More than 870,000 small businesses are currently operating in the state of North Carolina, and more than 15,000 of these businesses can be found in the town of Cary. Businesses in the professional, scientific, and technical services and the manufacturing industries do especially well in this city, but companies in a wide range of industries have found success here.
If you own a business in Cary, you will want to be sure to protect your investment with a comprehensive commercial insurance plan. A local independent insurance agent can help you identify your company’s specific risks and can recommend the appropriate business insurance solutions to protect against all of those exposures.
Liability lawsuits against small businesses often end in judgments of $1 million or more. That is why liability insurance is a key part of your business insurance package. It can cover the associated court costs, legal fees, and damages if your company is sued.
All business insurance policies include commercial general liability insurance (CGL). This insurance is designed to cover against common liability risks most businesses face. CGL has two major components:
You may need to purchase additional liability insurance products in order for your business to be fully covered against all of its risks. Examples of other commercial liability products that are available to businesses include:
Your independent agent can explain these and other liability insurance options, and can help you determine which are right for your Cary, NC business.
Cyber liability insurance is still another commercial liability product, and it is one that is worthy of closer attention. This relatively new liability product was created to meet the growing needs of businesses threatened by cybercrime.
If your business keeps electronic records of your customers’ information, hackers may find a way to access this data and then use it to commit identity theft and fraud. Businesses that experience a data breach are typically held liable for the high cost of reimbursing victims for the resultant damages.
Savvy hackers are constantly finding ways to get around firewalls, passwords, and other data security measures. Be sure to ask your independent agent for more information about how cyber liability insurance can protect your Cary business.
Commercial property coverage is included in all business insurance policies. It is designed shield your business’s physical assets—including inventory, office furnishings, tools, supplies, and computers—against loss or damage caused by property crimes, natural disasters, and accidents.
Certain business property needs to be insured by specialized policies such as inland marine insurance or boiler & machinery insurance. Your independent agent will be able to offer you appropriate coverage advice so that you can be sure that all of your company’s property is suitably protected.
Natural disasters do not strike Cary frequently, but when they do, they can be destructive.
Property damage isn’t the only way that disasters can cause losses to area business. In some cases, extremely damaging events, like structure fires or the F4 tornado that touched down 7 miles from the Cary city center in 1988, can force you to shut down your business for several weeks—or months—while repairs are made.
Business interruption insurance is designed to provide your business with a continuation of income during the times it experiences a forced extended closure. This insurance enables you to pay employee salaries and monthly expenses even while there is no income being generated. This coverage is typically limited to one year.
Sometimes workers are injured on the job. Whether it is a physical injury (such as a herniated disc) or an illness (such as may by caused by exposure to toxic materials), as their employer, you are responsible for covering the cost of any needed medical treatment and for providing them with paid time off while they recuperate. Workers’ compensation insurance covers these costs.
Workers’ compensation insurance (or “workman’s comp”) shields your business from potential liability lawsuits and ensures that your workers do not suffer financial hardships because of workplace injuries. Cost for this coverage is based on how dangerous your employees’ jobs are. Manufacturing plant workers are far more expensive to cover than executives.
Most businesses in North Carolina are required to carry workers’ compensation insurance. Exceptions are made for sole proprietors, agricultural employers with fewer than 10 non-seasonal workers, and those who employ domestic help. Your insurance agent can help you purchase suitable coverage through a commercial provider.
Studies by human resource professionals have demonstrated that one of the most effective ways to attract and retain the best employees is by offering workers an appealing benefits package that includes ample vacation and sick time as well as subsidized life insurance and healthcare coverage.
When it comes to health insurance, there are a number of different policy types to choose from. Fortunately, an independent agent can explain the various coverage types so you can make an informed decision about which is the best choice. These local insurance professionals can then help you find suitable, yet affordable, coverage for your employees.
There are several different commercial insurance products and options that are available for your Cary business. This can make shopping for coverage overwhelming. That is why so many business owners opt to work with a local independent insurance agent.
These insurance professionals can help you find the right commercial insurance products at highly competitive rates. Find an agent in or near Cary to learn more, and you can soon be comparing quotes for all-inclusive business insurance plans.