Complete Guide to Salisbury, NC, Business Insurance

Salisbury is a great place to own a business. Best known as the headquarters of Food Lion, Rack Room Shoes, and the Carolina Beverage Corporation (makers of Cheerwine), this city is home to nearly 3,000 businesses of varying size and scope. If you are among the many proud business owners in this historic North Carolina city, you can protect your investment with business insurance.

A local independent agent can help you put together a comprehensive business insurance plan. That way, you can be sure that your company is covered against all of its various exposures. Find an insurance agent near you to learn more.

Why Is Liability Insurance Vital for Businesses in Salisbury?

If a lawsuit is filed against your company, it can be extremely expensive if you do not have the right insurance in place. That is why liability coverage is a crucial part of every commercial insurance policy. Business liability insurance is designed to cover the expenses related to liability lawsuits including court costs, legal fees, and damages.

All business insurance policies include, at a minimum, commercial general liability insurance (CGL). CGL covers third-party injuries, injuries, and damages that occur on your business property (premises liability insurance), and third-party injuries, illnesses, and damages that are caused by products your company sells, produces, or promotes (product liability insurance).

CGL only goes so far with its coverage. It is possible that your particular business will need additional liability insurance products in order to be fully covered against all of its potential risks. Some of the many other liability policies that are available for you to choose from include:

Employment practices liability insurance (EPLI): This covers your business if a current, former, or potential employee accuses your company of illegal business practices such as harassment, discrimination, or wrongful termination.
Commercial vehicle liability insurance: This covers your business against the increased liability risks that go along with having a company-owned car, truck, or van.
Environmental liability insurance: This covers cleanup costs and damages caused by toxic substances used or produce by your company that pollute the land, air, or water in an accidental mishap.
Professional liability insurance: This covers individuals in professional positions against third-party damages caused by negligence, errors in judgement, or other professional mistakes.
Cyber liability insurance: This covers businesses against the growing threat of cybercrime. It can pay for damages and restitution for your customers if their financial and personal data that you store electronically is accessed by hackers.

Let a local independent insurance agent explain more about these and other liability insurance products so you can choose the policies that are appropriate for your Salisbury business.

Property Insurance for Salisbury Businesses

Your business insurance policy will also provide your company with commercial property coverage. This is designed to cover loss or damage to your company-owned property such as inventory, tools, machinery, computers, furnishings, outdoor signs, and more. It can also cover the building in which your business is housed if it is company-owned.

Some commercial property requires specialized coverage such as contractor equipment insurance or inland marine insurance. Your insurance agent can ensure you are getting the right kinds of coverage for all of your business property. Your agent can also help you be sure that your coverage limits are high enough to enable you to repair or replace damaged items without experiencing a large financial loss.

Why Is Business Interruption Insurance Important in Salisbury?

Major disasters, like fires, can do more than just damage business property. They can force you to close down your business for several weeks while the damages are repaired. Business interruption insurance can provide your company with a continuation of income during these times.

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

The good news for business owners in Salisbury is that the risk of tornadoes, hurricanes, and flooding is relatively low in this city. But windstorms are still a risk and have the potential to cause significant damage to area buildings especially if they lead to toppled trees or destroyed roofs.

When you have business interruption insurance, you can rest assured that your business will continue to have the income it needs so that you can pay its regular monthly expenses until you are able to resume normal operations. Talk to an insurance agent in Salisbury to learn more.

Do Employers in Salisbury Need Workers’ Compensation Insurance?

In North Carolina, businesses that employ three or more workers are required to carry workers’ compensation insurance. There are a few exceptions. For example, it is not necessary to cover sole proprietors, independent contractors, or domestic workers.

If an employee is hurt while working for your company, your business is responsible for covering any associated costs. There are a number of ways that workers can be injured on the job. These include things ranging from cuts that require stitches to chronic illnesses following exposure to toxic substances. Workers’ compensation insurance makes sure that these injuries are suitably covered.

Workers’ compensation insurance is designed to pay for necessary medical treatments, lost wages, disability pay, and other related costs if an employee is injured on the job. Rates for this coverage are based on the risks associated with the work your employees do. Therefore, a worker at a manufacturing plant would cost far more to insure than a cashier at a grocery store.

Your local independent agent can help you secure an appropriate and competitively priced workers’ compensation policy through a commercial provider.

How Can You Find the Best Life and Health Insurance for Your Employees?

Studies by human resource professionals have shown that when companies offer great benefits packages, they are more likely to attract and retain ideal employees. It has also been demonstrated that employees who have access to healthcare take fewer sick days.

Therefore, even though the costs can be high, it may be to your advantage to provide your workers with employee benefits like paid vacation time, health insurance, and life insurance.

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

A local independent insurance agent can help you find suitable coverage at a highly competitive price. With so many different policy types and options for you to choose from, you may find it beneficial to have the guidance of a local insurance professional when you are shopping for coverage.

Why Work with An Independent Agent in Salisbury, NC?

Every business is different. The commercial insurance needs of a physical therapy facility will be vastly different than the needs of a construction company. That is why when it comes to business insurance, there is no such thing as a one-size-fits-all policy.

Business owners can fully customize their insurance coverage through the purchase of various coverage types and options. Local independent agents can help you navigate through your many choices so that you are able to choose the coverage that is best for your Salisbury business.

Contact an insurance agent in or near Salisbury to learn more and to start comparing customized quotes for business insurance coverage.

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