Three common questions about commercial insurance

Business owners need to understand the importance of investing in commercial insurance. At Griffin Insurance Agency, we offer a variety of commercial insurance options to meet the needs of business owners in Mooresville, NC.

If you’re looking to purchase a commercial insurance policy, it’s vital that you do your research. The following are three common questions regarding commercial insurance that you should know the answer to when you’re deciding on the right policy. 

Is commercial insurance coverage necessary for my business?

Probably the most basic question business owners ask is whether they need commercial insurance. The truth is that basically, any company can benefit from commercial coverage. In almost any industry, lawsuits are a real risk.

Another critical thing to realize is that you should carry commercial auto coverage if you use your vehicle for commercial operations. And having workers compensation coverage is crucial if you have employees working for you. 

These factors make it so that the majority of businesses can benefit from or need commercial insurance. 

What does a commercial policy provide coverage for?

Commercial insurance can cover many different company assets and liabilities. Commercial insurance consists of many kinds of insurance, including commercial auto, property, liability, workers’ compensation, and malpractice insurance.

How much coverage does my company need?

The amount and type of coverage you need depend on liabilities your company faces and assets your company has. The best way to find out how much coverage your company needs is to discuss your situation with a representative from your insurance company of choice. 

Get started figuring out the details of your commercial insurance policy with our help at Griffin Insurance Agency. Contact us if you’re a business owner in Mooresville, NC who is looking for business coverage. 

Do I Need Commercial Insurance If I Run My Business From My Home?

More and more people are choosing to run their business from home. There is no need to pay for an office when you can have one in your home. Even though you manage your business from your home, it’s crucial that it still be treated as a commercial entity. This means having the right commercial insurance policy to meet its needs and protect your personal assets. In Mooresville, NC, the agents at Griffin Insurance Agency can help with that.

A Business is a Business

Just because you run your business from home, it doesn’t change the fact that it must be treated like a business. You are still required to maintain accurate records, and the type of insurance you choose must still be rated as commercial, especially when it comes to liability. For your business to be able to survive in the event of an emergency, a commercial policy is required.

Protect Your Home and Personal Assets

With the right commercial insurance policy, you will be able to protect your home and other personal assets if an accident or other issue arises. Keeping your business interests separate from your home and personal assets is the best way to protect both and keep your business functioning efficiently.

The agents of Griffin Insurance Agency serve business owners in Mooresville, NC, and the surrounding communities. Because of their extensive experience, you can rely on them to provide you with the highest quality commercial insurance policies in the industry. Call and request a commercial policy review. By scheduling a consultation, you know you will be able to get all of your insurance questions answered. Find out what your options are!

 

 

Complete Commercial Insurance Helps You Recover from Destructive Storms

When you own a business in the Mooresville, NC area, we recognize that though you enjoy mild winters, but Mother Nature is still capable of wreaking havoc on your buildings when a hurricane manages to come inland. Is your commercial insurance from Griffin Insurance Agency designed to help you stay in business when your world falls apart?

Property and Equipment Coverage

Even if you own just a small storefront for your business office and nothing more, you still need a good commercial property policy that can help you rebuild when the roof blows off. Should you operate a manufacturing business, take the time to review the value of the equipment used to create all your products. Upgrade your replacement values, so you can replace them after damage due to fire, vandalism, or theft.

Paying the Bills while You Rebuild

Even if you have the right property insurance, will you be able to maintain relationships with all your suppliers and vendors during the recovery period? Ask about commercial gap coverage that can help you pay the expenses that remain even while your property is a pile of rubble. This addition to your standard policy can help you cover the added costs of shipping in product from a distant location or temporarily moving your office to a new location. 

Review Your Entire Holdings for Complete Protections

Has your business recently expanded and now includes a small fleet of delivery vans, a maintenance garage, or even a storage facility on your property? While speaking with your agent at Griffin Insurance Agency about your Mooresville, NC business, and the right commercial insurance, take the time to review all the latest upgrades and ensure that your policy now extends over all the improvements.

What’s Covered Under Your Commercial Liability Insurance Policy?

If you are signing up for business insurance, there are some things that you need to be aware of before you do. One of these areas is commercial liability insurance. Since a liability claim can potentially break your business, you must be prepared in the event someone files one.

Liability Insurance for Businesses

Are you concerned about what will happen if you’re held liable for an insurance claim? It’s essential to have the right policy. That’s where a commercial liability insurance policy comes into play.

General Liability Under Commercial Insurance

There is a wide range of incidents covered by general liability. These typically fall under the following categories:

  • operations
  • products
  • completed operations
  • duty to defend
  • aggregate limits
  • pollution exposures
  • premises liability
  • a variety of intentional torts

Two types of policy triggers will generate coverage. They are occurrence and claims made, and it is crucial to know the difference between them and how they operate. The occurrence policy protects your company when it comes to any covered incident that occurs during the period of the policy. It does not matter when the claim was filed. With the claims made policy, it provides coverage for incidents that occurred at any time. The insurer only will be covered for this type of claim if it is made during the policy period. You’ll want to make sure that you’re well protected in either scenario.

Though these areas generally are under a commercial liability insurance policy, you’ll want to discuss the specifics with a qualified agent. Griffin Insurance Agency in Mooresville, NC can help you determine how much commercial insurance is enough, or if you would benefit from additional coverage. Serving the greater Mooresville, NC area, Griffin Insurance Agency has been instrumental in getting businesses the right type of insurance to meet their needs. Contact our office to speak with an agent and get a quote.

What Types of Businesses Need Commercial Insurance

No matter the type of business you own, there’s a good chance you need some type of commercial insurance. The exact type of commercial insurance that you need will depend on your business. Here at Griffin Insurance Agency serving the Mooresville, NC, area, we have agents who can help you assess your business to determine the type of commercial insurance that you need. Here’s a close look at different types of businesses and the insurance they need.

Construction Companies

Construction sites are hazardous. You can have top quality workers who have gone through intense safety training, but accidents still happen. What would happen if one of your workers was injured on the job site and racked up $250,000 in medical expenses? Would you be able to cover those expenses? This is why you need commercial insurance.

Hair Salons

You may think owning your own hair salon at your house wouldn’t require having commercial insurance, but it does. You never know when a customer could fall on your property. And if your homeowner’s insurance doesn’t cover the injury, you would need commercial coverage to help with the associated costs.

Auto Repair Shops

What happens when you perform an auto repair and due to a mistake, you end up causing a vehicular accident? The total expenses would be outrageous. With the right type of commercial insurance policy in place, you can rest easy knowing your business is safe even when something goes wrong.

To learn more about the advantages of commercial insurance and the types of business that need a policy, please contact Griffin Insurance Agency. We have agents who can help you determine your exact insurance needs.