Do you own a small retail business? Then you’ve probably found that there is no single insurance policy that suits all small businesses. While it’s important to purchase the financial protection of insurance, it’s even more crucial to purchase the right coverage for your business needs.
• Workers’ compensation: Typically, a North Carolina small business with three or more employees is required by law to have workers’ compensation. This form of insurance helps pays for an employee’s medical costs and other associated expenses if they are injured while performing their work duties.
• Liability coverage: Although liability coverage isn’t mandatory for most North Carolina businesses, it can be a crucial coverage if someone is injured while on your business premises and files a lawsuit against you and your business for damages.
• Contents coverage: This is a vital coverage for any business to consider purchasing. Electronic equipment such as printers, fax machines, photocopiers and computers are just a few of the expensive items that could be damaged or ruined by an unexpected event. Stock, inventory, interior decorations and shop fittings and fixtures are also items vulnerable to a disaster.
• Building and property coverage: The actual structure housing your business, gates, fences, freestanding walls and car park should all be considered for insurance coverage.
Purchasing the right insurance coverage for your business may be a matter of understanding the risks your business may face and purchasing coverage to financially safeguard your business against those potential risks. The wide variety of coverage available should make your insurance choices easier.
