Apex Business Insurance

Recently named the Fastest Growing Suburb in America, the city of Apex, NC, has a continuing need for new businesses to support and sustain its growing population. If you are among the proud business owners in this city, you will want to be sure to protect your investment with a solid business insurance policy.

A local independent agent can help you build an all-encompassing, customized commercial insurance plan that will provide suitable coverage against all of your company’s various exposures. Contact an insurance agent in Apex to learn more.

Why Is Liability Insurance So Important for Businesses in Apex?

Liability insurance is a crucial part of every commercial insurance policy. It can cover the expenses related to liability lawsuits including such things as court costs, legal fees, lost wages, and damages. All business insurance policies include commercial general liability insurance (CGL). CGL has two main coverage components:

• Premises liability insurance: This covers third-party injuries and property damage that occur on your business property.
• Product liability insurance: This covers third-party injuries, illnesses, and damages caused by products your company produces, sells, or promotes.

Most businesses need to purchase additional liability insurance products in order to be fully covered against all of their liability risks. There are several policies available to choose from. Examples of some of the many commercial liability policies that are available to you include:

• Cyber liability insurance: This covers your business if hackers break into its computer system and access customer data such as personal information, credit card numbers, passwords, and other information that can be used to perpetrate identity theft and fraud.
• Employment practices liability insurance:  This covers your business against accusations of illegal practices such as harassment, discrimination, and wrongful termination.
• Commercial vehicle liability insurance:  This covers your business against the increased liability risks that go along with having company-owned vehicles.
• Pollution liability insurance: This covers your business if toxic substances used or produced by your company accidentally cause environmental damages.
• Professional liability insurance: This covers individuals in professional positions if they cause third-party damages or hardships due to negligence, errors in judgement, or other professional mistakes.

Let an independent agent explain more about these and other liability insurance products so you can knowledgeably choose the policies that are right for your Apex business.

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What Property Does Apex Business Insurance Cover?

All business insurance policies include commercial property coverage. This is designed to reimburse your business for loss or damage to company-owned property such as merchandise, inventory, furniture, outdoor signs, computers, machinery, and more. 

Businesses in Apex are most likely to experience damages caused by hazards such as hurricanes, windstorms, hail, and freezing temperatures. It is important to be sure that your company’s coverage levels are high enough to allow you to repair or replace damaged items without your business experiencing a large financial loss.

Some commercial property needs to be covered by specialized insurance (e.g., boiler & machinery insurance, contractor equipment insurance, or inland marine insurance). Also, if your company is at risk for flood damage, you will also need to supplement your coverage with a commercial flood insurance policy through the NFIP in order to be covered against this hazard.

A knowledgeable insurance agent can provide guidance you are building your commercial insurance plan so that you can be certain that you do not have any unintended coverage gaps.

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Why Is Business Interruption Insurance Important in Apex?

When disaster strikes, your business can suffer more than just property loss and damage. If it must remain closed for a long time while repairs are made, it will not be generating revenue which can be financially devastating.

• Number of federally declared disasters in NC since 1953: 58
• Most common reasons for declared disasters: Hurricanes and tropical storms

Whether your business is impacted by a natural or a man-made disaster, business interruption insurance can provide a continuation of income during the aftermath.  This will provide the income you need to pay employee salaries, loan installments, and other monthly expenses until you are able to resume normal operations. Talk to an independent agent in Apex to learn more.

Are Businesses in Apex Required to Carry Worker’s Compensation Insurance?

Even when all available safety precautions have been taken, workers are sometimes injured on the job. If an employee is hurt while working for your company, your business is responsible for covering the associated costs. Failure to do so could result in your company being named in a liability lawsuit. This is why workers’ compensation insurance is so important.

Workers’ compensation insurance is designed to cover medical treatments, lost wages, disability benefits, and other related expenses if an employee is injured in their course of doing their job. Rates for this coverage are based on the risks associated with the types of jobs your employees do. Therefore, it would cost much more to insure a construction worker that it would to cover an accountant.

The state of North Carolina requires all employers to carry workers’ compensation insurance. There are a few exceptions. For example, you are not required to cover sole proprietors, domestic workers, or certain agricultural workers. An independent agent can help you find an appropriate and competitively priced policy through a commercial provider.

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What about Insurance for Employee Benefits Packages?

Even though it may be expensive to do so, there are several advantages to providing your employees with benefits like paid vacation time, health insurance, and life insurance.

Studies by human resource professionals have demonstrated that companies that offer attractive benefits packages can more easily hire and retain good employees. It has also been shown that employees who have access to healthcare use fewer sick days. Additionally, many companies that subsidize employee health insurance can benefit from tax incentives.

• Average amount spent on healthcare coverage by NC businesses: $1,568,586
• Ranked 41st for highest medical insurance costs in the US
• Average annual cost of health care in NC: $5,310/person or $15,023/family

An independent insurance agent in Apex can help you find suitable coverage at a competitive price. With so many different policy types and options for you to choose from, you may find it beneficial to have the guidance of an experienced insurance professional when you are shopping for business health insurance or life insurance.

Why Work with an Independent Agent in Apex, NC?

Insurance companies offer a wide range of products and policy options so that business owners can fully customize their commercial coverage portfolios. A local independent agent can help you review and understand your various options so that you can choose the coverage types that are appropriate for your particular Apex business.

Independent agents work for you, not for a specific insurance company. This means they can shop around to find you the best and most affordable policies to meet all of your commercial coverage needs. Find an insurance agent in or near Apex to start comparing customized business insurance quotes.