Tech Entrepreneurs, we found that both of these PA hubs are among the nation's best for IT business owners. Whether you love a comeback story (hi, Pittshburgh) or roaming the streets to see beautiful art and history (Philly!), there's a lot to spice up the life of an entrepreneur in the Keystone State.
Cost-Saving Tips for IT Businesses in Philadelphia, Pittsburgh, Harrisburg, and Other Cities in Pennsylvania
- Tip #1: Protect your income from taking a hit should you need to close down because of property damage. As part of a Business Owner's Policy, you may qualify for Business Interruption Insurance. This portion of the policy provides funds for lost profits, as well as expenses related to relocating. Because you never know what might happen, it's best to be prepared for anything. With Business Interruption Insurance, you won't have to deal with the stress associated with getting your IT business up and running after a bad storm, fire, or theft.
- Tip #2: Because the Workers' Compensation laws in Pennsylvania are so strict, you may be in the tough position of having to find coverage in a pinch. Don't fret – if your business qualifies, you may be able to exclude yourself from coverage as owner. This may be a cost-effective option for IT business owners who stick mainly to financial duties as opposed to overseeing jobs and signing up new clients.
However, if you're still in harm's way throughout the week, it's important you accurately report your Workers' Compensation information to save yourself from being audited at the end of the year.
- Tip #3: Consider carrying Hired and Non-Owned Auto Liability for IT employees using their own vehicles to visit clients. Should they get into an accident on company time, you may find yourself paying thousands of dollars for property damage and hospital bills. What's more, Hired and Non-Owned Auto Liability offers funds for rental vehicles, too, so you'll be covered for any rented vans, trucks, or automobiles.
And if you're considering getting a company car or van, speak with a TechInsurance agent about Commercial Auto Insurance. Commercial Auto Insurance makes sure you're protected from collisions involving insured and uninsured motorists, you and your employees, and damage to vehicles in storage or not in use.
Get a free quote now, with no obligation.
It's true that Pennsylvania is right up there with California, Florida, and New York for states with the highest gross domestic product (GDP) – in fact, it's ranked sixth in the nation. This makes Pennsylvania a great place to earn contracts from businesses seeking assistance with data administration, IT consulting, and Wi-Fi capabilities. From Allentown to Philadelphia and Harrisburg to Pittsburgh, Pennsylvania is booming with cities full of potential customers.
But as your IT business continues to grow, so will your need to ensure that your income is protected from the risks you face. From third-party lawsuits to potential wrongful termination claims, you need to make sure your IT business is protected no matter what happens. And that's where business insurance comes in.
Insurance Policies for IT Businesses Operating in Allentown, Philadelphia, Pittsburgh, and Other Cities in Pennsylvania
Pennsylvania has notoriously strict Workers' Compensation Laws. This means that if you have part-time employees, seasonal employees, or any employees at all, you need to carry some form of Workers' Compensation. But why stop there? There are plenty of essential policies for your IT business to carry. In some cases, Workers' Comp is the least of your worries. Find additional information below on Property Insurance, Business Owner's Policies, Professional Liability (Errors & Omissions) Insurance, and more.
Workers' Compensation Insurance for IT Businesses in Pennsylvania
Your IT business may not be the most dangerous workplace in the country, but you still need to be covered. Carrying Workers' Compensation Insurance provides both you and your employees peace of mind when it comes to workplace injuries. Just as your employees want to make sure their livelihood is secure should they fall in harm's way, you, too, want to rest easy knowing you won't have to dip into your own pocketbook to pay for their hospital bills and wages while they recover.
Even in an IT office setting, employees could fall victim to any one of the following injuries...
- Slips, trips, and falls.
- Carpal tunnel syndrome.
- Sudden accidents.
- Asbestos exposure.
- Repetitive motion.
Don't spend another day out of compliance with Pennsylvania state laws – get in touch with a TechInsurance agent right away so we can get you competitive quotes in less than 24 hours.
Errors and Omissions Insurance for IT Businesses in Pennsylvania
The more successful your business becomes, the more likely you are to be the target of even a frivolous lawsuit. With multiple contracts comes the risk that you or an employee may commit an error or oversight that causes a client to lose substantial amounts of money based on a service you provided. Should this occur, they may take you to court for any profit they may have lost. That's where it helps to have Errors and Omissions Insurance.
Errors and Omissions Insurance protects your IT business from having to pay out of pocket to combat litigation resulting in negligence for contracted jobs. Without it, you'll have to use company funds to pay for...
- Court fees.
- Docket fees.
- Attorney's fees.
Remember: while these lawsuits may be uncommon, all it takes is a single suit to put your IT firm out of business.
Business Owner's Policy for IT Businesses in Pennsylvania
For IT businesses fearful of taking on costly property damage or third-party lawsuits, there's a package that offers cost-effective protection against both – a Business Owner's Policy (or BOP).
A BOP combines General Liability Insurance and Property Insurance into one affordable policy for businesses that qualify. This means you won't have to use personal savings to pay for following...
- Lawsuits initiated by non-employees claiming you or an employee were responsible for bodily harm.
- Lawsuits brought by non-employees claiming you or an employee were responsible for property damage.
- Damage to office space, inventory and supplies, and office furnishings by covered events such as fire, theft, and certain storms.
A BOP can also include Business Interruption Insurance, which helps pay for expenses you're forced to pay despite being shut down by a covered property event. This includes wages for skilled employees you don't want to lose, taxes, and loan payments.
No IT business should operate without protection from third-party lawsuits and potential property damage. Give us a call today to see if your business qualifies for a Business Owner's Policy.
Employment Practices Liability Insurance for IT Businesses in Pennsylvania
Employment Practices Liability Insurance (or EPLI) protects your IT business from employee claims that they experienced some form of discrimination; were wrongfully terminated; or were discriminated against based on their race, gender, religion, or sexual orientation. It protects against claims from both current and former employees by providing the funds you need to combat costly lawsuits. The following suits are covered by EPLI...
- Breach of contract.
- Wrongful management of employee benefits.
- Comments viewed as libel or slander.
- Sexual harassment.
- Invasion of privacy.
- Negligent hiring practices.
The more your IT business grows, the greater your potential to take on an EPLI claim. Don't let your income be negatively affected – get in touch with a TechInsurance rep today for more information.
STATE INSURANCE LINKS