Fayetteville, NC is home to nearly 14,000 businesses. Those operating in the public administration and retail trade industries are most abundant in this city, but a wide range of businesses have found success here. As a business owner in Fayetteville, it is important that you protect your commercial enterprise with a solid insurance plan.
Buying businesses insurance can be a complicated task. Fortunately, you do not need to do it alone. An independent agent in Fayetteville can help you build a comprehensive coverage portfolio that doesn't include any unintentional coverage gaps. Request a quote to learn more.
Liability insurance is designed to cover the court costs, legal defense fees, and damages associated with certain liability lawsuits. Because liability lawsuits can frequently result in judgments exceeding $1 million, this insurance is extremely important.
All business insurance policies include commercial general liability insurance (CGL). Your company’s CGL has two main coverage components:
An independent insurance agent can identify other liability risks that are not covered by your CGL, and can recommend the appropriate policies to cover against them. Examples of some of the other liability insurance products available to you include:
You can learn more about these and other liability coverage options by consulting your local independent agent.
One commercial liability product in particular deserves a closer look. Cyber liability insurance was recently created to protect businesses from the growing threat of cybercrime. It provides coverage in the event that hackers break into your business’s computer systems and access sensitive customer data that has been stored electronically.
If your Fayetteville business uses computers to record your customers’ personal or financial data, be sure to learn more about how cyber liability insurance can offer a layer of protection.
Fayetteville businesses may experience property loss and damage caused by such hazards as structure fires, property crimes, and severe weather events.
Fortunately, all business insurance policies include commercial property coverage. This can compensate your business for loss or damage to commercially owned property such as computers, office furniture, outdoor signs, inventory, tools, machinery, and more.
Some business property requires specialized insurance coverage, such as contractors equipment insurance, inland marine insurance, or boiler and machinery insurance. Your independent agent will be able to help you be certain that all of your commercial property is appropriately covered.
Major disasters, like fires and tornadoes, can do more than just damage business-owned property. They also have the potential to force companies to remain closed for an extended period while repairs are made. A closure that lasts for weeks, or even months, can be financially devastating for a small business.
That is why, in times of disaster, business interruption insurance can be vital.
Business interruption insurance is designed to provide companies with a continuation of income when a covered event leads to a long-term closure. That way, your business can continue to pay monthly expenses and employee salaries even though it is unable to generate revenue. Coverage is typically limited to 12 months.
In North Carolina, most businesses are required to carry workers’ compensation insurance. Some businesses, such as sole proprietorships and certain agricultural employers, are exempted from this mandate. If in doubt, your independent agent can determine whether your business needs to have this insurance.
Workers’ compensation insurance is designed to cover the costs of medical treatment, lost wages, and other associated expenses if one of your employees is injured or becomes ill on the job. It can also provide family members with financial compensation in the unfortunate event that a workplace injury proves fatal.
The cost of your workers’ compensation policy will be based on your company’s overall payroll and the types of jobs your employees do. It will cost more to cover construction employees than to cover office workers. Your agent can help you obtain appropriate coverage through a commercial provider.
Studies performed by human resource professionals have demonstrated that when businesses offer employee benefits such as life insurance and health insurance, they are better able to attract and retain highly skilled workers.
There are many different life and health insurance products available, and this can make it difficult to determine which plans are the best to include in your employee benefits package. Fortunately, a local independent agent can answer your insurance-related questions and fully explain the pros and cons of your various options.
Your agent can then help you review a wide range of competitively priced policies. This enables you to make an informed decision when making a selection.
Every company is different. That is why insurance companies make it possible to fully customize your commercial coverage. An independent agent can guide you in your search for the best policies to cover against your business’s specific risks. Because they can work with multiple insurance companies, these agents can find you suitable coverage at competitive prices.
Contact an independent agent with an office in or near Fayetteville to learn more. You will soon discover how easy it can be to build a comprehensive business insurance portfolio.