Alchemy Insurance Agency works around the clock to connect individuals, businesses, and families with insurance coverage from the nation’s top carriers. Based in Philadelphia, PA, we’ve been in business for more than three decades fulfilling a combined role of auto insurance agency, home insurance agency, business insurance agency, commercial insurance agency, and life insurance agent. We don’t work for the carriers, however. We work for you. Our team specializes in risk management and insurance and stays informed on all types of insurance and policies.
Workers compensation insurance, sometimes called workers comp insurance, offers benefits in the form of lost wages and medical expenses to those hurt on the job or become ill while officially “on the clock.”Workers compensation coverage laws are controlled by state laws in each of the 50 U.S. states, as each state has its own set of work injury compensation benefits at different levels and for covering different situations.
Workers compensation coverage is based on a type of social contract between employees and each company’s management team or owners. It works like this: When an employer’s workers comp plan is in place, the company’s owners need not worry about workers filing civil suits against them or the company, even when workers are seriously injured or fall ill on the job. Businesses actually purchase workers comp coverage, but insurance companies underwrite the coverage. In some states, however, the workers compensation cost is not underwritten by insurance entities but by special funds set up by the state.
What’s provided to injured or ill workers, and how does the arrangement work? First, it’s important to understand that the insurance covers several things, namely, rehabilitation expenses for people who end up sick or injured due to performing their jobs, any lost wages, and a full array of medical expenses. Additionally, the money paid out in workers compensation claims often covers death benefits to relatives of a deceased employee.
The goal of this type of insurance system is to protect employees and employers in the event of sicknesses and accidents that happen at work or while a worker is performing job-related duties elsewhere. Whether a state fund or an insurance carrier pays the workers comp cost, there is a long list of rules that company management must adhere to so that the right kind and amount of coverage is paid out to ill or injured employees.
Whenever a worker files a claim under the coverage, the claim will only be successful if the sickness or injury was a direct result of the person’s specific job-related duties. For example, a very common type of claim is the so-called “slip and fall” but other frequent sources of claims involve injured muscles from lifting weighty objects, or machinery-related injuries.
In almost every state, there are laws on the books that mandate companies to buy workers compensation insurance policies for all their employees. In cases where all of the employees are part owners of a company, most states will not require a policy to be in place. When companies fail to purchase policies, they can end up paying huge legal penalties and whatever medical expenses were incurred by injured workers. In addition, some states impose fines and jail time for companies that don’t buy workers comp insurance.
Who’s blaming you? Employees
For what? Injury, Accidents during work
What’s covered? Medical Benefits, Wage replacement
What is business insurance? In short, it is coverage that compensates you when you suffer a loss related to your daily business practices. There are several common types of coverage for owners who want the peace of mind that comes with knowing their company can survive an unexpected loss or claim.
When searching for business insurance quotes, it’s imperative to work with an agent that understands the type of work you do, where you do it, and what the exact types of risks are that you face on a daily basis. A business insurance agency can help you find small business insurance or any other type of coverage you need, from the best carrier and at a competitive price. The same thing applies if you are needing business liability coverage or any of the different varieties of financial protection from the unexpected.
Business insurance, generally speaking, protects owners from all kinds of risks but mainly protects the property you use in your business. Other, more specific types of policies, e.g., business liability insurance, can be written into a standard policy to cover specific needs and risks you face as an owner. This is especially true if you want protection for your personal property when someone sues your company or attempts to make a claim against your personal assets.
The most typical types of policies owners purchase include those that cover legal liability, property damage, and worker-based claims. The first step for most owners is to sit down with an experienced agent and determine the overall risk level for the company. This is a complex but essential chore. Risk levels are determined by a company’s unique ways of doing business, its product/service line, its potential of being sued, possible hazards in the job location, and more. Only a trained agent can help an owner find the right amount and kind of business insurance that is appropriate for a given set of circumstances.
Who’s blaming you? Business Owners, Investors, Shareholders, Banks
For what? Physical and intellectual property, Loss and damage, natural hazards
What’s covered? Medical Benefits, Wage replacement, Defending lawsuits, Lawyer’s fees, Court costs
Homeowners insurance, sometimes called home insurance, protects much more than your home. It routinely includes multiple kinds of protection for your belongings, your family members, replacement cost of stolen items, and much more. When you are looking for PA home insurance and attempting to compare home insurance quotes, it makes sense to speak with a qualified professional at a home insurance agency in order to find the best homeowners insurance that suits your living situation.
The first step is to ponder your insurance needs. There are dozens of different kinds of policies, each one of which has its own purpose. If you’re not a homeowner, you should consider finding the best renters insurance in your area. As is the case with insuring your home, renters insurance cost variability is wide, depending on your needs, the value of the property, and other factors.
Because there are so many components of homeowners insurance cost and the cost of renters insurance PA, you should seek out an experienced rep who knows local conditions and has spent several years in the industry. If you take the time to shop around, it’s possible to obtain a homeowners insurance quote that fits your budget and meets your coverage needs. Avoid opting for cheap homeowners insurance because the upfront savings aren’t worth it when you need to file a claim.
The key point to remember is that you should aim to find a policy that works for you, that you can afford, and that covers your financial interest. There are many kinds of homeowners and renters policies to choose from. Your total home insurance cost will reflect the amount of coverage you choose and the market rates at the time you purchase coverage. For example, umbrella liability offers homeowners additional peace of mind pertaining to lawsuits and claims made against your property. Likewise, fire insurance can reimburse for expenses related to smoke and fire damage and often goes toward repairs or total replacement.
If you need protection against property damage or bodily injury, plus the potential legal costs that go along with these kinds of losses, you can opt for liability insurance. For non-homeowners, a renters policy can protect the value of your personal property damaged by theft, disasters, and weather-related losses.
Who’s blaming you? Home owners, Family members, Financier
For what? Disasters, theft, vandalism
What’s covered? Lawyer’s fees, court costs, settlements, judgments
Auto insurance, commonly called car insurance, is something even the most careful driver needs. It’s a fact that even the safest drivers among us are not immune from having an accident. Car insurance companies know this. That’s why they offer varying premium levels for all your car insurance PA needs. Cheap car insurance in PA is available to good drivers. What is “good”? It generally means a driver who has zero impairment-related tickets, very few other moving violations during the past several years, and has not been in any at-fault accidents.
PA auto insurance is available from dozens of auto insurance companies. When vehicle owners begin searching online for terms like “auto insurance near me” they typically receive hundreds of results. The main thing to remember when you shop for the best car insurance is to stick with the top-rated companies in order to get the most useful coverage for you. Just selecting cheap auto insurance PA carriers will save you a few dollars now but can end up costing a lot more if you have an accident. It’s essential to obtain several auto insurance quotes from reputable companies. When you limit your search to reliable, well-respected names in the business, your car insurance quotes will be more relevant for your particular situation.
Keep in mind that many of the everyday risks associated with driving are far out of your personal control. For example, there are unsafe drivers on the road, unexpected weather conditions that make traveling by car a hazardous endeavor, and mechanical failures, like flat tires, that can happen at any time. When you purchase an auto insurance policy, you are able to protect yourself from financial risks that are part and parcel of operating a motor vehicle. Within the U.S., 47 states now require every motorist to have an in-place car insurance policy before driving on public roadways. At minimum, these states require drivers to have a set amount of liability coverage, which pays for any damages the driver causes to another party’s property or person.
Specific kinds of coverage to consider include comprehensive, which takes care of expenses associated with non collision damage to your vehicle, e.g., floods, fires, theft, and more. Collision coverage insures the cost of replacing or repairing your vehicle when it “collides” with something else. Finally, uninsured/underinsured policies protect your financial interest when the other, at-fault driver has no insurance or not enough liability coverage to pay for repairs and medical costs.
Who’s blaming you? Owner, driver, other third parties
For what? Injuries or property damage caused by a vehicle
What’s covered? Lawyer’s fees, court costs, settlements, judgments
When addressing your PA insurance needs, life insurance should be among the most crucial concerns. Life insurance companies routinely offer term life insurance, whole life insurance, senior life insurance, and liability insurance coverage. Among the top life insurance companies, you’ll be able to compare prices and terms for the life insurance policy you are looking for. Always discuss the finer points of coverage with your agent and be sure to get several life insurance quotes before making a final decision about what to buy. Life insurance cost can vary greatly, depending on what extras you wish to include, even in a permanent life insurance policy, for example.
It’s essential to know which basic category of life insurance you want and need. For example, whole insurance gives you coverage for as long as you stay current with payments on your existing policy. The upside of this type of coverage is that it offers the chance to create tax-deferred cash value as well as lifelong coverage.
One of the other major categories of life insurance is term. It fixes payments for a set amount of time, 10 or 15 years, for example. This approach is usually the least-expensive way to acquire life coverage. For a reasonable price, you receive a generous death benefit for a known period of time.
Senior insurance is a much more limited product because it typically covers nothing more than the cost of burial, cremation, final debt, and remaining bills. The advantage of senior insurance is that it provides a high degree of peace of mind at a rather low cost. No longer will you need to worry about the high and rising cost of funerals if you have a senior policy in place.
The three key items covered by a standard life policy are lost wages, final expenses, and accumulated, outstanding debt. People always wonder how much life insurance to buy. That’s a tricky question because situations are unique for every individual. However, most experts recommend that you purchase life insurance coverage that is equivalent to approximately five to eight times your annual income. Don’t use that rule of thumb to make a decision, however. Instead, speak with a licensed, experienced agent before arriving at a specific dollar amount of coverage that’s right for you
Who’s blaming you? Policy Holder
For what? Illness, Death
What’s covered? Medical expense, Funeral expense, Compensation
Commercial insurance offers companies protection against risks. It’s important to obtain business insurance quotes for commercial insurance PA from a number of commercial insurance agency representatives. Be sure to discuss several key topics with each rep, including your company’s potential need for commercial general liability insurance, the specific liability insurance cost for whatever coverage you are looking at, and PA workers compensation rates. Workers compensation PA coverage is a legal necessity for all companies in the state.
Of course, there are no one-size policies that cover exactly what your organization needs in terms of business income insurance, general liability, commercial auto, errors and omissions, and workers compensation insurance PA. Rates and other conditions of coverage vary among commercial insurance companies. This is especially true when shopping for workers comp insurance PA because every state has its own laws about what type of workers comp is needed to meet the minimum legal standard.
If you own a business, you already know that there are multiple types of risks you face. Some are in the form of potential legal claims by employees; others have to do with property damage, unintended work stoppages, product liability claims, general liability insurance, and more. Business insurance can protect you against a wide range of potential problems, no matter how large or small your company is.
It’s especially important for owners of small businesses to obtain adequate coverage because, as entrepreneurs, they are typically susceptible to high amounts of personal risk. If sued, an owner can lose everything. It’s equally important for owners to understand the several types of policies available to them.
For example, professional liability policies protect against claims by customers based on a company’s “failure to perform” or from mistakes. Because each industry has its own unique set of risks based on the things it does, what it sells, and other factors, there is no specific amount of coverage that works for each company. Likewise, property insurance is coverage for a company’s inventory, equipment, furniture, and other items that might be damaged in a storm or fire or subject to theft. Note that this form of insurance is not related to earthquake or flood policies. Those kinds of disasters call for different insurance policies.
It’s also important to remember that, if you run a home-based business, your standard homeowners policy will not cover losses of inventory or equipment used in your business.
If you manufacture or sell products, consider product liability insurance. This is often the only kind of protection standing between a business and financial disaster. If anyone is harmed, or claims to be harmed, by something you sell, that person has the right to sue you for damages. If you have product liability insurance, you can avoid the huge losses that could result from a single lawsuit. Be certain to obtain several business insurance quotes before making a decision on this essential type of coverage.
Who’s blaming you? Employee, Business Owners, Investors, Banks
For what? Business risk, Accidents during work, Disasters, theft, vandalism
What’s covered? Medical expense, Missed wages, Compensation, Death benefits, Lawyer’s fees, Court costs, Settlements
The term “farm insurance” usually refers to a type of combination policy that covers a farm owner’s commercial property, commercial liability, and homeowners insurance. This is a necessary arrangement because professional farmers typically live on the same property they use to generate their income: the farm. In most cases, these kinds of policies are in place for individual or family-owned farms, not extremely large commercial operations, which are sometimes called “corporate” or “commercial” farms.
When you speak with a professional farm insurance agent, you’ll need to discuss many, wide ranging topics, including horse insurance (also called equine insurance), an overall farm insurance quote, special types of coverage needed for your particular type of operation, equine liability insurance, and much more.
What does farm insurance do? It protects owners when they face claims from accidents on the property or from lawsuits. Some claims arise from personal injuries and others from property damages. If your farm operation includes the use of horses, for example, you’ll want to look into horse health insurance, horse liability insurance, and check out rates from multiple equine insurance companies (horse insurance companies). Obtaining this information is essential if you not only own horses but use them as part of your for-profit farming business.
For example, many farmers board horses for others, give riding lessons on the property and perform related tasks involving horses. It’s imperative to get a horse insurance quote while meeting with your carrier’s rep. Horse insurance cost can comprise a large portion of your overall premium expense in many cases.
Workers compensation coverage for farmers is another key part of the insurance puzzle. In addition to all the common business concerns, farmers have to contend with crop health, financing, the price of commodities, federal and state regulations, and the climate. Add to that list the very important topic of farm workers compensation. Even small farms that employ a single worker are at risk of liability from a lawsuit.
Additionally, what if you, the owner, suffer an on-the-job injury on farm property? All told, there are many reasons for farm owners to get the right amount of insurance coverage to deal with various kinds of situations that can arise in the operation of a standard farm. Remember to discuss these topics in detail with your agent because the laws are state-specific and can be quite complex.
Who’s blaming you? Farm owners, farm workers
For what? Disasters, theft, vanadalism, Injuries, Death
What’s covered? Medical, Death, Missed wages, Land and Equipment
We are Independent Agency in Philadelphia, Pennsylvania, free to choose the best carrier for your insurance needs.
We do not work for an insurance company; we work for you. We work on your side when you have a loss and follow through to see that you get fair, prompt payment and service.
Alchemy Insurance Agency, represents a carefully selected group of financially strong, reputable insurance companies, therefore, we are able to offer you the best coverage at the most competitive
Alchemy is a fully independent insurance agency that works for clients who need to find the ideal insurance coverage for all their needs. Our team works directly for you, assisting you with not only finding the right company and coverage but with follow-up after you file a claim.
Our insurance agency works with the very best, most experienced carriers in the industry and is able to offer you the best price selection, coverage types, and service. Based in Philadelphia, Alchemy is a local insurance agency with a vast, national network.
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