Concord, NC, is the second-largest city in the Charlotte Metropolitan area. Attractions like the Charlotte Moto Speedway and Concord Mills draw a large number of tourists to this city every year. Concord’s economy is strong thanks to the many local businesses that provide goods and services to the community. Business insurance helps these companies remain profitable.
If you are among the proud business owners in the Concord area, a local independent agent can provide assistance as you build a comprehensive commercial insurance plan. That way, you can be sure that your business is suitably covered against all of its various exposures. Find an insurance agent near you to learn more about business insurance.
Why Is Liability Insurance Vital for Businesses in Concord?
If a lawsuit is filed against your company, it can prove extremely expensive if you do not have the right coverage in place. That is why commercial liability insurance is a crucial part of every business insurance policy. It is designed to cover the expenses related to liability lawsuits, including such things as court costs, legal fees, 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 damages that occur due to accidents on your business property.
- Product liability insurance: This covers third-party injuries, illnesses, and damages that occur due to defects in products your company sells, produces, or promotes.
Many businesses need additional liability insurance products in order to be fully covered against all their potential risks. Some of the many other liability policies that are available to choose from include:
- Employment practices liability insurance: This covers your business if a current or former employee accuses your company of illegal business practices like harassment, discrimination, or wrongful termination.
- Environmental liability insurance: This covers cleanup costs and damages related to the accidental pollution of the land, air, or water, by toxic substances used or produced by your company.
- Professional liability insurance: This covers individuals in professional positions against third-party damages or hardships that are the result of negligence, errors in judgement, or other professional mistakes.
- Cyber liability insurance: This covers businesses against the growing threat of cybercrime. It can pay for damages and restitution to your customers if their financial and/or personal data is accessed following a data breach.
A local independent insurance agent can explain more about these and other available liability insurance products so you can best choose the policies that are appropriate for your Concord business.
Property Insurance for Concord Businesses
Business insurance policies also include commercial property insurance as part of their standard coverage. This is designed to reimburse your business for loss or damage to company-owned property such as merchandise, tools, machinery, computers, furniture, and more. It can also cover damages to 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 a structure fire or hurricane-force winds, can lead to the excessive 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 Concord business experiencing a large financial loss.
Sometimes it is necessary to supplement your property insurance with specialized coverage like boiler & machinery insurance, contractor equipment insurance, or inland marine insurance. Your local independent insurance agent can ensure you are getting the appropriate kinds of coverage when you are building your commercial insurance plan.
Why Is Business Interruption Insurance Important in Concord?
Property damage isn’t the only expensive problem that disasters can inflict on businesses. In some cases, a major disaster like a fire or a hurricane can force you to close down your business for weeks, or even months, while the damages are 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 be able to continue to pay employee salaries, loan installments, and other regular monthly expenses until you are able to resume normal operations. Most policies limit this coverage for up to twelve months. Talk to an insurance agent in Concord to learn more.
Do Employers in Concord Need Workers’ Compensation Insurance?
In North Carolina, all employers are required to carry workers’ compensation insurance. There are a few exceptions. For example, it is not necessary to cover sole proprietors, domestic workers, or certain agricultural workers.
There are a number of ways that workers can be injured on the job. These include such things as cuts requiring stitches, lost limbs, or chronic illnesses following exposure to toxic substances. If an employee is hurt while doing their job, your business is responsible for covering any associated costs.
Workers’ compensation insurance provides this coverage by paying for medical treatments, lost wages, survivor benefits, and other related costs. Rates for this insurance are based on the risks associated with the work your employees do and your company’s overall payroll. Therefore, an auto mechanic would cost more to insure than a barista at a coffee shop.
A local independent agent can help you secure an appropriate and competitively priced policy through a commercial provider.
How Can You Find the Best Life and Health Insurance for Your Employees?
Studies by human resource managers have found that companies that offer good benefits packages are more likely to attract and retain talented employees. It has also been shown that employees who have access to healthcare use up 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 subsidizing employee health insurance 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 an experienced insurance professional when you are shopping for coverage for your employees.
Why Work with an Independent Agent in Concord, NC?
Insurance providers understand that every business is different. The coverage needs of a doctor’s office will be vastly different than those of a construction company. That is why there is no such thing as a one-size-fits-all business insurance policy. Local independent agents can help you customize a comprehensive commercial insurance policy that is ideal for your particular Concord business.
Ready to start shopping for business insurance? Contact an insurance agent with an office in Concord to learn more and to get started.
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