20 Apr Do You Have Everything You Need to Start a Business?
Starting a business can be stressful. If you do not have the right attitude, the odds of you failing are higher. Never giving up is the only way to succeed. Even Elon Musk started from the bottom. One of the most important factors to having a business is making sure your company is protected.
Why do you say that?
Whether you run an Auto Dealership, Plumbing company, Daycare, or even if you just own multiple commercial properties, they are constantly at risk. Does your company deal with customers? Do you try to meet customers needs? If yes, then you can’t just depend on your employees or yourself to protect your business. It is out of your hands.
What do I need?
Well, I am glad you asked. Depending on your business you may need multiple policies. Most cases businesses have a Businessowners Policy, otherwise known as BOP. This policy mainly consists of Property and Liability. Whether it is a building or just business personal property, that would fall under property coverage. Liability is the most basic but most needed coverage for any company. It protects you in cases of possible lawsuits. Do you have a vehicle you drive? Odds are it is not covered under your personal auto policy if you are using it for business use. It must be under a Commercial Auto Policy. Do you have employees? Your employees are not covered under general liability unless you have Employers Liability otherwise known as Workers Compensation. In North Carolina, It is required to have Workers Compensation if you have 3 or more employees. Keep in mind, just because it is not required by the state does not mean it is not necessary for your business. Any injury to your employee then falls on your own expense when you do not have Workers Compensation.
What if these coverages do not cover my claim?
That is why there is a Commercial Umbrella. In the case of a completely devastating loss. The commercial umbrella policy overlaps all your individual business policies. In the case of a terrible Auto accident or Lawsuit. You will have an additional minimum of 1,000,000 overlapping your other policies to protect you and your business from bankruptcy.
Here at Spivey, we understand owning a business is hard work. That is why we want to relieve you from the stress of searching for the best insurance. We care about YOU! We will shop and make sure your business has all the coverage needed in the case of devastating loss.