More than 21,000 businesses can be found in the North Carolina city of Durham. Duke University and Duke University Heath System are Durham’s biggest employers. Companies in the construction, educational services, and healthcare industries do especially well in this city, but businesses in a wide range of industries are thriving here.
If you are among the proud business owners in Durham, you will want to be sure to protect your investment with comprehensive commercial insurance. A local independent agent can help you build a customized business insurance plan that will cover against all of your company’s various exposures.
Liability insurance is an important part of every commercial insurance policy. It can cover the expenses related to liability lawsuits, including court costs, legal fees, and damages. All business insurance policies include commercial general liability insurance (CGL).
CGL has two main coverage components:
Most businesses need to purchase additional liability insurance products in order to be fully covered against all their potential liability risks. There are several policies available to choose from. Examples of some of the liability policies you may want to consider include:
Let an independent agent explain more about these and other liability insurance products so you can choose the policies that are right for your Durham business.
Cyber liability insurance is another commercial liability product. It was created to protect businesses against the growing threat of cybercrime.
If your company electronically stores your customers’ personal and financial information, it is at risk. Even if you use strong firewalls, passwords, and other security measures, savvy hackers can often find a way to access sensitive data and then use it to commit identity theft and fraud.
Companies that experience a data breach can be held liable for covering any resultant damages, which can be extremely expensive. If your Durham business uses computers to store customer data, be sure to ask your independent agent about how cyber liability insurance can help.
Your business insurance policy includes commercial property coverage. This is designed reimburse your company for loss or damage to business-owned property such as merchandise, inventory, tools, machinery, computers, furniture, and more.
A major disaster, like an accidental fire or hurricane, can cause extensive damage to business property. It is therefore important that your coverage levels are high enough to allow you to repair or replace damaged items without your Durham business experiencing a large financial loss.
Some commercial property requires specialized coverage (i.e., boiler and machinery insurance, contractors equipment insurance, or inland marine insurance), so be sure to consult your independent agent when you are building your commercial insurance plan.
Whether you are impacted by a natural or a man-made disaster, damage to your business-owned property isn’t the only risk you face. In some cases, a major disaster can force you to close down your business for weeks, or even months, while repairs are made. Business interruption insurance provides a continuation of income during these times.
Business interruption insurance enables you to have the income you need to pay employee salaries and monthly expenses until you are able to resume normal operations. This coverage is typically limited to 12 months. Talk to an independent agent in Durham to learn more.
Work-related injuries can range from lacerations requiring stitches to illnesses following exposure to toxic fumes. If an employee is injured while working for your company, your business is responsible for covering the associated costs. Failure to do so could result in your company being sued in a liability lawsuit.
Workers’ compensation insurance is designed to protect employees as well as employers. Often referred to as “workman’s comp,” this insurance covers medical treatment, lost wages, 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. A construction worker would cost more to insure than a college professor.
North Carolina mandates that most businesses have workers’ compensation insurance. There are a few exceptions, such as for sole proprietors, domestic workers, and certain agricultural workers. An independent agent can help you find an appropriate and competitively priced policy through a commercial provider.
Studies by human resource professionals have demonstrated that companies that offer decent benefits packages are more likely to attract and retain ideal employees. It has also been shown that employees who have access to health care take fewer sick days.
Health care is expensive, but a local independent agent can help you find suitable coverage at a highly competitive price. With so many different policy types for you to choose from, you may find it beneficial to have the guidance of a local insurance professional when you are shopping for health insurance.
Simply put, when it comes to business insurance, there is no such thing as a one-size-fits-all policy. Insurance companies offer a wide range of products and policy options so that business owners can fully customize their commercial coverage. A local independent agent can help you navigate through your options so you can choose the coverage types that are suitable for your Durham business.
Independent agents work for you, not for a specific insurance company. They can therefore shop around to find you the best and most affordable coverage. Contact an agent in or near Durham to get started.