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Bloomsburg, PA 17815

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Three situations where commercial insurance is required

Having commercial insurance is always a good idea regardless of what type of business you have and what industry you work in. However, having commercial insurance is also a requirement in numerous situations. 

If you are required to have commercial insurance, you need to be aware of this and acquire the appropriate coverage to avoid fines or more severe consequences.

The following from The Good Insurance Group, LLC in Bloomsburg, PA are three situations where you may be required by law to have commercial insurance coverage:

When you have employees

A large portion of companies out there rely on hired help. If you have employees working for your company, you should have workers’ compensation and unemployment insurance. Generally speaking, these two types of coverage are required by law for any company hiring on full-time staff.

When you drive a vehicle for commercial purposes

You cannot rely on regular auto insurance to cover a car that is used for commercial purposes. You need to purchase vehicle insurance that is specifically for vehicles used for business activities.

If you use a vehicle both for commercial and personal needs, you need to discuss your insurance needs and the legal requirements you need to meet with your insurance provider. 

When you work in a profession that is subject to malpractice lawsuits

Some occupations are subject to malpractice claims. Perhaps the most common example is the medical profession. However, lawyers and other professionals can be hit with costly malpractice suits as well.

While there is no federal law requiring malpractice insurance for those working in these professions, there are state laws that require malpractice insurance. You need to be aware of the requirements you’re subject to if you’re working in a profession involving frequent malpractice issues. 

If you have questions or concerns regarding your commercial insurance needs, get in touch with us at The Good Insurance Group, LLC. We offer commercial coverage to businesses located in the Bloomsburg, PA area, and we’ll be happy to help.