We have had the pleasure of providing the insurance solution for the incredible Pressed Branding Company in Downtown Fayetteville, NC since they opened their doors a few years ago.
We started with insuring the basics and grew with them as their needs changed.
Now there are literally hundreds of different coverages and policies that you may need for your business. I’m going to talk about 4 common coverages that should take care of 80% of the businesses out there.
This video will be a 30,000 foot view, so if your starting a business or want to make sure you have all the basics covered, the next 3 minutes of reading will be well worth your time!
#1) General Liability
Think “Slip, trip, and fall” this is the most common coverage required to operate any business.
Whether you are a writer, retail shop, transportation company, or sub-contractor, every business needs general liability at a bare minimum just to open the door.
In fact, many times businesses are required to have this coverage either by a landlord or municipality. If you run a downtown business like Pressed, the city will require that you maintain General Liability or GL insurance.
#2) Property Insurance
This is just like insuring all of your property in your home including the home itself.
Inventory, computers, fixtures, tools, equipment, anything that you own as an asset in your business needs to be insured.
This coverage is there when a fire breaks out, someone steals your products, or your building is struck by lightning.
#3) Workers Compensation
This is perhaps the most misunderstood insurance product on the market.
We will dive deeper into this coverage in later posts. But for now, Workers Compensation exists on the surface to help pay for medical injuries to your employees that occur on the job or worksite.
These policies can vary greatly from industry to industry depending on how “risky” your business is.
A retail shop like this has a relatively low risk of workplace injury. Compare that to roofing which has one of the highest rates when it comes to workers compensation insurance.
#4) Business Income Coverage
If you take away nothing else catch this.
Business income coverage is one of the most useful insurance coverages on the market.
If your business is shut down or is forced to close its doors because of a peril or covered cause of loss, you can actually recover part of your lost revenue.
This is HUGE!
A lot of business owners don’t even know this incredible coverage exists. Its not too good to be true I promise.
Call your broker right now and figure out if you have this…You don’t even have to read the rest of this… do it now!
Ok so that was a ton of information.. And I didn’t even mention, Errors and Omission Insurance, Professional Liability, Cargo Insurance, Mobile Equipment, Medical Malpractice, employee protection liability insurance, flood etc. etc. etc.
Here’s the deal
You need to work with an independent broker for your business insurance.
Callahan and Rice insurance has been an independent office that specializes in business insurance for the last 50 years.
What’s more important is that we have seen hundreds of different business types come through our offices and have obtained dozens of insurance markets to help us respond to your specific operation and needs.
North Carolina business owners!
Give us a call today at 910-484-6171 or find us on LinkedIn, Twitter, Instagram, or Facebook. We will do a full review of your current business and make sure you have the right insurance plan to protect you and your business.
Please call our office today at 910.484.6171 for a no-obligation quote, or click here to complete the request form and we get back with you as quickly as possible.