19 May Small Business Insurance: Insure For the Worst, Hope For the Best
There are few things in life that are riskier than launching and running your own small business. With the amount of time and money put into the business, it’s neglectful to extend the financial risk by not insuring your business. In order to preserve those long hours and help you sleep better at night, it is suggested that every small business should have three types of insurance: liability, property, and workers compensation insurance.
Workers compensation is required by state law for persons with one or more employers. However, it is wise to also at a minimum purchase both liability insurance and property insurance. For one, small businesses are more at risk financially because they have far more to lose and lack the amount of resources that larger companies have access to.
With small business insurance, the key is to insure for the worst and hope for the best…continue reading to learn more about property and liability insurance for businesses and to learn some tips to save you the most money!
Property Insurance: The Basics
Property insurance can be purchased based on three different methods: the actual cash value of the property (the replacement cost minus depreciation), its replacement value, or an agreed-upon amount (often used for unique items such as art). You can insure your property by categories or by events, such as fire, theft or vandalism.
You should take a complete inventory of all of your business property, and decide its value and what is worth insuring.
Liability Insurance: Why It’s Important
These days, liability insurance is a necessary purchase because the risk of being sued is so high. With lawsuits clogging the courts and people suing for everything and anything, it is wise to purchase liability insurance to protect your business and all the money you’ve put into it. Your company can be sued for something it did (or sometimes didn’t even do) that may have caused injury or harm to somebody, and liability insurance will cover not only the cost of the damage but also the legal fees and other costs associated with the lawsuit.
Many small businesses have trouble determining how much liability insurance coverage they need. Two things to consider are either a recent liability settlement within your industry or to base it on the total amount of assets that your business holds.
Save Yourself Money with a Specialized Insurer!
One of the best ways to save money when purchasing small business insurance is to find an insurance agency that really knows business insurance! Here at Spivey Insurance Group, we know how important it is to protect all of your hard work and money. We understand the importance of having affordable, comprehensive business coverage in place – no matter how big or small the business may be. We can identify the required state policies and suggest more comprehensive and affordable business insurance solutions. Your Charlotte North Carolina Commercial Insurance packages can include any of the following coverages:
- Business Owners Policies (BOP)
- NC Worker’s Compensation insurance
- NC General Liability insurance
- Errors & Omissions
- NC Commercial Auto insurance
- NC Commercial Property insurance
- NC Group Benefits
- Professional Liability
Visit our website or call Spivey Insurance Group today at 877-318-5951 to learn more about North Carolina business insurance and to let us save you the most money possible and give your business the protection it needs!