Winston-Salem, NC is home to a number of large well-known companies including HanesBrands, Krispy Kreme Doughnuts, BB&T, Lowes Foods, and Reynolds American. There are also more than 18,000 small businesses operating in this city. Those in the retail trade and manufacturing industries are most abundant, but companies of many different types have found success here.
If you own a business in Winston-Salem, you will want to be sure to protect your investment with a comprehensive commercial insurance plan. Independent insurance agents can help you identify your company’s various exposures, and can recommend the appropriate business insurance products to cover against them. Ask a local independent insurance agent for a quote to learn more.
Liability insurance is designed to absorb the various expenses — such as court costs, legal defense fees, and damages — that are associated with covered liability lawsuits. All business insurance policies include commercial general liability insurance (CGL), which has two major coverage components:
Many businesses have additional liability risks that go beyond what CGL insurance can cover. Fortunately, there are several other types of commercial liability insurance available. Examples of some of the liability products you may want to consider include:
Let an independent insurance agent help you customize your commercial insurance with the liability products that are right for your Winston-Salem business.
Cyber liability insurance is an additional liability product, and it is one that Winston-Salem businesses owners should be aware of. It was created to shield companies from the growing threat of financial losses related cybercrime.
If your business collects and stores your customers’ personal and financial data electronically, it is at risk. Savvy hackers can find a way to access this information and can then use it to commit identity theft and fraud. Companies that experience such a data breach are liable for the expensive cost of the resultant damages. Cyber liability insurance can help by absorbing these costs.
Be sure to ask an independent insurance agent for more information about how cyber liability insurance can protect your Winston-Salem business.
Your business insurance policy also includes commercial property insurance. This is designed cover your company’s assets, including merchandise, inventory, machinery, computers, tools, office furnishings, and more.
Businesses in Winston-Salem are most likely to experience significant loss due to a hurricane or tornado. This city was hit by two F3 twisters in recent years, one in 1985 and the other in 1989. These tornadoes caused several millions of dollars’ worth of damage to Winston-Salem’s homes and businesses.
Some commercial property requires specialized coverage. Talk to your independent insurance agent to find out if additional policies, like contractors equipment insurance, inland marine insurance, or boiler & machinery insurance, are necessary for your all of business property to be fully protected.
Damage to your business-owned property isn’t the only expensive risk you face during a catastrophic event. A major disaster like a fire, or the tornado of 1989, could potentially force your businesses to remain closed for weeks—or even months—while repairs are made. Without a consistent stream of revenue, many businesses could sink 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. This insurance enables your company to pay expenses, like loan payments and employee salaries, until you are able to resume normal business operations.
Your company is responsible for covering the costs associated with workplace injuries and illnesses. Workers’ compensation insurance (often referred to as “workman’s comp”) is designed to cover your employees’ medical treatment, lost wages, and other miscellaneous expenses if they are hurt or become ill in the course of doing their job.
Most businesses in North Carolina are required by law to carry workers’ compensation insurance. Exceptions are made for:
Your independent insurance agent can help you obtain appropriate coverage for your business through a commercial provider.
Health insurance may be expensive, but providing it to your employees has money-saving benefits. Studies by human resource professionals have demonstrated that workers with health insurance take fewer sick days. Other studies have found that offering an attractive benefits package helps companies recruit and retain skilled employees.
If you wish to include health and life insurance in your employee benefits package, you will soon discover that there are many different policy types and options available for you to choose from. You may find it beneficial to have the guidance of an experienced professional. A local independent insurance agent can help you find suitable coverage at a competitive price.
There is no such thing as a one-size-fits-all business insurance plan. Insurance companies offer a wide variety of commercial insurance products and options so that business owners can fully customize their company’s insurance portfolio. Independent insurance agents can help you choose the right coverage to meet your company’s particular needs.
Because they do not work for a specific insurance company, these agents are free to work with several different providers in their search for the best business insurance policies at the most competitive prices. Contact an independent insurance agent with an office in Winston-Salem to get started.