High Point Business Insurance

Your Complete Guide to High Point, NC Business Insurance

More than 9,000 small businesses can be found in High Point, NC. This city, which is known for its manufacturing capabilities, is a major producer of textiles, furniture, and buses. Businesses in the retail trade and healthcare industries are also abundant in High Point, but companies in wide range of industries have found success here. 

As a business owner in High Point, you will want to be sure to protect your investment with a comprehensive business insurance plan. Talk to a local independent insurance agent for help identifying which of the many available commercial insurance products are right for your business. 

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Liability Insurance for Small Businesses in High Point, NC

Liability insurance covers 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 main coverage components: Premises liability insurance, which covers third-party injuries, illnesses, or property damage that occur on your business property; and product liability insurance, which covers third-party injuries, illnesses or property damage caused by defects in products your company produces, sells, or promotes.

For many of Greenville’s businesses, CGL alone is not enough. An independent insurance agent can identify your company’s liability risks that are not covered by CGL, and can recommend the right liability products to protect against them. Some examples of other liability insurance products that may be right for your High Point business include:

  • Errors and omissions insurance (E&O): This covers individuals in professional positions if negligence, errors in judgement, or other mistakes cause third-party damage. 
  • Commercial vehicle liability insurance: This covers liability costs if an employee causes an accident while driving a company-owned vehicle.
  • Liquor liability insurance: This covers businesses that serve, sell, or otherwise furnish alcohol to patrons if an intoxicated patron causes damage to others. 
  • Pollution liability insurance: This covers clean-up costs and damage if an accident causes toxic substances used or produced by your business to pollute the environment.

Learn more about these and other commercial liability coverage options by talking to a local independent insurance agent.

Cyber Liability Insurance Protects High Point, NC Businesses

One commercial liability product in particular deserves a closer look: cyber liability insurance. This relatively new coverage is designed to protect your business in the event of an electronic data breach. This may happen if hackers break into your company’s computer system and access sensitive information, such as your customers’ financial and personal data.

  • 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

Even if your computer system is backed up with strong firewalls and secure passwords, determined hackers can often find ways around these safeguards. They can then use the data they have stolen to commit identity theft, fraud, and other crimes. This can result in your business facing a very expensive liability lawsuit.

If your High Point business electronically stores customer data, be sure to talk to your independent agent about the benefits of purchasing cyber liability insurance.

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Property Insurance for Small Businesses in High Point, NC

In High Point, hazards such as property crimes, accidental fires, theft, and severe weather events like hurricanes can all lead to property damage. Your business coverage will include commercial property insurance, which provides compensation for loss or damage to your business-owned property. 

Some business property requires specialized coverage such as boiler & machine insurance, contractors equipment insurance, or inland marine insurance. Your independent agent will be able to help you get the appropriate coverage for all of your business assets. 

Also, be aware that although many businesses in High Point are at risk for flooding, flood damage is typically excluded from commercial property insurance coverage. Fortunately, your agent can help you secure a supplementary commercial flood insurance policy so that your business is suitably protected.

Business Interruption Insurance for High Point's Companies

A major disaster, like a hurricane or a severe winter storm, can do more than just damage business-owned property. These events sometimes result in companies needing to remain closed for an extended period while repairs are made. This can be financially devastating for a small business, which is why business interruption insurance is so important.

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

Business interruption insurance is designed to provide your company with a continuation of income during times it must remain closed due to damage caused by a covered event.  With this coverage, you can continue to pay business expenses, like loan payments, until you are able to return to normal business operations. 

A local independent insurance agent can explain more and help you review quotes for this important coverage.

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High Point Businesses Need Workers’ Compensation Insurance

If your employees are injured or become ill on the job, your business is responsible for covering their medical treatment, lost wages, and other associated expenses. Workers’ compensation insurance (commonly referred to as “workman’s comp”) is designed to provide this coverage.

The cost of your workers’ compensation policy will be based on your company’s overall payroll and the risks associated with the jobs your employees do. The more likely your employee is to suffer a debilitating injury, the higher the price of your insurance. It would cost more to cover employees in a furniture manufacturing plant than to cover salespeople at a clothing store.

North Carolina state law requires most businesses to carry workers’ compensation insurance. Your independent agent can help you find a suitable policy through a commercial provider. Alternatively, if approved, your business can opt to self-insure.

Employee Benefits for Small Businesses in High Point, NC

Studies by human resource management professionals have demonstrated that offering employee benefits such as paid vacation and sick time, life insurance, and healthcare coverage can help your business attract and retain a talented staff.

  • 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 large number of policy types and coverage options available to you when you are shopping for health insurance for your employees. Your local independent agent can help you review a variety of policies and quotes and can offer advice when you are selecting a policy. 

Why Work with an Independent Insurance Agent?

When you work with an independent agent in High Point, you can be sure that your business insurance plan does not include any unintentional coverage gaps. These local professionals can help you identify your company’s various risks and can guide you in your search for the best commercial insurance policies to cover against them.

Find an independent insurance agent with an office in or near High Point to learn more. You will soon discover how easy it can be to build an all-inclusive business insurance portfolio.

Sources © 2019, 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

© 2019, Consumer Agent Portal, LLC. All rights reserved.

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