Rocky Mount Business Insurance

Your Complete Guide to Rocky Mount, NC Business Insurance

Find the right business insurance policy for you.

Couple talking to an independent insurance agent

Rocky Mount, NC has long been a leader in textile production and agriculture. In recent years, this city has also begun specializing in high-tech manufacturing, biomedical research, and pharmaceuticals.  Of course, businesses of all types have found success here. Whatever type of business you may own, Rocky Mount is a fantastic place for it to be located. 

As a local business owner, you will want to be sure to protect your investment with a comprehensive business insurance plan. An independent insurance agent can help you identify which of the many available commercial insurance products are right for your business. Contact an insurance agent in or near Rocky Mount to learn more about your business insurance options.

Rocky Mount Business Insurance Provides Liability Coverage

Liability insurance for businesses is designed to cover expenses, such as court costs, legal defense fees, and damages, that are associated with covered liability lawsuits. At a minimum, all business insurance policies include commercial general liability insurance (CGL). CGL 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 Rocky Mount’s businesses, CGL alone is not enough. An independent insurance agent can help you determine whether your company has additional liability risks that are not covered by CGL. If so, your agent can recommend the appropriate liability products to protect against them. Examples of some of the other commercial liability insurance products that may be right for your Rocky Mount business include:

  • Errors and omissions insurance (E&O):  This covers individuals in professional positions in the event that negligence, errors in judgment, failure to act, or other mistakes cause third-party damage.
  • Cyber liability insurance: This covers the costs associated with a data breach. If your business stores your customers’ personal and financial data electronically, this coverage may prove invaluable in the event that hackers manage to break through your firewall.
  • Commercial vehicle liability insurance: This covers your business against its increased liability risks 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 in the event that an intoxicated patron causes damage to others.
  • Environmental 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.

Rocky Mount Businesses Need Property Insurance

In Rocky Mount, hazards such as accidental fires, property crimes, and severe weather events can all lead to the loss or damage of your company-owned property. Fortunately, your business insurance coverage will include commercial property coverage, which is designed to pay for the cost of repairing or replacing this property. Some commercially owned property requires specialized coverage such as boiler & machinery 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 so that you are not left with any unintentional coverage gaps. Also, be aware that flood damage is typically excluded from business insurance coverage. Fortunately, if your business is at risk, your local insurance agent can also help you secure a supplementary commercial flood insurance policy so that your company is suitably protected.

The Importance of Business Interruption Insurance in Rocky Mount, NC

A major disaster, like a hurricane or tornado, 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 can prove vital.

  • 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.  When you have this coverage, your business can continue to pay its normal expenses, like loan installments and employee salaries, until you are able to return to normal business operations. A local independent agent can explain more about this valuable coverage and help you review a selection of quotes so you can find out how much it will cost for your business.

Many Rocky Mount Employers 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 is designed to provide this coverage. In North Carolina, all businesses with three or more employees are required to carry this insurance. The cost of your workers’ compensation policy will be based on your company’s payroll and the risks associated with the jobs your employees do. 

The more likely an employee is to suffer a debilitating injury, the more your coverage will cost. It would cost more to cover employees in a textile manufacturing plant than to cover ticket collectors at a movie theater. Your local insurance agent can help you find a competitively priced policy through a commercial provider. Alternatively, if approved, your business can opt to self-insure.

Does Your Business Insurance Plan Include Employee Benefits?

Studies by human resource management professionals have demonstrated that offering employee benefits such as paid vacation and sick time, life insurance, and health insurance can help your business attract and retain an ideal staff of employees. Of course, health insurance does not come cheap. That is why comparison shopping is essential when purchasing employee benefits. Independent agents make comparison shopping easy.

  • 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 deciding which policy offers the best value for your company.

Why Work with an Independent Insurance Agent in Rocky Mount?

When you work with an independent insurance agent in Rocky Mount, you can be sure that your business insurance plan is comprehensive and competitively priced. 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 insurance agent with an office in or near Rocky Mount to learn more. You will soon discover how easy it can be to build an all-inclusive business insurance portfolio.

Share this page on Twitter Share this page on Facebook Share this page on LinkedIn

©2020, 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