I started a S-corporation and wanted to know if Pennsylvania law requires it to have insurance?

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I started a S-corporation and wanted to know if Pennsylvania law requires it to have insurance?

Asked on February 1, 2011 under Business Law, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

No, there is no law requiring any business to have property, liability, or umbrella coverage--though it is obviously wise to do so. Some other specific forms of coverage are mandated by law--e.g. if there's a company car, it needs auto insurance; if you have employees, you need to buy worker's compensation--but apart from those specific requirements, any necessity for insurance is more likely to be mandated by contract. For example, if you rent an office, the landlord might require you to have insurance; if you're going to do certain work as a sub- or independent contractor, your clients may require you to have and prove that you have liability insurance; to borrow money, a lender may wish to see certain kinds of insurance; etc.


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