Penn National Insurance - What You Need to Know
If you've been looking for Insurance policies in the United States, you must have heard of Penn National Insurance. While Penn National Insurance is a very popular name in the world of insurance companies, there are a few things that you'll need to know about it. Through this article, you will be able to know more about the insurance company in question.
What is Penn National Insurance?
Penn National Insurance is an insurance company that deals in property-casualty mutual insurance. The net worth of the company is about $37 million. The total employee capacity of the company is about 850. Through Penn National Insurance, you can avail multiple different kinds of insurance policies.
Penn National Insurance was founded by the Pennsylvania Farmers and Threshermen’s Mutual Protective Association in 1919. The company at that time went under the names Pennsylvania Threshermen's and Farmer's Mutual Casualty Company.
The purpose of the company's founding was to help steam-driven threshing machines using farmers get workers' compensation insurance. However, in a matter of only a few years, the company grew to provide all kinds of property-casual insurance.
Penn National Insurance’s headquarters are in Harrisburg, Pennsylvania. However, the company has business in ten states of The Unites States. The associated states are Pennsylvania, Maryland, Wisconsin, Delaware, Alabama, New Jersey, Tennessee, Virginia, South Carolina, and North Carolina.
The company's CEO, Christine Sears, is a well-known name in the world of finance. Sears was announced to be the CEO of the company in December 2019. The company president is Robert Brandon, who used to the COO and VP of the company.
Penn National Insurance’s Combined Direct Premiums
Since the company operates in 10 different states, given below is a state-wise bifurcation of the direct premiums by state earned by the company.
· Pennsylvania - 41%
· North Carolina - 18%
· New Jersey - 8%
· Maryland - 6%
· Alabama - 4%
· Others - 23%
How Has the Penn National Insurance Policy Structure Evolved?
Penn National Insurance started as an agricultural insurance company. However, as the company's economy shifted from agriculture to industrial finance, the company had to change its course.
The company grew from protecting steam-driven threshing machine using farmers to providing protection for coal mines, sawmills, and other industrial and manufacturing businesses. The company also moved on to insuring cars as self-driven and rental cars gained prominence over heavy-duty farming machinery.
Since families started shifting from cities to suburbia due to the increase in population, Penn National Insurance also started insuring houses. When the economy made a shift from industry to technology and service, the company further added other insurance plans.
The company is an opportunistic one that keeps on changing according to the needs of the customers. Therefore, the company offers a wide array of auto insurance, homeowners' insurance, and business insurance policies.
Business Insurance Policies Covered by Penn National Insurance
Small businesses are likely to require insurance and financial aid to survive. Since small businesses have become the backbone of the United States’ economy, Penn National Insurance has come to their aid. Given below are some of the business coverages that you can avail of from Penn National Insurance.
Supply Stores and Auto Parts
With the help of Penn national Insurance’s Business owners PennPac, all auto parts retail counters and supply stores get added insurance. The businesses are protected with the higher limits that are set on employee dishonesty, media and data, accounts receivables, and outdoor signs.
The company also provides business income and extra expense coverage on a loss sustained basis. Each supply store and auto parts insurance plan automatically includes Equipment Breakdown coverage.
Beauty Salons & Barber Shops
Penn National Insurance gives affordable coverage to beauty and barbershops. The business owner's policy provides comprehensive and unique protection to small businesses. The unique part of the insurance includes the Employment Practices Liability Insurance along with Professional Liability Insurance.
Along with providing auto-insurance, Penn National insurance also provides insurance to car washing businesses. The Business Policy provides insurance on the facilities of these businesses. This policy puts a higher limit on electronic data processing equipment, back-up of drains and severs, an extension of premises perimeter, among many other similar coverages.
The company's insurance policy for mini-warehouses includes extended liability for legal liability, lock replacement, customers' goods, and sale and disposal liability. The insurance company also applied higher limits on outdoor fences of mini-warehouses.
Penn National Insurance covers almost all kinds of restaurants. Whether you own a fine-dining restaurant or a burger joint, you can approach the company for insurance coverage. You can get value-added coverage enhancements that are designed to cover the needs that are unique to restaurants.
Pharmacies are a unique type of business that requires unique coverage and Penn National Insurance caters to those needs.
All insurance plans for pharmacies include the administrating of injections. Other than that, pharmacies can avail of the Businessowners Policy to get coverage of equipment breakdown, professional liability, and other value-added insurance requirements.
If the janitorial service in question meets the requirements of the company, they can get comprehensive coverages. The services and coverages available for janitorial services include lock and key replacement, limited pollution liability extension endorsement, and client property theft.
Other Market Businesses Covered by Penn National Insurance
Other than the businesses already mentioned above, there are a lot of business models that Penn National Insurance covers. Some of these businesses are given below.
· Clothing Shops
· Metal Goods Manufacturing
· Law Offices
· Medical Practice Offices
· Real-estate offices
· Business service offices
· Business Class Hotels
· Beverage Stores
Penn National Insurance is one of the most reliable Insurance companies in the United States of America. Since the company offers business in 10 states, you can avail the plans and offers easily throughout the country.
Whether you are looking to get your car insured, house insured, or business insured, Penn National Insurance has you covered. This company allows you to avail of insurance plans that provide maximum security and coverage to small businesses for their steady growth.