Gastonia Business Insurance

Complete Guide to Gastonia, NC, Business Insurance

Find the right business insurance policy for you.

Messy desk of web designer

Home to the Parkdale Mills international corporate headquarters, the city of Gastonia is one of Charlotte’s largest satellite cities.  The economy in Gastonia is largely driven by businesses in the manufacturing industry, but companies in other trades such as health care, educational services, and construction are also quite common here.

Whatever type of company you own, you can protect your investment by purchasing a comprehensive business insurance policy. A local independent agent can help you identify your company’s various risks and can recommend the appropriate commercial insurance products to cover against them. Contact an insurance agent near you to learn more.

Does Gastonia Businesses Insurance Cover All Liability Risks?

Business liability insurance is one of the most important parts of every commercial insurance policy.  It is designed to absorb expenses like court costs, legal fees, and damages when they are associated with covered liability lawsuits. Lawsuits against businesses frequently exceed $1 million in costs, so this coverage can prove quite valuable.

All business insurance policies include commercial general liability insurance (CGL) as a standard part of their offered coverage. CGL has two major coverage components:

  • Premises liability insurance: This pays for third-party damages, injuries, or illnesses caused by an accident on your business property.
  • Product liability insurance: This pays for third-party damages, injuries, or illnesses caused by a defect in a product your company produces, sells, or promotes.

Businesses frequently have other liability risks that are not included in coverage. Fortunately, there are several optional types of commercial liability insurance available. This makes is possible for businesses to customize their policies to meet their specific liability coverage needs. Examples of some of the liability products you may want to consider include:

  • Cyber liability insurance: This pays for damages and compensates customers who may have been affected if your business’s computer system is hacked and cybercriminals access their personal and/or financial data.
  • Employment practices liability insurance: This pays for the costs associated with defending your business against accusations of illegal business practices such as wrongful termination, discrimination, and harassment.
  • Liquor liability insurance: This covers businesses that sell, serve, or otherwise furnish alcohol in the event that an intoxicated patron causes injury or property damage to others.
  • Professional liability insurance: This covers individuals in professional positions in the event that errors in judgement or other professional mistakes cause third-party damages or hardships.

An independent insurance agent can explain more about these and other commercial liability products that may be a good fit for your Gastonia business. 

Does Gastonia Business Insurance Cover Property Damage?

All business insurance policies also include commercial property insurance. This is designed cover your company-owned property in the event that is damaged or destroyed by a covered event such as a fire or a windstorm. It can cover all kinds of business property from merchandise to machinery.

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

Businesses in Gastonia are most likely to experience damages caused by hurricanes, tropical storms, heavy snows, and sudden freezing temperatures. While hurricane damage is not as significant here as it is along the coast, these storms can bring powerful damaging winds and cause a great deal of destruction.

Hurricanes also bring heavy rains, and this can lead to flooding. However, even though hurricane damage is covered, the associated flood damage is not. Fortunately, if your business is at risk for damages caused by rising waters and flash flooding, your local insurance agent can help you supplement your coverage with a commercial flood insurance policy.

How Does Business Interruption Insurance Help Gastonia Business Owners?

Damage to your business-owned property isn’t the only expensive risk you face during a catastrophic event. A major disaster like a structure fire could potentially force your businesses to remain closed for weeks — or even months — while repairs are made.

For example, when Hurricane Florence plowed through Gastonia in 2018, it left a lot of damage in its wake. If a toppled tree fell onto your business and caused significant damage, if an extended power outage left your business unable to operate for several days, or if the road to access your business is washed away, the resulting financial losses could be devastating.

Business interruption insurance protects against this risk. It provides a continuation of income during the times that your company is forced to temporarily close down because of damage caused by a covered event. This insurance enables your company to pay expenses, like loan installments and employee salaries, until you are able to resume normal business operations.

Is Workers’ Compensation Insurance Required in Gastonia?

Your business is responsible for covering the costs associated with workplace injuries. Workers’ compensation insurance is designed to cover these expenses. It can pay for your employees’ medical treatments, lost wages, and other related expenses if they are hurt while doing their jobs. It also protects your business from liability lawsuits.

In North Carolina, businesses that have three or more employees are required by law to carry workers’ compensation insurance. Exceptions are made for:

  • Sole proprietors, LLC members, and partners
  • Farm and agricultural employees
  • Domestic workers and household servants
  • Independent contractors
  • Real estate agents

A local independent insurance agent can help you find appropriate, competitively priced workers compensation insurance coverage for your Gastonia businesses.

What about Insurance to Include in Employee Benefits Packages?

Health care coverage is costly. However, providing subsidized health insurance to your employees can have money-saving benefits. Human resource professionals have discovered that workers who have health insurance use fewer sick days. They’ve also found that offering an attractive benefits package helps companies recruit and retain some of the best employees.

  • 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

If you're shopping for health insurance and life insurance policies to include in your employee benefits package, you will find that there are many different policy types and options available for you to choose from.

If you are not familiar with all the ins and outs of these insurance products, navigating through your many options can be time-consuming and perplexing. You may therefore find it beneficial to have the guidance of an experienced insurance professional. Local independent agents are available to help you find suitable policies at competitive prices.

Why Work with an Independent Insurance Agent in Gastonia, NC?

Insurance companies offer a wide variety of commercial insurance products and options so that business owners can fully customize their company’s coverage portfolios. Independent insurance agents can help you understand your various options so that you can knowledgeably build the best policy to meet your company’s particular coverage needs.

Because they do not work for a specific insurance company, independent agents are able to work with several different providers to help you find the best and most affordable coverage for your business. Contact an independent insurance agent with an office in Gastonia to start comparing customized businesses insurance quotes.

Share this page on Twitter Share this page on Facebook Share this page on LinkedIn

©2020, 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