For business owners, insurance is invaluable for protection against property damage and liability claims. Below you’ll read important information about Winston Salem, NC Commercial Insurance and why you need it.
Q. I just have a small business, do I still need commercial insurance?
A. All businesses, large or small should have insurance from day one. If you have insurance and your building burns down, then you’re covered. If a customer falls down and sustains injuries while on your business property, you can avoid a lawsuit by having insurance.
Q. My business is located in my home, so do I still need to purchase business insurance?
A. Your homeowner’s policy may cover your business assets up to a specified amount, but it may not be enough. Speak to your insurance agent to find out how much coverage you have as you may need to purchase commercial insurance as well.
Q. If I have my building insured do I need to insure any other property?
A. In addition to all your buildings or structures, you should insure any machinery, vehicles, furniture, inventory and any business property that is outside such as fences and signs. You can also insure your accounts receivable records, computers and important documents.
Q. How do I go about getting health insurance for my employees?
Talk to your insurance agent about the different types of employee benefits available. You may want to offer health insurance and add optional dental and vision coverage. You can also have life insurance and retirement plans set up for your employees.
Q. Does commercial insurance cover the medical costs if an employee is injured while working?
A. In many states, it’s a requirement to have some type of workers compensation insurance in the event a worker is injured. This covers the needs of the employee as well as protecting you from a lawsuit.
Q. Is there anything I can do to lower the cost of my business insurance?
A. You’ll have to talk to a Winston Salem, NC Commercial Insurance agent to get the specifics, but most insurance companies will lower your premiums if certain criteria is met. This may include keeping your business in good repair plus installing sprinkler systems and fire alarms. You should also make sure that your employees are sufficiently trained in safety procedures and in the use of safety equipment.
