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How Does Commercial Insurance Differ From Personal Insurance?

Commercial insurance protects your business against various commercial risks. You may have some commercial insurance needs similar to your personal insurance, such as homeowners’ or renters’. 

The insurance policies are tailored to suit the needs of businesses that operate in the marketplace. They are not one-size-fits-all policies, and they are quite different from personal insurance plans. If you live in Greensboro, NC, consult more from Glick Insurance. 

Commercial Insurance Versus Personal Insurance 

Commercial policies protect your business against financial loss due to unexpected events, just like personal insurance. However, commercial insurance is much more comprehensive, offering a range of benefits that most individuals won’t ever need. 

A commercial cover may take care of risks such as property damage, liability, workers’ compensation, etc. You may also consider purchasing cargo insurance if you ship and receive goods across state lines. Cargo insurance covers lost, stolen, damaged, or otherwise not received goods. 

In a nutshell, commercial insurance is designed to protect assets that are vital to a company’s business. Personal insurance protects individuals and their assets. As a company owner, you have crucial assets to your business. The assets can range from real estate to inventory to company computers. Commercial insurance can protect these assets from risk and financial loss if the unexpected happens. 

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Commercial insurance policies secure your business from financial loss if an insured event occurs. For example, let’s say you run a contracting company and have a team on-site to make repairs to a client’s property. One of your workers accidentally drops a piece of heavy equipment on his foot, breaking his toes. 

In an accident, your personal insurance caters for the medical expenses. If the accident makes the team unable to work for some time, the client is compensated for the delay in repairs. This loss is covered by the contracting company’s commercial insurance policy. Reach out to us at Glick Insurance in Greensboro, NC, for professional help and advice.

Why commercial insurance is good for your home business

Having your own business comes with a certain amount of risk. What that risk is, depends on the type of business you have. Choosing an independent insurance agent who has the experience to be able to help you decide what types of commercial insurance will protect you best is vital to the health of your business. In Greensboro, NC, Glick Insurance has a team of experienced agents who are ready to offer you the advice you require.

Home-based businesses now make up half of all businesses in the United States. It rises to sixty percent when it comes to businesses that have no employees. It does make sense, it is much easier to try out your entrepreneurial skills when you don’t have to worry about paying rent and utilities for a business location. But when you run your business from home, you need to handle your insurance as if it really is a business, not just a hobby. 

Commercial property insurance is something you should think about. Your home insurance might cover a few very basic things related to your business in the event of a covered peril damaging your home business, but it is not going to give you the amount of coverage you should have to cover everything you need to stay in business. 

Commercial liability is also a must if you are going to have anyone come to your home to do business. Your home insurance will not cover clients, customers, or vendors who visit your home for business purposes. 

If you use your personal auto to transact business, you should consider commercial auto insurance. Most policies won’t pay for the business use of a private vehicle. Keeping your business and personal financial responsibilities separate is good for both your business and your personal life.

Contact Glick Insurance in Greensboro, NC for all your commercial insurance needs.

What commercial insurance is required in North Carolina?

Owning a business of any size comes with risks. Some risks are common to almost any business, others are particular to certain types of business. Having an independent insurance agent who takes the time to understand what risk your business faces is important. At Glick Insurance in Greensboro, NC, we take pride in providing our clients with the finest possible customer service. We understand commercial insurance and we will make suggestions about the right insurance for your business. 

Commercial auto insurance

Your business needs to cover any vehicles it owns with commercial auto insurance. The required amount is 30/60/25. That is $30,000 for the first injury in an accident with a total for any single accident of $60,000. Property damage is covered by up to $25,000. 

Workers compensation insurance 

Workers compensation is required for employers with 3 or more employees. Nearly 100,000 non-fatal work injuries are reported every year in North Carolina. Workers’ compensation insurance protects both employers and employees. 

While these are the mandated commercial insurance, your business can benefit from some that are not required, 

Commercial property insurance

You can’t operate your business if you lose the things you need to do business, including your location. Property insurance covers all the things you need, like machinery, office equipment, inventory, raw materials, in addition to the physical building. 

Commercial liability insurance

Businesses are vulnerable to being sued. Small businesses are particularly vulnerable, with as many as 50% getting sued in any given year. Commercial liability insurance can help your business weather legal action against it. 

Business interruption insurance

When adversity hits, your business may not be able to operate. You still need income if you are going to survive. This insurance supplies the cash you need to pay your bills and make your payroll. 

Contact Glick Insurance in Greensboro, NC with your commercial insurance questions and needs. 

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