How commercial insurance can save a small business

More than 99 percent of businesses in the United States are defined as small businesses. Small companies face even more risks than large businesses and, in most cases, are less able to survive them. Proper commercial insurance gives your business a better chance of thriving. At Brevard Insurance Agency Inc. in Brevard, NC, we work for our customers, and we can help to determine the areas of greatest risk and make sure you have the coverage you need. 

Commercial property coverage

Commercial property coverage protects the building where your business is located if you own it. If you rent, it also covers everything you use in your business. Tools, machines, office equipment, electronics, inventory, paperwork, or raw materials can be used. Saving your business means being able to operate, and you need this coverage to repair or replace your property. 

Commercial liability coverage

One of the riskiest things that your business faces is being sued. A judgment against you and the legal fees that it generates could cause your business to close. With commercial liability insurance, you will have the money to pay both the judgment and the legal fees if you have the right amount of coverage. 

Business interruption coverage

When something happens that causes your business to close temporarily, your obligations will not stop just because you’re not operating. You will need to pay rent, payroll, and other bills promptly. With business interruption coverage, you can even take a salary yourself. It can make all the difference between a business that fails and one that survives.  

Get the help you need 

Contact Brevard Insurance Agency Inc. in Brevard, NC, to get the insurance help you need. Call us today, and let us help you save your small business. 

Three rules to follow when you buy commercial insurance

It’s important to insure your business. Insuring your business protects your livelihood. Business owners in Brevard, NC can meet their business insurance needs with the assistance of Brevard Insurance Agency Inc.

There are a few rules that it’s essential to follow when you’re insuring your business.

Here are three rules to follow when you buy commercial insurance:

Understand the different types of commercial insurance

A commercial insurance policy will typically include numerous different types of coverage. These can include general liability, property insurance, workers’ compensation insurance, commercial auto coverage, and more. 

You need to understand what these different types of coverage are and know whether you need them when you buy a policy. 

Consider your risks

The unique risks that your company faces depend on factors like your industry, the size of your company, and the assets that your company has. A commercial insurance policy needs to address the unique blend of risks that a particular company faces. 

Ideally, you should conduct a risk assessment to identify the types of insurance coverage and the amount of insurance coverage that your company needs. 

Update your policy periodically

You haven’t finished with all your company’s insurance issues once you’ve bought a policy. Your company will change over time. Your company’s financial risks can change as well. 

You should be sure to update your commercial insurance policy periodically. In particular, update your policy if any big changes have happened at your company. If your company invests in new equipment or gets involved in new operations, you definitely need to reconsider your insurance coverage. 

We Are Here To Help!

Get a quote today to ensure your business in Brevard, NC. Brevard Insurance Agency Inc can provide you with a quote and answer any questions you have about insuring your commercial venture. 

What type of commercial insurance does a home business need?

You might think that you can get away without carrying insurance for your business if you run it from your home. In very few cases, you can, but most companies do need a commercial insurance policy.

Brevard Insurance Agency Inc. serves Brevard, NC with a full range of commercial insurance options. Read on to determine which type of commercial policy your home-based business needs.

Your Only Office Is in Your Home

When you establish a business and your only office is in your home, all of your business equipment gets stored at your house. Your homeowners’ policy does not cover your business equipment because it does not qualify as personal property. It qualifies as business property. You ensure it separately.

Your Hold In-person Meetings at Your Home

If you have meet-and-greets, meetings, or other gatherings at your home for your business, then you need a business liability policy. This includes Tupperware parties, Pampered Chef gatherings, etc. Your homeowners’ policy only covers personal liability, so your business meetings will require a business liability policy.

You Built a Separate Workshop or Office

Your homeowners’ policy does cover your entire house, even your home office, so if a tornado wiped out your home today, your home policy pays to rebuild the entire structure. If you build a separate structure, though, separate from your home, you need separate coverage for it. Using it for business purposes means you need to cover it with a real property insurance policy that covers the structure and its contents.

You Store Inventory at Your Home

You need a business property policy that specifically covers inventory. You can bundle this with your business equipment coverage.

You Store Your Client’s Items at Your Home

You’ll need the same type of insurance your dry cleaner uses. Typically, you’ll need inland marine insurance since you store another individual’s or organization’s property. This policy type also covers the transport from their home to yours and vice versa.

Call Us Today

Contact Brevard Insurance Agency Inc. serving Brevard NC, for more information on commercial insurance for your home-based business. Tell us about your business, and we will help you find the appropriate insurance to cover it against loss.

How commercial protects a small business

With almost 200,000 businesses, North Carolina is an attractive place to start a company. But no matter how attractive a place is, the risk for businesses is always lurking. Being prepared is the best way to make sure your business can survive anything life decides to throw at it. At Brevard Insurance Agency Inc. in Brevard, NC, we are an independent agency that caters to the needs of our customers.

Commercial property insurance

As a small business, you may rent the building you operate out of. You may even not have a brick and mortar building but operate from your truck or your home. It would be best if you still protect your tools, machinery, inventory, and your records. All of these are valuable to your business, and you need to make sure they will be replaced in the event of a covered peril. If you own the building, it will also cover that. 

Commercial liability insurance

All businesses need protection from legal actions taken against them. Someone may be injured while visiting your business or by a product you produce. They may not be satisfied with the services they received from you or by the timeframe of delivery. For any or all of these reasons, they decide to file an action against you. Liability insurance covers judgments and the cost for your legal defense up to the limit of your policy.

Workers compensation insurance

North Carolina requires every employer with three or more employees to cover them with workers’ compensation insurance. 

Business interruption insurance

When you are hit by a peril, even a covered peril, it can be weeks or even months until you are back in full operation. Your bills will not go away during that time, nor will your payroll obligations. This insurance will help you with the cash you need to keep things current until you can start doing business again. 

Contact Brevard Insurance Agency Inc. in Brevard, NC for all your commercial insurance needs.

How To Calculate Commercial Insurance Needs

If you own a business, you will likely need some form of commercial insurance to protect yourself and your investments. There are many types of commercial insurance options to choose from. Still, if there is a physical structure with inventory and equipment, you’ll need general liability commercial coverage, but how do you figure out how much you need? 

Calculating Commercial Insurance Needs

If you are planning to purchase commercial insurance, you are going to have to have a few facts and figures first. If the building is located within a larger building or strip plaza, you must consider the value of the building as a whole. You also want to make sure your inventory and equipment is calculated into the figure. Once you get a general idea of how much you need to cover, find a policy that provides coverage that is rounded up to the nearest coverage amount. For example, most commercial insurance is written for 1 million for a small business. 

Working Together With an Agency

The best way to get the right insurance is to work closely with an experienced agent. They can help assess the situation and figure out the necessary coverage amount and then offer policy options to meet your needs. If you are currently searching for commercial insurance coverage in the Brevard, NC area, you should call Brevard Insurance Agency, Inc to find out more about coverage options and how to avoid gaps for your particular situation. 
Commercial insurance coverage is the best way to protect your business in or near Brevard, NC investments from loss. Work with an agent from Brevard Insurance Agency, Inc to get the peace of mind you need year-round. Call or stop by the office today to get more information.