Wolf Administration Provides Small Business Owners Information to Protect Their Investments

UNIONTOWN, Pennsylvania, June 8 -- The Pennsylvania Insurance Department issued the following news release:

Pennsylvania Insurance Department Consumer Liaison David Buono today provided small business owners with important information on protecting their investments at a small business seminar in Fayette County.

"Small business owners put tremendous time and energy, as well as money, into their companies, and it's vital they also take the time and financial resources to protect their businesses by having the insurance coverage they need," Buono said.

The Small Business Seminar was co-hosted by state Representative Matt Dowling and the Fay-Penn Economic Development Council.

Following Governor Wolf's direction that consumer protection and education be the Insurance Department's top priorities, the department last month announced the creation of a Business Insurance page, grouping all information about insurance for businesses in one place. At the same time, the department released two new brochures on business coverage. One brochure details information businesses need to file a claim after storm damage. The other lists coverages home-based business owners need to consider, and reminds entrepreneurs their homeowners' coverage will most likely not provide the protection their business needs.

"Home-based business owners need to think about equipment or business inventory they have at home, whether items for the business are delivered to their home, and if they keep customer records or other customer-owned items on a computer or hard copy file," Buono said.

Other issues home-based business owners need to consider are whether customers visit the home and whether employees work there. Both situations could require liability insurance coverage for any injuries. Business insurance may also be needed to cover lost income if the home is damaged by a fire, storm or other incident.

"Another key consideration is whether you or your employees drive a vehicle for your business," Buono said. "Most personal auto policies will not cover losses if the vehicle is being driven for commercial purposes, and it's important business owners inform their auto insurer if they use personal vehicles for business."

Contacting the business' insurance company as soon as possible after storm damage is important when filing a claim, as is keeping good records of damage as well as of insurance company representatives with whom contact was made. Video or photographs is very helpful for documenting damage.

Buono noted the Insurance Department's Business Insurance Page also provides information on topics such as workers' compensation and providing health insurance for employees, both important for business owners.

"Small business owners have so many things on their minds that insurance can easily get lost in the shuffle. But proper coverage is vital to protect the business in which so much has been invested," Buono said.