There are about 870,000 businesses in North Carolina, and more than 3,500 of them can be found in Jacksonville. Businesses operating in the healthcare and accommodation & food services industries are most abundant in this city, but any company that meets the needs of the community has the potential to thrive. Business insurance can help companies in all industries stay profitable.
A local independent agent can help you build a comprehensive, customized business insurance plan that is specifically designed to cover against your company’s various exposures. Contact an insurance agent in Jacksonville to learn more and you can start comparing quotes in no time.
Jacksonville Business Insurance Provides Liability Protection
Commercial liability insurance is a crucial part of every business insurance policy. It is designed to cover the various expenses related to liability lawsuits including court costs, legal fees, lost wages, and damages. All business insurance policies include commercial general liability insurance (CGL) as a standard part of their coverage. CGL has two main coverage components:
- Premises liability insurance: This covers third-party injuries and property damage resulting from accidents that occur on your business property.
- Product liability insurance: This covers third-party injuries, illnesses, and damage resulting from a defect in a product your company sells, produces, or promotes.
Most businesses have liability risks that go beyond what CGL can cover. These businesses, therefore, need the protection of additional liability insurance products in order to be fully covered. There are several commercial liability policies available for businesses to choose from. Examples include:
- Cyber liability insurance: This covers your business if cybercriminals hack into your computer system and steal customer data such as credit card numbers, passwords, and other information that can be used to commit identity theft and fraud. It can cover the cost of damages and pay for restitution to those affected.
- Employment practices liability insurance: This covers your business if a current or former employee makes an accusation of illegal practices like harassment, discrimination, or wrongful termination. Even if your company wins the lawsuit, the cost of your legal defense can be extremely high if you do not have this coverage in place.
- Environmental liability insurance: This covers businesses that use or produce toxic substances. It can pay for cleanup costs and damages if an accident at your workplace leads to pollution of the air, land, or water.
- Professional liability insurance: This covers individuals in professional positions. It can pay for damages and restitution if negligence, errors in judgment, or other professional mistakes result in third-party losses, injuries, or hardships.
Let an independent agent explain more about these and the many other commercial liability insurance products that are available to you. That way, you can choose the policies that make sense for your Jacksonville business.
Property Insurance Coverage for Jacksonville Businesses
As a coastal city, Jacksonville businesses have a high risk of hurricane damage. Businesses in this city are also likely to experience property damage caused by hazards such as structure fires, severe storms, and high winds.
Fortunately, these hazards are covered by your business insurance policy’s commercial property coverage. This coverage is designed to reimburse your business for loss or damage to company-owned property such as merchandise, tools, computers, furniture, outdoor signs, and more. You will want to be sure that your coverage limits are high enough to fully cover your business assets.
Many in Jacksonville still remember the flooding caused by Hurricane Florence in 2018. However, although hurricane damage is covered by business insurance, the flood damage that typically accompanies these storms is not. Fortunately, your local insurance agent can help you supplement your business insurance with a commercial flood insurance policy through the National Flood Insurance Program (NFIP).
Business Interruption Insurance Can Protect Jacksonville Businesses
Whether your business is impacted by a natural disaster like a hurricane or a man-made disaster like an accidental fire, property damage isn’t the only financial setback it can face. In some cases, a major disaster can force businesses to remain closed for weeks or even months while repairs are made. Business interruption insurance provides a continuation of income during these times.
- Number of federally declared disasters in NC since 1953: 58
- Most common reasons for declared disasters: Hurricanes and tropical storms
When you are covered by business interruption insurance, you will be able to get the income you need to pay regular monthly expenses like employee salaries, loan installments, and utility payments until you are able to resume your normal business operations. This coverage is typically limited to one year.
Talk to an independent agent in Jacksonville to learn more about what business interruption insurance can do for your Jacksonville company.
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Does Your Jacksonville Business Need Workers’ Compensation Insurance?
Even when OSHA-approved safety precautions have been taken, work-related injuries and illnesses can occur. If an employee is injured on the job, your business is responsible for covering the associated costs. Failure to do so could result in a liability lawsuit. Fortunately, workers’ compensation insurance can protect your business as well as your employees.
Workers’ compensation insurance is designed to cover medical treatments, lost wages, and disability payments if an employee is injured while working. Rates for this coverage are based on the risks associated with the jobs your employees do. Therefore, a construction crew worker would cost more to insure than a receptionist at a pediatrician’s office.
With a few exceptions, the state of North Carolina requires all businesses with three or more employees to carry workers’ compensation insurance. An independent insurance agent in Jacksonville can help you find a competitively priced workers’ compensation policy through a commercial provider that specializes in covering businesses in your industry.
Your Jacksonville Business Insurance Can Include Employee Benefits
There is no denying that subsidizing employee insurance coverage can be expensive. However, there are several advantages to providing your employees with benefits like health insurance and life insurance.
- 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 healthcare in NC: $5,310/person or $15,023/family
Studies by human resource professionals have demonstrated that businesses that offer decent benefits packages are more likely to attract and retain an ideal staff of employees. It has also been shown that workers who have access to healthcare coverage tend to use fewer sick days. All this coupled with potential tax benefits can end up translating to big savings for your business.
There are several different policy types available for you to choose from, so you may find it beneficial to have the guidance of an experienced insurance professional when you are shopping for health insurance or life insurance for your employees. Talk to a local independent agent to get help finding suitable coverage at a competitive rate.
Why Work with an Independent Agent in Jacksonville, NC?
The insurance coverage needs of businesses can vary significantly from one to another. That’s why insurance companies offer a wide range of products and policy options that let business owners fully customize their coverage portfolios. A local independent agent can help you navigate through your various options so you can choose the coverage that is appropriate for your particular business.
Independent agents work for you, not for a specific insurance company. This makes it possible for them to shop around to find you the best coverage at the most competitive price. Find an insurance agent in or near Jacksonville to learn more about your business insurance options.
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