Wilson Business Insurance

Complete Guide to Wilson, NC, Business Insurance

Find the right business insurance policy for you.

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The birthplace of Branch Banking and Trust Corporation (BB&T), Wilson is currently home to more than 4,000 small businesses representing several different industries. If you own a company in this thriving North Carolina city, you will want to be sure to protect your investment with a comprehensive business insurance plan.

Business insurance policies are fully customizable.  A local independent agent can help you identify your company’s various risks and can recommend the right business insurance products to cover against them. Contact an insurance agent near you to get more information and start comparing business insurance quotes.

Does Wilson Business Insurance Cover All Liability Risks?

Liability insurance is one of the most important parts of any business insurance policy.  It is designed to absorb the various expenses associated with covered liability lawsuits. These can include court costs, legal fees, damages, and more. Lawsuits against businesses frequently exceed $1 million in costs, so this coverage can prove invaluable to your company.

All business insurance policies include, at a minimum, commercial general liability insurance (CGL). CGL has two major coverage components:

  • Premises liability insurance: This is designed to cover third-party damages, injuries, or illnesses that occur caused by an accident on your business property.
  • Product liability insurance: This is designed to cover third-party damages, injuries, or illnesses caused by a defect in a product your company produces, sells, or promotes.

Businesses often have additional liability risks that go beyond what CGL insurance can cover. There are several other types of commercial liability insurance available so that each of these exposures can be covered. Examples of some of the liability products you may want to consider added to your business insurance coverage include:

  • Cyber liability insurance:  This is designed to cover your business against resulting lawsuits in the event that your computer system is hacked and cybercriminals access your customers’ personal or financial data.
  • Employment practices liability insurance: This is designed to cover your business against accusations of illegal business practices such as wrongful termination, discrimination, and harassment. This insurance is sometimes called EPLI.
  • Liquor liability insurance: This is designed to cover your business if you sell, serve, or otherwise furnish alcohol. If an intoxicated patron causes injury or property damage to others, your business could be named in a liability lawsuit.
  • Professional liability insurance: This is designed to cover individuals in professional positions in the event that errors in judgement or other professional mistakes cause third-party damages, losses, or hardships.

An independent insurance agent can help you customize your business insurance policy with liability products that are appropriate for your Wilson business.

Does Wilson Business Insurance Cover Property Damage?

All business insurance policies also include commercial property coverage. This is designed to pay for the repair or replacement of your company-owned property if it is lost, damaged, or destroyed by a covered event such as hail, lightning, or theft.

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

Businesses in Wilson are most likely to experience significant losses due to damages caused by accidental fires, occasional ice storms, heavy winds, and hurricanes.

It is important to be aware that although your business insurance policy may cover against hurricane damage, it will not cover the flooding that often accompanies these storms. If your business is at risk for damages caused by rising waters and flash flooding, your local insurance agent can also help you supplement your coverage with a commercial flood insurance policy.

How Does Business Interruption Insurance Help Wilson Business Owners?

Sometimes the city of Wilson can experience a severe weather event. For example, in 2008 an F3 tornado touched down in this city causing about $1 million in damages. And in 2019, Hurricane Dorian caused widespread wind damage and spawned tornadoes in the area.

Damage to your business-owned property isn’t the only expensive risk you face during a catastrophic event. A major disaster like a fire, hurricane, or tornado could potentially force your businesses to remain closed for weeks — or even months — while repairs are made. That is why business interruption insurance is so important.

Without a steady stream of revenue, many businesses would suffer major financial losses potentially leading them into bankruptcy. Business interruption insurance protects against this risk. It provides a continuation of income during the times that your company is forced to temporarily close down because of damage caused by a covered event.

Talk to a local insurance agent to learn more about this important coverage.

Is Workers’ Compensation Insurance Required in Wilson?

Your business is responsible for covering the costs associated with injuries and illnesses your workers may sustain while doing their jobs. Workers’ compensation insurance is designed to cover these expenses. It pays for your employees’ medical treatments, lost wages, and other related expenses if they are hurt at the workplace.

In North Carolina, businesses that have three or more employees are required by law to carry workers’ compensation insurance. Exceptions are made for:

  • Sole proprietors, LLC members, and partners
  • Farm and agricultural employees
  • Domestic workers and other household servants
  • Independent contractors including real estate agents

The cost of coverage is based on how dangerous the jobs are that your employees do. It would therefore cost more to cover a worker at tire manufacturing plant that it would to cover a financial analyst.

A local independent insurance agent can help you obtain appropriate, competitively priced workers’ compensation insurance from a company that specializes in covering businesses like yours.

What about Employee Benefits Insurance Products?

Health insurance is expensive.  But did you know that providing subsidized coverage to your employees can have money-saving benefits? Human resource professionals have statistics demonstrating that workers with health insurance use fewer sick days and that an attractive benefits package can help your company recruit and retain skilled employees.

  • 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

If you are shopping for health and life insurance policies to include in your employee benefits package, you will find that there are many different policy types and options available for you to choose from.

Unless you are familiar with the ins and outs of these insurance products, navigating through your various options can be time-consuming and can leave you with more questions than answers. You may therefore find it beneficial to have the guidance of an experienced insurance professional. Talk to an independent insurance agent in Wilson for assistance.

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

Insurance providers offer a wide variety of commercial insurance products and options so that business owners can customize their company’s insurance portfolio. Independent insurance agents can help you navigate through your many options so you can easily choose the right policies to meet your company’s particular coverage needs.

Because they do not work for a specific insurance company, independent agents are able to work with several different insurance companies when they are searching for the best insurance coverage for your business. Find an independent insurance agent with an office in or near Wilson to learn more.

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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