According to the US census, there are more than 870,000 businesses in North Carolina, and nearly 3,000 of them can be found in the city of Kannapolis. Home to the North Carolina Research Campus, this city’s economy is largely based on textile mills, construction, and educational services companies. Whatever type of company you own, you can protect it with business insurance.
Local insurance agents can help you put together a customized business insurance plan that will cover against all of your company’s exposures. If you would like to get more information and start comparing quotes from a variety of insurance companies, contact an independent insurance agent with an office in Kannapolis.
Why Is Liability Insurance So Important for Businesses in Kannapolis?
Business liability insurance is a vital part of every commercial insurance policy. It can pay for the various expenses related to liability lawsuits including court costs, legal fees, and damages. All business insurance policies include commercial general liability insurance (CGL) which has two main coverage components:
- Premises liability insurance: This covers third-party injuries and property damages that are the result of an accident that occurred on your business property.
- Product liability insurance: This covers third-party injuries, illnesses, and damages that were caused by products your company sells, produces, or promotes.
Most businesses need to purchase additional liability insurance products in order to be fully covered against all their liability risks. There are several policies available to choose from, including such things as:
- Cyber liability insurance: This covers businesses for related liability costs if hackers break into their computer systems and steal customer data such as credit card numbers, passwords, and other information that can be used to perpetrate identity theft and fraud.
- Employment practices liability insurance: This covers businesses in their defense against accusations of illegal practices like harassment, discrimination, and wrongful termination.
- Pollution liability insurance: This covers businesses against environmental damage caused by accidents involving toxic substances used or produced by your business.
- Errors and omissions insurance: This is designed to cover individuals in professional positions in the event that negligence, errors in judgement, or other mistakes lead to third-party damages.
Let an independent insurance agent explain more about these and other liability insurance products so you can choose the right coverage for your Kannapolis business.
What Property Does Kannapolis Business Insurance Cover?
All business insurance policies also include commercial property coverage. This is designed to reimburse your business for loss or damage to company-owned property such as merchandise, inventory, computers, furniture, and more.
- Number of federally declared disasters in NC since 1953: 58
- Most common reasons for declared disasters: Hurricanes and tropical storms
Businesses in Kannapolis are most likely to experience property damage caused by windstorms, hail, accidental fires, and occasional freezing temperatures. It is important to be sure that your company’s coverage levels are high enough to allow you to repair or replace damaged items without experiencing a large financial loss.
Some commercial property requires specialized coverage (such as boiler & machinery insurance, contractor equipment insurance, or inland marine insurance). Also, companies that are at risk for flood damage can benefit from supplementing their business insurance with a commercial flood insurance policy through the NFIP.
A knowledgeable insurance agent can provide guidance when you are building your commercial insurance plan so you can be certain that you do not have any unintended coverage gaps.
Why Is Business Interruption Insurance Important in Kannapolis?
A major disaster can have long-lasting consequences. For example, if the building in which your business is housed burns down, or if a tropical storm causes a tree to fall onto your business property, it could be several weeks before you will be able to reopen for business. Business interruption insurance provides a continuation of income during these times.
Business interruption insurance enables you to have the income you need to pay your regular monthly expenses such as employee salaries, loan installments, and utility payments until you are able to once again resume normal operations. This coverage is typically limited to one year. Talk to an independent agent in Kannapolis to learn more.
Are Businesses in Kannapolis Required to Carry Workers' Compensation Insurance?
Work-related injuries can happen even when all reasonable safety precautions have been taken. If an employee is hurt while working for your company, your business is responsible for covering the associated costs. Failure to do so could result in your company being hit by a liability lawsuit.
Workers’ compensation insurance protects your business by covering any necessary medical treatments, lost wages, disability payments, and other expenses related to job-related injuries. Rates for this coverage are based on the risks associated with the work your employees do. Therefore, a textile mill worker would cost more to insure than a math tutor.
The state of North Carolina requires all employers with three or more employees to carry workers’ compensation insurance. There are a few exceptions. For example, you do not need to cover sole proprietors, domestic workers, and certain agricultural workers. An independent insurance agent can help you find an appropriate and competitively priced policy through a commercial provider.
What about Insurance for Employee Benefits Packages?
Though it may be expensive to do so, providing your employees with benefits like vacation time, health insurance, and life insurance has a number of advantages that could actually save your company money in the long run.
For example, studies by human resource professionals have demonstrated that companies that offer decent benefits to their employees are more likely to attract and retain ideal workers. Other studies have demonstrated that employees who have access to healthcare use up fewer sick days. Also, some companies can benefit from tax advantages when they subsidize health insurance coverage.
- 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
A local independent agent can help you find suitable coverage at a highly competitive price. With so many different policy types and options for you to choose from, you may find it beneficial to have the guidance of a local insurance professional when you are shopping for insurance products to include in your employee benefits package..
Why Work with An Independent Agent in Kannapolis, NC?
When it comes to business insurance, there is no such thing as a one-size-fits-all policy. Insurance companies offer a wide range of products and options so that business owners can fully customize their coverage. A local independent agent can help you navigate through your various options so you are able to build a commercial insurance plan that is well-suited for your Kannapolis business.
Independent agents work for you, not for a specific insurance company. They can therefore shop around to find you the best and most affordable coverage. Find an experienced insurance agent in Kannapolis to get started.
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