Monroe, NC, once played a large part in the railways. Home to many railroad workers, this place became a hub for transportation. It was named after the fifth president of the US, making it a town full of tradition.
If you're one of the 913,398 small business owners in North Carolina, you'll want adequate protection. An independent insurance agent can help with policy and price. Connect with a local expert in minutes.
Do You Need Worker's Compensation in Monroe, NC?
Worker's compensation will pay for the lost wages and medical expenses of an employee who is injured or becomes ill on the job. This could save you serious financial costs that might otherwise put you out of business. To avoid your bottom line being devastated, make sure you follow state law.
Monroe, NC, requires all employers with three or more employees to carry worker's compensation insurance. If you're found without coverage, you could be penalized or worse. There are limit guidelines your business will need to follow to stay compliant as well.
Commercial Property Insurance in Monroe, NC
Business insurance is key to running a smooth operation. Unfortunately, the majority of commercial property policies won't even cover your building value. Most policies only offer 80% of coverage and leave the rest as your responsibility. You'll want to go over the following items with a licensed professional to get the right insurance for your property:
- Protective devices in place
- Year built and structural make-up
- Total square footage
- Operations that occupy the property
- Market value and replacement cost
- Prior property claims
Common property risks in Monroe, NC
- Hurricanes and tropical storms
- Burglary and other property crimes
- Flooding and water damage
- Severe storms and lightning
- Wildfires and other property fires
Why you need flood insurance
If your business doesn't carry a separate flood insurance policy, you're not covered. Flood damage can occur for a number of reasons, and your commercial property policy excludes coverage. You'll want to get quotes before it's too late.
Employee Benefits in Monroe, NC
There are 1,700,000 people in North Carolina employed by small businesses. Employee benefits can help you attract and retain staff. There are various ways you can put a plan together.
You can get a package that will offer life insurance and more for a low cost. There are minimal-expense hospital policies that can help fill in the gaps as well. If you want to contribute to your staff in a big way for a low price, consider employee benefits.
Liability Insurance for Your Monroe, NC Business
In North Carolina, there were $9,827,941,000 in commercial claims paid in 2019 alone. The most common loss for any business is liability-related claims. To have adequate protection, take a look at the following options.
Cyber liability insurance
This is a commonly overlooked policy for your business, but possibly one of the most important. It will help pay for a cyberattack claim. Without it, your business may not be able to come back from a cyber loss.
Business interruption insurance
This coverage can be added to your general liability policy for a premium. It will keep your business in operation when a catastrophe shuts you down. Coverage usually lasts 12 to 24 months.
General liability insurance
General liability insurance will pay for a lawsuit arising out of bodily injury or property damage. This is the most used policy for your business. Limits need to be accurate to have enough coverage.
Why You Need a Monroe, NC Independent Agent
Business insurance needs to be right the first time to avoid financial ruin. If you're in the habit of finding coverage on your own, you could be missing things. Use an independent insurance agent for the best policies and premiums in town.
An independent agent works with several carriers, giving you options. Since they do the shopping on your behalf for free, you'll save time and money. Connect with a local expert on TrustedChoice to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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