Running a company involves a significant amount of time, money, and resources. Every business owner should have a commercial insurance policy to keep their assets safe. Many different coverage types exist, and choosing the right ones will ensure you’re protected in a variety of scenarios.

What Commercial Insurance Coverage Should You Consider?

1. Property Coverage

Property coverage pays for damage to your building if a storm, fire, or vandalism occur. It covers the structure of the building, as well as furniture, electronics, and equipment used in running the business. It also covers losses due to theft and break-in.

2. General Liability Coverage

General liability coverage protects the company if you or an employee accidentally injures someone or damages their property. Many manufacturers should also purchase product liability coverage in case one of the items they make harms a customer. The policy pays for repairs and medical costs, as well as any legal fees arising out of the incident.

3. Business Interruption Insurance

Business interruption coverage is valuable if your company is forced to shut down after a storm, fire, or other named event. It provides an income while operations are stopped, letting you make payroll, pay creditors, and manage other bills associated with running the firm. A "business owners policy" typically bundles items 1 through 3 together since they are common and offer such valuable protections.

4. Workers' Comp

Workers' comp coverage pays for medical treatments if you or an employee experience a workplace-related injury or illness. In North Carolina, you are required to buy workers' comp insurance if you employ three or more staff members.

5. Professional Liability Insurance

Professional liability coverage, also called malpractice insurance, protects you if you commit an error or omission while running a law office, medical practice, CPA firm, or consultancy. It covers losses experienced by your clients or patients and the legal costs of defending a lawsuit, including lawyer fees and judgment amounts.

Commercial insurance should be an important part of your business's financial plan. To seek guidance from an experienced professional, contact Mountcastle Insurance, with locations in Winston-Salem and Lexington, NC. They've been serving the Piedmont Triad area for more than 125 years, and their status as an independent company allows them to find the best policy for your needs and budget. Visit their website to request a quote, or call (336) 777-8500 to discuss your options with an agent.