Statesville Business Insurance

Your Complete Guide to Statesville, NC Business Insurance

Find the right business insurance policy for you.

Couple talking to an independent insurance agent

According to the US census, there are more than 870,000 businesses in North Carolina, and nearly 2,700 of them can be found in Statesville. Companies operating in the manufacturing and retail trade industries are most abundant in this city, but businesses of all types and sizes have the potential to thrive here.  Business insurance helps to ensure that your investment remains profitable. A local independent insurance agent can help you build a comprehensive, customized business insurance plan that will cover against all of your company’s various exposures. Contact an insurance agent in Statesville to learn more.

Does Statesville Business Insurance Provide Liability Protection?

Liability insurance is a crucial part of every commercial 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 an accident that occurred on your business property.
  • Product liability insurance: This covers third-party injuries, illnesses, and damage resulting from a defect in 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 exposures. There are several policies available for businesses to choose from. Examples include:

  • Cyber liability insurance: This covers your business if hackers break into your computer system and steal customer data such as credit cards, passwords, and other information that can be used to perpetrate identity theft and fraud. It can pay for damages and restitution to those affected.
  • Employment practices liability insurance:  This covers your business if a current or former employee accuses you of illegal practices like harassment, discrimination, or wrongful termination.
  • Commercial vehicle liability insurance:  This insurance is required of businesses that have company-owned vehicles. It covers against the increased liability risks if one of your drivers is responsible for an accident.  
  • Pollution liability insurance: This covers your business against environmental damage caused by toxic substances used by your business if you accidentally pollute the water, ground, or air. It can pay for clean-up costs as well as damages.
  • Errors and omissions insurance: This is designed to cover individuals in professional positions if negligence, errors in judgment, or other professional mistakes result in third-party damages.

Let an independent agent explain more about these and other commercial liability insurance products so you can choose the policies that are appropriate for your Statesville business.

Property Insurance Coverage for Statesville Businesses

A major disaster, like a fire or tornado, can cause significant damage to your business-owned property. Even more common events like hail, windstorms, and freezing temperatures can cause expensive damage. In fact, during the last 60 years, there were 4,862 extreme weather events within a 50-mile radius of Statesville. 

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

That is why all business insurance policies include commercial property coverage. This is designed to reimburse your business for loss or damage to company-owned property such as merchandise, computers, furniture, outdoor signs, tools, and more.  You will want to be sure that your coverage limits are high enough to fully cover your business assets. Some business property will require specialized coverage (such as boiler and machinery insurance, contractors equipment insurance, or inland marine insurance), so be sure to let your local independent agent help you review your property coverage needs and limitations.

Also, it is important to be aware that business insurance rarely covers flood damage, even if it is the direct result of a covered hurricane. If your business is at risk from damage caused by an overflow event, your insurance agent can also help you supplement your business insurance with a commercial flood insurance policy through the National Flood Insurance Program (NFIP).

Business Interruption Insurance Can Protect Statesville Businesses

Whether your business is impacted by a natural or man-made disaster, 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. When you are covered by business interruption insurance, you will be able to get the income you need to pay employee salaries, loan installments, and other monthly expenses until you are able to resume normal operations. This coverage is typically limited to one year. Talk to an independent agent in Statesville to learn more about business interruption insurance.

Many Statesville Employers Need Workers’ Compensation Insurance

Even when reasonable safety precautions have been taken, work-related injuries and illnesses can occur. If one of your employees is injured on the job, your business is responsible for covering the associated costs. Failure to do so could result in your company being sued in a liability lawsuit. Often referred to as “workman’s comp,” workers’ compensation insurance is designed to cover medical treatment, lost wages, and disability payments if an employee is injured or becomes ill in the workplace. Rates for this coverage are based on the risks associated with the jobs your employees do. A worker in a manufacturing plant would cost more to insure than a receptionist at a law firm.

The state of North Carolina mandates that businesses with three or more employees must carry workers’ compensation insurance. There are a few exceptions. You do not need to cover sole proprietors, LLC members, partners, or domestic workers. Also, you do not need to cover agricultural workers unless you have ten or more non-seasonal workers. An independent insurance agent in Statesville can help you find an appropriate and competitively priced workers’ compensation policy through a commercial provider.

Your Statesville Business Insurance Can Include Employee Benefits

Although it may be expensive to do so, there are several advantages to providing your employees with benefits such as 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 health care in NC: $5,310/person or $15,023/family

Studies by human resource professionals have demonstrated that employers who offer decent benefits to their workers 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 translate to big savings for your company in the long run.

There are several different policy types available for you to choose from, so you may find it beneficial to have the guidance of an insurance professional when you are shopping for health insurance or life insurance to include in your employee benefits package. Let a local independent agent help you find suitable coverage at a competitive rate.

Why Work with an Independent Insurance Agent in Statesville, NC?

When it comes to business insurance, there is no such thing as one-size-fits-all coverage. That’s why insurance companies offer a wide range of products and policy options, enabling business owners to fully customize their coverage portfolios. A local independent insurance agent can help you navigate through your various options so you can choose the policies that are appropriate for your Statesville 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 and most affordable coverage. 

Find an insurance agent in or near Statesville to learn more about your business insurance options.

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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