Whether you are considering a new business venture or already a business owner, you realize there are many tasks and responsibilities to consider. Finding the perfect business location, filing/signing all the legal documents, hiring suitable staff, and investing in business equipment are all part of the long list of things you must do in order to have an operational business. Investing in a new business takes money, time, and commitment so once it is up and running, will you have the right business insurance for your new venture?
One-Size-Does-Not-Fit-All When it Comes to Business Insurance
Having the right insurance is essential if you want to protect your new business and assets, but keep in mind that it does not come in a “one-size-fits-all” type of package. Every business is unique with different risk factors so your protection should be just as unique. Your insurance should take into account your specific risk factors and serve as a way to optimize protection against those risks. It is always recommended before you sign on the dotted line for just any commercial insurance that you contact your local N.C. independent insurance agent. He/She can discuss your unique business needs to ensure you get the right type of N.C. business insurance at a price you can afford.
Some Typical Coverage Options Available for New Business Owners, but Not Limited to:
Property Insurance- Property insurance is key coverage for new business owners designed for the protection of your actual physical location and items in it such as furniture, computers, and inventory.
Business Equipment- If you are a contractor, you probably own a multitude of tools and other business equipment that you need for your business. If so, you will want to consider this coverage option as a way to protect that essential business equipment.
Business Income- Imagine that a fire ensues at your business damaging your property and contents. As a result, you will lose your business income for the duration it takes to repair or replace your property. Or maybe you have to temporarily find another location to operate your business during the repair or replacement. Business income insurance provides protection for the loss of income during the time period it takes to rebuild or repair your property. Also, you would ideally get compensation for those additional expenses (finding a new location, advertising, etc.) to get your business back up and running.
General Liability- This is another key coverage your new business will need. General Liability insurance is designed to protect your new business from claims of bodily injury and property damage that can occur in everyday dealings within your business. This coverage also provides protection for libel/slander claims, advertising injury, wrongful eviction, property damage and bodily injury resulting from your products, and more.
Commercial Auto- If your particular business uses autos/drivers as part of the business operations, you need to have this insurance. It is recommended you discuss with your local N.C. independent insurance agent, the varying types of situations relating to autos and employees and how they are specifically used for your business.
Professional Liability/Errors and Omissions Liability- If you are a professional (surgeon, doctor, lawyer, marketing firm, cosmetologist, etc.) then you realize the inherent risk of a “professional” mistake. No matter how careful you are, mistakes happen and when they do, you need the necessary protection in place. If you make a mistake and get sued, this insurance is designed to offer the needed protection.
Commercial Umbrella- This insurance is designed for catastrophic events that occur during your business operations, such as a customer fatality or other catastrophic injury. Consider this an excess coverage above and beyond the liability limits. The umbrella kicks in once the limits of liability have been exhausted under the primary policy. For further information on this excess coverage, contact your local N.C. independent insurance agent.
Twin City Insurance understands your N.C. business needs and we can assist you in finding a tailor-made business insurance policy that minimizes risk and optimizes protection, all at an affordable rate. If you’re the proud owner of a new business, we can help you will all your N.C business needs TODAY. Don’t wait! Call us at 828-464-2643.