Greensboro Business Insurance

Your Complete Guide to Greensboro, NC Business Insurance

There are more than 870,000 businesses currently operating in North Carolina. Nearly 27,000 of these companies can be found in the historic city of Greensboro. Businesses in the manufacturing and retail trade industries are most abundant here, but businesses in a wide range of industries have found success in this large and diverse city.

If you own a company in Greensboro, you will want to be sure to protect your investment with a comprehensive commercial insurance plan. A local independent agent can help you identify the different risks your company faces and can recommend the appropriate business insurance products to cover against them. Request a quote to learn more.

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Liability Insurance for Small Businesses in Greensboro, NC

As a business owner in Greensboro, you can gain peace of mind from having liability coverage in your commercial insurance policy. Liability insurance is designed to absorb the various expenses — such as court costs, legal defense fees, and damages — that are associated with covered liability lawsuits.

All business insurance policies include commercial general liability insurance (CGL). It has two major coverage components:

  • Premises liability insurance: Covers third-party damage, injuries, or illnesses that occur due to an accident on your business property.
  • Product liability insurance: Covers third-party damage, injuries, or illnesses caused by a defect in a product your company produces, sells, or promotes.

Businesses often have liability risks that go beyond what CGL insurance can cover. Fortunately, there are several different types of commercial liability insurance available. This allows business owners to customize their coverage to meet the specific needs of their companies. Examples of some of the liability products you may want to consider include:

Let an independent insurance agent help you determine which liability products are right for your Greensboro business.

Cybercrime Insurance for Greensboro, NC Small Businesses

Cyber liability insurance is a liability product that merits more detailed attention. This relatively new coverage was created to shield companies from financial losses related to the growing threat of cybercrime. 

  • Number of identity theft complaints in North Carolina per year: 7,334
  • Ranked 27th highest for identity theft complaints in the US
  • Only 22% of businesses have a cyber/data breach response plan

Many businesses collect and store their customers’ personal and financial data electronically. If hackers find a way to access this information, they can then use it to commit identity theft and fraud. Companies that experience such a data breach are liable for the high costs of the resultant damages. Cyber liability insurance can help absorb these costs.

Even if your Greensboro business uses firewalls and passwords to protect sensitive customer data, your computer system is at risk. Be sure to ask an independent agent for more information about how cyber liability insurance can protect your business.

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Property Insurance for Small Businesses in Greensboro, NC

IAnother important component of your business insurance policy is commercial property insurance. This is designed cover your company’s assets, including merchandise, inventory, tools, machinery, computers, office furnishings, and more.  

Some commercial property requires specialized coverage. Your independent agent can advise you if other insurance products, like inland marine insurance or boiler & machinery insurance, are necessary to ensure that your business property is fully covered.

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

Major disasters, like structure fires or hurricanes, can cause extensive damage to your business property. It is therefore important that that your property coverage levels are high enough to enable you to repair, replace, or rebuild without incurring a large financial loss.

Business Interruption Insurance for Greensboro, NC Businesses

Damage to your business-owned property isn’t the only expensive risk you need to be concerned with during a catastrophic event. A major disaster could potentially force your businesses to remain closed for weeks—or even months—while repairs are made. This can be financially devastating, and could even lead your Greensboro business into bankruptcy.

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 stay afloat until you are able to resume normal business operations.

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Workers' Compensation for Greensboro Businesses

Employees are sometimes injured or become ill on the job. Your company is responsible for covering the costs associated with these events. Workers’ compensation insurance, often referred to as “workman’s comp,” is designed to cover your employees’ medical treatment, lost wages, and other miscellaneous expenses if they are hurt while working. 

Most businesses in North Carolina are required carry workers’ compensation insurance. Exceptions are made for:

  • Sole proprietors, LLC members, and partners
  • Agricultural employers unless they have 10 or more non-seasonal agricultural workers
  • Domestic or household servants

Your independent insurance agent can help you obtain appropriate coverage through a commercial provider.

Employee Benefits for Small Businesses in Greensboro

Health insurance is expensive, but providing it to your employees has benefits. Studies by human resource professionals have demonstrated that workers with health insurance take fewer sick days. Other studies have found that offering a good benefits package (including vacation and sick time, and health and life insurance ) helps companies attract and retain good 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

There are many different life and health insurance policy types and options available for you to choose from, so you may find it beneficial to have the guidance of a local insurance professional. An independent agent can help you find suitable coverage at a competitive price.

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Why Work with an Independent Agent?

There is no such thing as a one-size-fits-all business insurance policy. The wide variety of insurance products and options available to business owners makes it possible to fully customize your company’s commercial insurance portfolio. Independent insurance agents can help you choose the right coverage.

These agents are free to work with several different insurance companies so they can assist you with finding reliable business insurance policies at highly competitive prices. Contact an agent with an office in Greensboro to get started.

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