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Small Business Insurance in Chalfont and Collegeville, PA

Your small businesses needs many types of coverage in order to adequately secure itself against losses in the event of certain common business casualties. Common elements of small business insurance include:

  • General Liability Insurance: This policy covers a business against claims arising from problems like libel, slander, medical expenses, property damage, medical expenses, and the cost of defending against a lawsuit.
  • Product Liability Insurance: If you deal with a product - whether it's manufacturing, retailing, wholesaling, or just distributing it - you may be responsible for keeping it (and people in the area around it) safe. The amount required depends mainly on the products involved - the larger and/or heavier the products are, the more coverage is needed.
  • Professional Liability Insurance: Similarly, if you provide any kind of professional service, you may need coverage for errors, malpractice, and negligence. Some companies are required to have this type of coverage (especially, though not exclusively, those in the medical field).
  • Commercial Property Insurance: If your small business owns any kind of physical property (an office, a retail store, a warehouse, etc.), this coverage insures it against a wide variety of natural and man-made forms of damage. If your business is particularly vulnerable to a certain type of damage (flooding, vandalism, etc.), you may need additional coverage for that specific problem.
  • Home-Based Insurance: If you're running a business from your home, then your homeowner's insurance probably doesn't cover any of your business operations. You may need to purchase additional coverage separately, or as an extension of your existing plan. Speak to a Bucks Montgomery Insurance Group, LLC agents to find out.

Many other industry-specific forms of coverage are available. For more information about what policies are the most important for your business, talk to one of our agents and ask for a full risk assessment. You can research forms of insurance through reputable sources—this information is available for free online, courtesy of groups like the National Association of Insurance Commissioners.

Insurance Requirements for Small Business

All small businesses are required to have Workers' Compensation, Unemployment Insurance, and sometimes Disability Insurance. Other requirements for small business insurance vary by industry, as well as local, state, and federal law.

What constitutes a small business?

The exact definition of a small business varies by industry, but according to the Small Business Administration, it's usually 500 employees or less for mining or manufacturing, and $7.5 million or less in revenue for other industries. Note that there are many exceptions to this rule, and they are listed in detail on the Small Business Administration's website.

 

1. "Insure U Get Smart About Insurance." Accessed April 14, 2016. http://www.insureuonline.org/smallbusiness/.

2. "Insurance Requirements for Employers." The U.S. Small Business Administration | SBA.gov. Accessed April 14, 2016. https://www.sba.gov/managing-business/running-business/insurance/insurance-requirements-employers.

3. "Summary of Size Standards by Industry Sector" The U.S. Small Business Administration | SBA.gov. Accessed April 14, 2016. https://www.sba.gov/contracting/getting-started-contractor/make-sure-you-meet-sba-size-standards/summary-size-standards-industry-sector.

Our Location

Bucks Montgomery Insurance Group, LLC

107 Winding Way
Telford, PA 18969
Main office: 215-337-2972
Fax: 215-721-5934

Office Hours:

Mon: 8:00 AM - 5:00 PM
Tues: 8:00 AM - 5:00 PM
Wed: 8:00 AM - 5:00 PM
Thurs: 8:00 AM - 5:00 PM
Fri: 8:00 AM - 5:00 PM
Sat: By Appointment
Sun: Closed

Our Providers

Testimonials

Bill Pellak and the claims processor were excellent to deal with regarding our recent claim with Travelers. The claim agent explained things carefully to make sure we understood the process.
- Jane & Arthur Weinberg
Honestly, there is nothing more Travelers could have done to make my experience any better. Everyone I spoke to was very kind and caring and also very knowledgeable. My claim was handled so quickly and efficiently. I am so thankful that we chose Travelers as our insurance company. The customer service is outstanding!
- Mario and Angela Santos
I appreciate your frequent communications to keep us updated on our insurance. When we have questions or there are changes to our policies, you are quick to answer by telephone and follow up with an e-mail or by mail. You have given us excellent service over the years. You and your staff are personable too, which seems something lost these days in the business world.
- Nick Salamone
I have been a client/customer of Bill Pellak and the BMI group for over two decades. Bill ,Peg and Kathleen make an awesome team and they meet all of my insurance needs. Each time I purchase a new car, or another vehicle for my family they are always available to make the transition smooth and painless. They and their staff are courteous and professional. I whole heartedly recommend the BMI group.
- Marguerite Nocchi, Esquire