COMMERCIAL INSURANCE

Your business is set up, things are running smoothly, and everyone seems to be happy until a covered loss happens, and then what?  Let's say that a fire occurs, resulting in business interruption and a drop in revenues.  Will your North Carolina business insurance cover you for loss of income?  Here is why every business needs business income coverage. Without a building, the employees do not have a place to work, sales go unfulfilled and customers have to go elsewhere for their orders. One hour of destruction can take years to rebuild. Reestablishing business income is your main objective and that’s where NC business income coverage becomes vital to your business operations! What is NC [...]

Running your own business requires making a lot of decisions; however, when you are deciding on the best settlement coverage for your business property, the decision is HUGE.  There are many variables when deciding how to protect your business property.  Does your business property need ACV coverage or replacement coverage? Let’s take a look at an example. Both Sue and Bob own separate restaurants that basically have similar menus, the same type of customers, and are located in a similar type of building.  However, Bob’s restaurant is located in an older neighborhood where many of the buildings in the shopping center are now vacant. Sue’s building is located in a very centrally located area and [...]

Insuring your commercial property can be an expensive proposition when you consider the total replacement cost associated with replacing your building and everything inside it. Before you decide on how to insure your commercial property, here’s what you must know about coinsurance. The Coinsurance Clause Penalty Every property insurance policy will have a replacement cost provision that allows the property owner to insure for less than the total replacement cost to reduce premium and at the same time allows the insurer to penalize the policyholder if the coinsurance clause has not been met. This clause is usually found in the “Conditions” section of the policy. Depending on which insurance company is providing the coverage, the [...]

As one of the many working towards the dream of owning your own business, it is important to understand North Carolina Workers Compensation Insurance Laws. If you are starting, or own a business in North Carolina, then you need to comply with the North Carolina Workers’ Compensation Act. The first step is for you to clarify the requirement by law, to determine your need to carry workers compensation insurance. The major factor of compliance with this act is based on determining the correct number of employees within your organization. What’s the least number of employees I can have before the requirement kicks in? North Carolina's workers compensation insurance law requires coverage once you have obtained [...]