Complete Guide to Goldsboro, NC, Business Insurance

Goldsboro, NC, is home to more than 3,000 businesses. Companies that operate in the health care, educational services, and accommodation and food services industries are most common here, but any business that meets the growing needs of the community has the opportunity to thrive. Business insurance helps to protect these companies so they can remain profitable.

Independent insurance agents can help you identify your company’s specific risks and exposures and can advise you about which policies can best cover against them. Contact an insurance agent in or near Goldsboro for help building a comprehensive, competitively priced, business insurance portfolio.

Goldsboro Business Insurance Provides Liability Protection

Business liability insurance is one of the most important parts of every commercial insurance plan. It is designed to cover expenses such as court costs, legal fees, and damages. Because liability lawsuits frequently result in judgments of more than $1 million, this insurance can prove vital to your business’s financial health.

All business insurance policies include commercial general liability insurance (or simply, CGL) as a standard part of their coverage. Your policy’s CGL has two main components:

Premises liability insurance: This covers third-party injuries, illnesses, and property damage that occur due to accidents on your business property.
Product liability insurance: This covers third-party injuries, illnesses, and property damages that are caused by defects in products your business produces, sells, or promotes.

Not all liability risks are covered by CGL alone. A local independent insurance agent can help you identify your company’s other liability exposures and can recommend the appropriate policies to cover against them. Examples of some of the other liability insurance products that are available to your business include:

Employment practices liability insurance: This covers employers against accusations of illegal business practices such as harassment, discrimination and wrongful termination.
Liquor liability insurance: This covers businesses that sell or furnish alcoholic beverages in the event that an intoxicated patron causes injury or property damage to others.
Cyber liability insurance: This covers businesses that electronically store customer information, such as financial and personal data, in the event that hackers break into the company’s computer system and access this information.
Errors and omissions insurance (E&O): This covers individuals in professional positions if they are sued for damages or hardships caused by errors in judgment, failure to act, or other professional mistakes.

You can learn more about these and other liability coverage options by consulting an independent insurance agent near you.

Business Insurance Covers Commercial Property in Goldsboro

All business insurance policies include commercial property insurance. This coverage is designed to compensate your business for loss or damage to your commercially owned property including such things as computers, furniture, outdoor signs, merchandise, tools, and more if they are damaged due to a covered event.

Goldsboro businesses are most likely to experience property loss and damage due to such hazards as accidental fires, property crimes, and severe weather events like heavy winds and hailstorms. Hurricanes also present a risk in this city, but not as significant of one as for cities that are located closer to the coast. Fortunately, these risks are all covered by your business insurance policy.

One hazard that is not covered, however, is flood damage. This is true even if the flooding is the direct result of a covered hurricane. Businesses located near the Neuse or Little Rivers are most at risk, but any company that has the potential to experience damage due to flash flooding and overflow events can benefit from purchasing a commercial flood insurance policy through the NFIP.

The Importance of Business Interruption Insurance in Goldsboro, NC

Sometimes a major disaster can strike in the area. Examples include the two F4 tornadoes that touched down near Goldsboro in 1984 and the flooding and wind damage caused by Hurricane Florence in 2018.

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

Major disasters can do more than just damage property. They also have the potential to force businesses to remain closed for an extended time while repairs are made. A closure that lasts for weeks, or even months, can be financially devastating for a small company. That is why, in times of disaster, business interruption insurance is so important.

Business interruption insurance is designed to provide companies with a continuation of income when a covered event leads to a long-term closure. That way, your business can afford to to pay its regular monthly expenses like loan installments and employee salaries even though it is temporarily unable to generate revenue.

Talk to a local independent insurance agent to learn more about business interruption insurance.

Many Goldsboro Employers Need Workers’ Compensation Insurance

In North Carolina, businesses that have three or more employees are required to carry workers’ compensation insurance. Some businesses such as sole proprietorships and certain agricultural employers are exempt. If you are unsure about whether or not the law requires you to have this insurance, you can consult an experienced independent insurance agent.

Workers’ compensation insurance is designed to cover the costs of medical treatments, lost wages, and other associated expenses if an employee is injured while doing their job. This insurance can also provide surviving family members with financial compensation if a workplace accident is fatal.

The cost of workers’ compensation is based on your company’s overall payroll and the types of jobs your employees do. The more hazardous the job, the higher the cost for coverage. Therefore, you can expect it to cost more to cover a construction work than it would to cover a salesperson at a clothing store.

Let an independent insurance agent in Goldsboro help you obtain a competitively priced workers’ compensation policy from a provider who specializes in covering businesses that operate in your industry.

Employee Benefits for Small Businesses in Goldsboro

Studies by human resource professionals have shown that when companies offer good employee benefits (such as paid vacation and sick time, life insurance, and health insurance) these businesses are better able to attract and retain highly-skilled workers. Also, employees who have health insurance tend to use up fewer sick days.

That is why, even though health care coverage is expensive in this country, subsidizing it for your employees can actually save your company money.

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

There are many life and health insurance products available for you to choose from, and this can make it difficult to decide which plan is the best to offer in your employee benefits package. The good news is that independent insurance agents are available to answer your insurance-related questions and explain the pros and cons of each of your various options.

Talk to a local insurance agent to learn more about business health and life insurance.

Why Work with One of Goldsboro’s Independent Insurance Agents?

Every company faces its own specific risks. That is why insurance providers make it possible to fully customize your commercial coverage. An independent agent can guide you in your search for the best insurance to cover your particular business. Because they are free to work with multiple insurers, these agents can find you appropriate policies at competitive prices.

Are you ready to discover how easy it can be to build a comprehensive business insurance portfolio? Contact an independent insurance agent near you to get started.

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