There are more than 870,000 small businesses operating in the state of North Carolina. Approximately 6,500 of these businesses can be found in the city of Greenville. Businesses in the educational services, manufacturing, and healthcare industries do especially well in this city, but companies in a wide range of industries have found success here. If you own a business in Greenville, you will want to be sure to protect your investment with a comprehensive commercial insurance plan. A local independent insurance agent can recommend the appropriate business insurance solutions to protect against each of your company’s various exposures.
Liability Insurance for Small Businesses in Greenville, NC
When liability lawsuits are brought against small businesses, they often end in judgments of $1 million or more. That is why liability insurance is a crucial part of your business insurance coverage. It can cover the associated court costs, legal fees, and damages if your company is sued for a covered event. All business insurance policies include commercial general liability insurance (CGL). This insurance is designed to cover against some of the most common liability risks businesses face, and has two major components:
- Premises liability insurance: To cover third-party injuries, illness, and damage that occur on your business property.
- Product liability insurance: To cover third-party injuries, illness, and damage caused by products your company produces, sells, or promotes.
Many businesses need additional liability insurance products in order to be fully covered against all of their risks. Examples of some of the other commercial liability products that are available include:
- Commercial vehicle liability insurance: This covers third-party damage if an employee causes an accident while driving a company-owned vehicle.
- Environmental liability insurance: This covers damage and clean-up costs if an accident causes toxic materials used by your business to pollute the environment.
- Employment practices liability insurance: This covers your business against accusations of harassment, discrimination, wrongful termination, or other illegal business practices.
- Professional liability insurance: This covers individuals in professional positions if they are sued for damage caused by or errors in judgment or other mistakes.
Your independent agent can explain these and other liability insurance options and can help you determine which policies are right for your Greenville business.
Cybercrime Insurance Protects Greenville, NC Businesses
Cyber liability insurance is yet another commercial liability product, and it is one that deserves closer attention. This relatively new coverage was created to meet the growing needs of businesses threatened by 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
If your business keeps an electronic record of your customers’ personal or financial information, hackers may find a way to access this data and then use it to commit identity theft and fraud. Businesses that experience a data breach are liable for the expensive cost of reimbursing victims for the resultant damages. Savvy hackers are always finding new ways to get around firewalls, passwords, and other data security measures. Be sure to ask your independent agent for more information about how cyber liability insurance can protect your Greenville business.
Property Insurance for Businesses in Greenville, NC
Commercial property coverage is a component of all business insurance policies. It is designed to shield your business’s physical assets—including office furniture, tools, outdoor signs, computers, and merchandise—against loss or damage caused by property crimes, natural disasters, and accidents. Some business property needs to be insured by specialized policies, such as inland marine insurance or boiler & machinery insurance. Also, if your business is at risk for flood damage, you will want to be sure you have property coverage through a commercial flood insurance policy. Your independent agent will be able to offer you appropriate coverage advice so that you can be sure that all of your company’s property is appropriately protected.
Business Interruption Insurance for Companies in Greenville, NC
Natural disasters can be quite destructive, not just to your business property, but also to your bottom line. If your business is forced to close for an extended period so that you can make repairs, the loss of income can be devastating.
- Number of federally declared disasters in NC since 1953: 70
- Most common reasons for declared disasters: Hurricanes
In 1972, an F3 tornado touched down in Greenville and caused widespread damage. Hurricane Matthew caused extensive damage to area businesses, homes and roads. It is important that your business be prepared to handle these types of extreme weather events. Business interruption insurance is designed to provide your business with a continuation of income during the times it suffers a forced extended closure. This insurance, which is usually limited to one year, enables you to pay employee salaries and monthly expenses even though no income is being generated.
Workers' Compensation for Greenville, NC Businesses
Workers are sometimes injured on the job. Whether it is a physical injury or an illness caused by exposure to a toxic substance, as their employer, you are responsible for covering the cost of their medical treatment and lost income. Workers’ compensation insurance covers these expenses. The cost of workers’ compensation insurance is based on your company’s overall payroll and the likelihood of injury in the workplace. It would cost more to cover workers in a manufacturing plant than to cover professors at East Carolina University.
Most businesses in North Carolina are required by law to carry workers’ compensation insurance. Exceptions are made for sole proprietors, certain agricultural employers, and those who hire domestic help. Your insurance agent can help you find a suitable policy through a commercial provider.
Employee Benefits for Small Businesses in Greenville, NC
Many businesses opt to provide their employees with benefits packages. These often include perks such as paid vacation and sick time, health insurance, and life insurance. Finding the right insurance products to offer your employees can be a daunting task.
- 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 a number of different health insurance policy types to choose from. Fortunately, an independent agent can explain your various options so you can make an informed decision about which is the best choice. These local insurance professionals are available to help you find suitable, yet affordable, coverage for your employees.
Why Work with an Independent Agent?
There are several different commercial insurance products you can choose from when you are building a coverage portfolio for your Greenville business. This can make shopping for coverage confusing for those who are unfamiliar with the ins and outs of business insurance. That is why savvy business owners opt to work with a local independent agent. These insurance professionals can help you find appropriate commercial insurance policies at highly competitive rates.
Find an agent in or near Greenville to learn more, and you can soon be comparing comprehensive, customized business insurance quotes.
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