Why Every Business Needs Commercial Insurance

It’s a dream come true for every entrepreneur when their business is up and running. But the truth is businesses operate in a risky environment that every business owner should be aware of. Fortunately, one sure way of mitigating most of these risks is by having commercial insurance in place. 

We are aware that sometimes it’s normal to question the value of an intangible product like insurance. But insurance matters. Griffin Insurance Agency has prepared reasons why every business needs business insurance, regardless of size or nature.

Less uncertainty 

It’s practically impossible to plan for any liability or property losses and have adequate preparation. Worse still, huge losses like property fire could cost you thousands of dollars to restore your valuable assets. However, when you have commercial insurance, it carries that risk for you and lets you focus on other vital issues.

Employee protection

Your employees are the most valuable assets. If a company has excellent business objectives and plans but lacks the right skilled employees, such a company is deemed to fail. Commercial insurance protects your workforce, increasing the productivity and performance of the business.

Attracts potential investors 

Businesses with commercial insurance have a higher competitive advantage. Most investors like associating themselves with an insured business that could guarantee their investment in case of anything, and commercial insurance offers precisely that.

Compliance with the law

Some states require that businesses purchase certain types of business insurance coverages. For instance, North Carolina requires businesses to buy commercial auto insurance and workers comp insurance. Failure to have these coverages could attract penalties and legal sanctions that could affect your business.

Commercial insurance in Mooresville, NC

Commercial insurance offers a host of benefits. You also need to understand what protection your business requires to avoid potential cracks where risk could emerge and find you unprotected. We at Griffin Insurance Agency have a personalized approach that helps you understand what protection your business requires, no matter the size or nature of the industry. Contact us today for an affordable quote.

Types of Commercial Insurance Coverage

After building a reputable and sustainable business, the next step should be protecting it and increasing its productivity. By buying a policy under commercial insurance coverage, you will have the right umbrella that protects the business against different risk factors. You should, however, understand the types of commercial insurance coverage to consider. At Griffin Insurance Agency in Mooresville, NC, we have highlighted and explained the types of commercial insurance below.

Property Insurance

As a business owner, you want your building and its content protected from any form of risk factors. While it can prove hectic when you lack a financial plan, you get the right protection with property insurance coverage. With this type of commercial insurance, there is protection for every asset in the business against damage caused by fire, natural disaster, or theft.

Workers’ Compensation Coverage

When you have employees in your business, you should consider their safety and welfare as well. When your employees get injured in your company, handling the situation can prove costly when you lack a plan. However, with workers’ compensation insurance, you get coverage that allows you to handle and provide the care your employees need.

Commercial Auto Insurance

Running a business in Mooresville, NC also means handling the expenses that come with the automobiles available in the company. You must protect your equipment, motor vehicles included. Through commercial auto insurance, minimize the related risks and expenses that come with using automobiles.

Employment Practices Liability Insurance

Any company can face employment claims just like in other aspects of the business. As long as you have employees and work with people, your business needs employment practices liability insurance. Through this type of commercial insurance coverage, you safeguard the business against employee lawsuits and claims.

General Liability

With general liability, you protect the business against any external risk factor. This includes incidents with your customers or other competing businesses that can affect the reputation of the business.

As a business owner, call us at Griffin Insurance Agency today for a positive start with commercial insurance coverage.

What Does Commercial Insurance Cover?

You have worked hard to build your business so you want to protect it as much as you can. One way to do that is through commercial insurance in the agents at the Griffin Insurance Agency in Mooresville, NC can help you to obtain a policy that works for your business needs.

North Carolina Commercial Insurance Requirements

In the state of North Carolina, if your business employs three or more part-time or full-time employees, you must have workers’ compensation insurance in place to cover them. This type of coverage is put in place to help pay the medical costs and time off of work for your employees if they are injured on the job.

Also in North Carolina, you must have commercial auto liability insurance on all business-owned vehicles, and you should have the same coverage on personal vehicles that are used for business purposes. These state laws are required for all drivers in North Carolina.

Business Owner’s Insurance and General Liability

Your business owner’s insurance policy will cover any injuries that may happen to a customer while visiting your business or because of an incident that occurred while your business is conducting a service for your business. It will also cover customer property that is damaged by your business and any damages your business sustains from vandalism, theft, a natural disaster, or a fire.

General liability will also cover customer injuries, customer property damage, and business property damage along with libel or slander lawsuits.

Other Coverage Options

You can also obtain professional and cyber liability insurance to help protect your business even further. Professional liability insurance covers any mistakes and oversights that have been with your business along with negligence lawsuits, and late or incomplete work by your business. Cyber insurance covers any data breaches, notification expenses for communicating with your clients if there is a security breach and fraud monitoring costs.

Contact Us

To get your commercial insurance policy started or for a quote, contact the agents at the Griffin Insurance Agency in Mooresville, NC today!

An Overview of Commercial Property Insurance

Based in Mooresville, NC, Griffin Insurance Agency offers multiple types of insurance coverage to the local community. For over 30 years, we have helped our clients find policies to protect their assets. We are committed to helping you find the coverage you need regardless of your situation.

Overview Of Commercial Property Insurance

As a Mooresville, NC business owner, you have to manage a lot of obligations on a daily basis. Things can become stressful very quickly. Commercial insurance helps alleviate some of the stress of operating your business. The policy protects you in multiple ways. You are covered if you are involved in a liability dispute or if your inventory is stolen or damaged. Worker’s compensation protects you if one of your employees gets injured A significant part of your commercial insurance policy is property coverage.

Commercial property coverage helps protect your assets in the event of a disaster. The policy can prevent you from suffering major losses and help ensure that your company continues to function properly. Commercial property coverage protects you if your building is damaged or vandalized. This also includes any damages to your equipment, supplies, and inventory. The policy covers any property damage that occurs due to a natural disaster such as a fire or inclement weather.

You can amend your liability coverage to protect you if you are holding other people’s property at one of your buildings and damages occur. In the event of serious property damage, you can add business interruption coverage so that you will be protected if your business has to cease operations for a few weeks.

Griffin Insurance Agency Will Help You Protect Your Assets

Visit our website today to learn more information about commercial insurance.

3 Tips for Buying Commercial Insurance in Mooresville, NC

Owning a business comes with many rewards. Doesn’t it make sense to protect this business as much as possible? That’s where a commercial insurance policy comes in. You will rest assured knowing you’re protecting your assets, yourself, and your employees. If you’re ready to learn more about purchasing commercial insurance in Mooresville, NC, the team at Griffin Insurance Agency urges you to read the following three tips to help you get started.

1. Work with a Reputable Agent

A friendly, reputable insurance agent will make all the difference when selecting a commercial insurance policy. Our agents answer all your questions, explain each policy in fine detail, and help you pinpoint policies that you can afford. Obtaining commercial insurance is like an investment in your company and your future because you never know when something could happen.

2. Compare Several Quotes

It’s always a good idea to compare several commercial insurance quotes with a reputable agent. This way, you’ll be sure you’ve done your due diligence and selected the right policy for your needs. Policies differ on coverage and price, the two most important factors to consider. 

3. Bundle Your Policies

Chances are you already have a few insurance policies, such as auto, home, life, umbrella, or others. To save money on your premiums, it’s wise to pick one carrier and bundle your policies under them. You may need to switch carriers or start new policies, but it’s worth it, and working with a reputable insurance agent makes this process fast and easy.

To learn more ways to save money on a commercial insurance policy and to secure a policy soon, contact the team at Griffin Insurance Agency today, serving Mooresville, NC. 

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.