Burlington Business Insurance

Your Complete Guide to Burlington, NC Business Insurance

Couple talking to an independent insurance agent

As the founders of Biscuitville can tell you, Burlington is a great place to own a business. Perhaps that is why companies like LabCorp and Honda Aero have opted to set up their headquarters in this vibrant North Carolina city. From fabric manufacturing firms to retail stores, businesses in this city can benefit from the protections that commercial insurance coverage can offer.

A local independent agent can help you put together a comprehensive business insurance plan. That way, you can be sure that your company is covered against all of its various exposures. Find an insurance agent near you to learn more.

Liability Coverage for Businesses in Burlington

We live in a litigious society; unfortunately, if a lawsuit is filed against your company, it can be extremely expensive without the right insurance coverage. That is why commercial liability insurance is a crucial part of every business insurance policy. It can cover the expenses related to liability lawsuits, including court costs, legal fees, and damages. 

All business insurance policies include, at a minimum, commercial general liability insurance (CGL). CGL has two main coverage components:

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

In many cases, businesses need additional liability insurance products in order to be fully covered against all their potential risks. Some other liability policies that are available to choose from include:

  • Employment practices liability insurance (EPLI):  This covers your business if a current, former, or potential employee accuses your company of illegal business practices such as harassment, discrimination, or wrongful termination. 
  • Commercial vehicle liability insurance:  This covers your business against the increased liability risks that go along with having company-owned cars, trucks or vans. 
  • Environmental liability insurance: This covers clean-up costs and damage related to the accidental pollution of the land, air, or water by toxic substances used by your company.
  • Professional liability insurance: This covers individuals in professional positions against third-party damage caused by negligence, errors in judgement, or other professional mistakes.
  • Cyber liability insurance: This covers businesses against the growing threat of cybercrime. It can pay for damage and restitution for your customers if their financial and personal data is accessed by computer hackers.

Let a local independent insurance agent explain more about these and other liability insurance products so you can choose the policies that are appropriate for your Burlington business.

Property Insurance for Burlington Businesses

All business insurance policies also include commercial property coverage. This is designed to reimburse your business for loss or damage to your company-owned property such as merchandise, tools, machinery, computers, furniture, outdoor signs, and more. It can also cover the building in which your business is housed if it is company-owned.

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

A major disaster, like an accidental structure fire or a severe storm, can lead to extensive damage or destruction of your business property. It is therefore important to be sure that your coverage levels are high enough to enable you to repair or replace damaged items without your Burlington business experiencing a large financial loss. 

There are times when certain commercial property requires specialized coverage (e.g. boiler & machinery insurance, contractors equipment insurance, or inland marine insurance). A local independent insurance agent can ensure you are getting the right kinds of coverage when you are building your commercial insurance plan.

The Importance of Business Interruption Insurance in Burlington, NC

Property damage isn’t the only expensive problem that severe weather and other hazards can bring. In some cases, a major disaster like a fire can force you to close down your business for weeks, or even months, while the damage is repaired. Business interruption insurance provides your company with a continuation of income during these times.

When you have business interruption insurance, you can rest assured that your business will continue to have the income it needs so that you can pay your employees’ salaries and monthly expenses until you are able to resume normal operations. Most policies limit this coverage to twelve months. Talk to an insurance agent in Burlington to learn more.

Most Burlington Employers Need to Buy Workers’ Compensation Insurance

In North Carolina, all businesses with three or more employees are required to carry workers’ compensation insurance. There are a few exceptions. It is not necessary to cover sole proprietors, domestic workers, or certain agricultural laborers. 

If an employee is hurt while doing their job, your business is responsible for paying the associated costs. There are a number of ways that workers can be injured on the job,  including lacerations requiring stitches, lost limbs, and chronic illnesses following exposure to toxic substances. Workers’ compensation insurance makes sure that these injuries are suitably covered.

Workers’ compensation insurance covers necessary medical treatment, lost wages, survivor benefits, and other related costs if an employee is injured on the job. Rates for this coverage are based on the risks associated with the work your employees do and your company’s overall payroll. A tree trimmer would cost far more to insure than a receptionist at a law firm.

A local independent agent can help you secure an appropriate and competitively priced policy through a commercial provider.

Purchasing Life and Health Insurance for Your Employees

Studies by human resource professionals have shown that companies that offer great benefits packages are more likely to attract and retain ideal employees. It has also been demonstrated that employees who have access to healthcare take fewer sick days. It may therefore be to your advantage to provide your workers with employee benefits like paid vacation time, health insurance, and life insurance.  

  • 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

There is no denying that healthcare coverage is expensive, but a local independent agent can help you find suitable coverage at a highly competitive price. With so many different policy types and options for you to choose from, you may find it advantageous to have the guidance of a local insurance professional when you are shopping for coverage.

Why Work with an Independent Agent in Burlington, NC?

Every business is different. The commercial insurance needs of a mom and pop restaurant will be vastly different from the needs of a company in the transportation and warehousing industry. That is why when it comes to business insurance, there is no such thing as a one-size-fits-all policy. 

Business owners can fully customize their insurance coverage through the purchase of various coverage types and options. Local independent insurance agents can help you navigate through your many choices so that you are able to choose the coverage that is best for your Burlington business. 

Contact an insurance agent in or near Burlington to learn more and to start comparing customized quotes for business insurance coverage

Sources © 2019, Consumer Agent Portal, LLC. All rights reserved.

https://www.census.gov/quickfacts
https://www.fema.gov/disasters
http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.nfib.com/content/legal-compliance/legal/workers-compensation-laws-state-by-state-comparison-57181
https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/alter-benefits-attract-retain.aspx
https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits
http://www.city-data.com

© 2019, Consumer Agent Portal, LLC. All rights reserved.

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