Business Insurance in Goldsboro, NC
As the owner and operator of a business, you must take many steps to protect its financial interests and secure its future prospects. Various risks and perils may threaten to undo all the hard work and sacrifices that have gone into growing your company, regardless of how diligent or meticulous you may be. With this in mind, you should strongly prioritize understanding, acquiring and maintaining adequate business insurance.
How Does Business Insurance Work?
Business insurance is typically composed of several types of coverage. These separate policies combine to form a versatile and robust financial safety net capable of helping your company absorb the financial losses and ramifications arising from covered incidents. The exact contents of an adequate business insurance portfolio may vary depending on your unique circumstances, but common coverages may include the following:
- General liability insurance may help pay for third-party losses for which your business is responsible, such as those arising from bodily injuries, property damage and personal and advertising injury (e.g., slander, libel, intentional copyright infringement and false advertising).
- Commercial property insurance may financially protect your business’s physical assets, including buildings, electronics, equipment, tools, inventory and furniture.
- Workers’ compensation insurance may render financial aid if your employees are injured on the job or develop work-related illnesses, such as by helping to pay for medical expenses, lost wages and disability benefits.
- Business interruption insurance may compensate your company for financial losses and ongoing expenses if its regular operations are disrupted, including for lost income, payroll, rent and loan payments.
- Errors and omissions insurance may help pay for your business’s losses and legal costs if a client or customer sues you for allegedly providing inadequate professional services.
- Cyber liability insurance may provide financial assistance following a data breach or other cyber incident, such as for restoring compromised systems, notifying affected parties and retaining credit monitoring services.
- Commercial auto insurance may insulate you from incidents involving your business’s motor vehicles, including liability for third-party losses and property damage.
What Business Insurance Covers Theft?
Also known as business property insurance, commercial property insurance generally includes thefts committed by customers or other third parties as a covered peril. If you are concerned about your company’s employees committing criminal acts, purchasing commercial crime insurance may be advisable. Your insurance agent can help you assess and address your theft-related coverage needs.
How Much Business Insurance Do I Need?
Your business’s exact insurance needs may vary significantly depending on your unique circumstances. In many cases, your location, industry, annual revenue and assets may influence what coverages you require and suitable policy limits.
In some cases, certain types of insurance may also be required by law. For example, most employers are required to carry workers’ compensation insurance to ensure their employees are cared for following a work-related incident. Commercial auto liability coverage is also typically required if your business uses motor vehicles, and landlords or lenders may require commercial property insurance.
Get the Right Coverage
With locations in Goldsboro, Kinston, Pink Hill, Snow Hill and Wilson, the agents at Eastern Carolina Insurance are well-positioned to help businesses throughout the area secure optimal coverage. Contact us today to learn more.