Wilmington, NC is home to nearly 15,000 businesses. Those operating in the accommodation and food services and the retail trade industries are most abundant in this city, but a wide range of businesses have found success here. As a business owner in Wilmington, it is important that you protect your commercial enterprise with a comprehensive insurance plan.
Buying businesses insurance can be complicated. Fortunately, you do not need to go it alone. An independent insurance agent in Wilmington can help you build a solid coverage portfolio by identifying your company’s specific risks and determining which of the many available insurance policies can best cover against them. Find an agent near you to learn more.
Liability insurance is designed to cover the court costs, legal fees, and damages associated with certain liability lawsuits. Because liability lawsuits can frequently result in judgments exceeding $1 million, this insurance can prove extremely valuable.
All business insurance policies include commercial general liability insurance (also referred to as CGL). Your company’s CGL has two main coverage components:
An independent insurance agent can identify your business’s other liability risks that are not covered by CGL. They can then recommend the appropriate policies to cover against these exposures. Examples of some of the other liability insurance products available to you include:
You can learn more about these and your many other liability coverage options by consulting a local independent agent.
Cyber liability insurance is a relatively new liability product. It was designed to protect businesses from the growing threat of cybercrime. It provides coverage in the event that criminals hack into your business’s computer systems and access sensitive customer data that your company has stored electronically.
If your Wilmington business uses computers to record your customers’ personal or financial data, it is at risk. Be sure to ask your independent agent for more information about how cyber liability insurance can offer a layer of protection.
Wilmington businesses may experience property loss and damage due to hazards such as accidental structure fires, property crimes, and severe weather events.
All business insurance policies include commercial property coverage. This is designed to compensate your business for loss or damage to your commercially owned property, including merchandise, computers, furniture, signs, inventory, tools, and more.
Some commercial property needs to be covered by specialized insurance such as inland marine insurance or boiler & machinery insurance. Your independent agent will be able to help you make sure that all of your business-owned property is appropriately covered.
Major disasters like fires and hurricanes can do more than just damage property. They also have the potential to force businesses to remain closed for an extended period while repairs are made. A closure that lasts for weeks, or even months, can be financially devastating for a small company. That is why, in times of disaster, business interruption insurance is so important.
Business interruption insurance is designed to provide companies with a continuation of income when a covered event leads to a long-term closure. That way, your business can continue to pay monthly expenses and employee salaries even while it is unable to generate revenue. This coverage is typically limited to one year.
In North Carolina, most businesses are required to cover their employees with workers’ compensation insurance. Some businesses, such as sole proprietors and certain agricultural employers, are exempt. If in doubt, your independent agent can help you determine whether your business is required to carry this insurance.
Workers’ compensation insurance is designed to cover the cost of medical treatment, lost wages, and other associated expenses if an employee is injured or or becomes ill on the job. This insurance can also provide family members with financial compensation in the unfortunate event of a fatal workplace accident.
The cost of your workers’ compensation policy will be based on your company’s overall payroll and the types of jobs your employees do. You can expect it to cost more to cover a tree-trimmer than to cover a salesperson at a clothing store. Your agent can help you find the best coverage through a commercial provider.
Studies conducted by human resource professionals have shown that when businesses offer employee benefits such as vacation time, sick time, life insurance, and healthcare coverage, they are better able to attract and retain highly skilled workers.
There are many different life and health insurance products available, and this can make it hard to decide which plans are the best to include in your employee benefits package. Fortunately, local independent agents are available to answer your insurance-related questions and explain the pros and cons of each of your various options.
Your agent can then help you review a selection of competitively priced policies. That way, you will be able to make an informed decision when making a selection.
Every company has its own specific risks and exposures. That is why insurance companies make it possible to fully customize your commercial coverage. An independent agent can guide you in your search for the best insurance to cover your particular business. Because they can work with multiple insurance companies, these agents can find you appropriate policies at competitive prices.
Contact an independent insurance agent with an office in or near Wilmington to learn more. You will soon discover how easy it can be to build a comprehensive business insurance portfolio.