Category: Commercial Insurance

Few can manage a business today without computers. Though some companies are more computer-dependent than others, they are vital to today’s business world. They allow us to connect with customers and suppliers across the street or the globe. While that interconnectivity is beneficial, it also brings risk in the form of cybercrime. If you live in or near Ramseur, NC, our team at the Allen Insurance Agency can help protect your company against the financial effects of cybercrime.

How Cyber Insurance Can Protect Your Business

Using computers to steal business information or limit a business’s ability to use its data and computers is the basis of commercial cybercrime. Cybercrime involves:

• Stealing information.
• Holding companies for ransom by blocking access to their systems.
• Other illegal activities involving computers.

Commercial cybercrime insurance must cover multiple issues since many forms of cybercrime exist. These include:

• First-party loss. It covers your direct losses, including the cost of investigating the attack and informing clients about their stolen data. It also handles lost revenues and potential ransom payments.
• Third-party/cyber liability. Attacks on your business can lead to harm to others. Cyber liability coverage handles settlements with customers or suppliers for the losses they experience, as well as relevant attorney fees.
• Errors and omissions. Errors and omissions cover losses incurred when your technology and other products include faulty logic or code.

To obtain cyber insurance, your company may need to take preventive measures, and your premiums may be affected by the measures you have in place.

Allen Insurance Agency, Your Commercial and Personal Insurance Provider 

The Allen Insurance Agency handles clients’ commercial and personal insurance needs throughout the Ramseur NC, area. Call us today at 336-824-4130 or email our team to protect your company and personal assets.

Commercial or business insurance is designed to protect businesses from unforeseen circumstances as well as protect a business’s assets. Commercial insurance also provides liability protection which can help businesses who are at fault for any number of different issues. However, it’s a common thought for business owners to feel that commercial insurance isn’t necessary. However, if you have assets to protect, commercial insurance could be a wise investment. The team at Allen Insurance Agency is committed to helping Ramseur, NC business owners understand commercial insurance.

What is commercial insurance?

Commercial insurance is business insurance designed to protect businesses from unforeseen circumstances and provide liability protection as well. Even if your business is small, there are assets you should protect. For example, if you use cars to run your business, you can invest in commercial auto insurance. Commercial insurance can be structured to fit the unique needs of your business. 

I have a small online business with no employees. Is commercial insurance a wise investment for me?

Even as a small online business, you benefit from the protection that commercial insurance provides. If you sell products online, commercial insurance can provide liability protection if a product harms a customer. The benefits of commercial insurance are many. Many people would be ill-prepared to pay for a mishap out of pocket. Commercial insurance provides a much-needed safety net for many businesses of all kinds and sizes.

We Are Here To Help

If you have more questions regarding the benefits of commercial insurance, call us at Allen Insurance Agency in Ramseur, NC. We’d be happy to help you explore your options and answer all of your questions. 

Navigating the complex landscape of commercial insurance is crucial for businesses of all sizes. You may eventually need to rely on your commercial insurance to do anything from protecting against liability expenses to covering the costs of cybersecurity breaches at your facilities.

At Allen Insurance Agency, we can help you build a commercial insurance policy that meets all your company’s needs in Ramseur, NC.

The following are four types of commercial insurance that your company might need:

General liability coverage

General commercial liability coverage shields businesses from financial losses due to third-party claims of bodily injury, property damage, or advertising injury.

General liability coverage provides essential protection, covering legal costs and settlements. Carrying general liability coverage can help protect your business’s financial stability and reputation.

Business interruption coverage

Business interruption coverage safeguards businesses from financial losses caused by disruptions in operations due to covered events like fires or natural disasters.

This type of commercial insurance covers lost income and ongoing expenses. It therefore helps to expedite recovery after a business disturbance. Business interruption coverage ensures stability during challenging times.

Workers’ compensation coverage

Workers’ compensation coverage provides financial support to employees who are injured or become ill on the job. It covers medical expenses, wage replacement, and rehabilitation costs, fostering a secure work environment and ensuring the well-being of a company’s employees.

Cyber liability coverage

Cyber liability coverage safeguards businesses from financial losses resulting from data breaches or cyberattacks. It covers costs such as legal fees and crisis management expenses. Cyber liability coverage ensures protection against digital vulnerabilities.

Consult With Us

Get the financial protection you need for your business in Ramseur, NC. Our customized commercial insurance at Allen Insurance Agency shields your business from risks and uncertainties. Get a quote now and increase your business’s financial security!

At Allen Insurance Agency in Ramseur, NC, we offer commercial insurance to protect your business. Before purchasing commercial insurance, it’s important to understand the different types. 

Types of Commercial Insurance 

Commercial Property Insurance

Commercial property insurance provides coverage for your place of business and any structures that you use as part of your business or operations. This includes stores, manufacturing centers, warehouses, and offices. 

Commercial property insurance covers damage to the building and your property within the building. 

General Liability Insurance

General liability insurance protects your business from liability. This includes injuries that occur on your property and any damage to a customer’s belongings while at your business. 

It also covers reputational harm, including libel, slander, and false prosecution, and copyright infringement. 

Worker’s Compensation Insurance

If you have three or more employees in North Carolina, you are required to have worker’s compensation insurance. If an employee is injured on the job, this policy will cover lost wages and medical expenses. 

Business Interruption Insurance 

Business interruption insurance can help save your business in the event you can’t operate for a period of time. If your business is halted because of a covered event, this policy will cover the income you lose until you are up and running again. 

An example of this is not being able to open your store due to storm damage or vandalism.

Business Owner’s Policy

A  business owner’s policy allows you to bundle several types of policies. It typically includes commercial property insurance, general liability, and business interruption insurance. 

Cyber Insurance

Cyber insurance, also known as data breach insurance, covers your liability if a customer’s personal information is compromised. 

Reach Out To Us

If you need commercial insurance in Ramseur, NC, contact us at Allen Insurance Agency. We offer many types of commercial policies to meet all your insurance needs. 

In the Ramseur, NC area, there are a lot of great factors that can make it a good place to own a business. If you want to be a business owner here, it is important that you are diligent and protect the organization. One of the ways that this can be done is by investing in the right insurance plan.

There are various reasons why a business owner will want to get a commercial policy:

Financial Protection for Business

A top reason for any business to get a commercial insurance plan is that it is an effective way to receive financial protection. There is always a chance that you could lose assets in a fire or other situation or that you could be found liable for an accident. If you are not insured, this could lead to a serious financial setback. However, when you have a commercial insurance plan, you will have the coverage needed to protect your finances. 

Meet Obligations

It is also a good idea to get a commercial insurance plan so you can meet your obligations. Most businesses will have obligations to carry insurance. If you have taken out a loan, raised outside capital, or signed various other contracts, you will have specific requirements for coverage. When you get a commercial insurance plan, it will ensure you remain supported and stay in good standing. 

Allen Insurance Agency Is Here To Help

It is clear that you need to have a commercial insurance policy when you are in the Ramseur, NC area. When you are looking for coverage, it can be helpful to call our professionals with the Allen Insurance Agency. We know how important it is that you get the right insurance for your company and we can ensure you build a plan that is ideal for your situation. 

Every business is fragile for a variety of reasons. Think about all of the finances, time, and effort it takes to get a business up and running. When it comes to business growth, you want to try and build your business one day at a time. Even if you are running on all cylinders, though, one little accident can change everything. This is where liability insurance comes into play and why it is so critical for every business to carry it. 

Allen Insurance Agency in Ramseur, NC is here to provide you with guidance on this vital coverage. 

The Protection of Liability Insurance

Commercial insurance and the protection liability coverage provides are more valuable than almost anything when it comes to your business. One bad accident where you have no coverage can mean all of the difference when it comes to your business. If a customer falls inside your store, or a worker has a bad accident, you may be liable. Liability insurance gives you the protection you need to be able to withstand such an unfortunate event and move forward.

Liability insurance will provide coverage for:

• Property damage
• Advertising injury
• Non-professional negligent acts
• Personal damage
• Injury caused by services

Chose Liability Coverage Wisely

Every business will have a threshold of what they are willing to accept when it comes to risk. Some companies will want to take on more risk than others. Some will be super conservative and want liability protection with limits that are very high, so you have no risk of ever facing an immense financial burden. Serving the greater Ramseur, NC community, Allen Insurance Agency can help you better understand the protection of liability insurance and why it is critical to your overall commercial insurance strategy.    

Commercial insurance is something that every business should have. This type of insurance protects your business in the event that something happens and you need to file a claim. It’s important to know how long it takes for commercial insurance to pay out a claim, so you can be prepared in the event of an emergency. Allen Insurance Agency in Ramseur, NC can help you navigate this important coverage.

How Long It Takes for Commercial Insurance to Pay Out a Claim

Typically, it takes 30 days, but it varies greatly depending on the type of claim you’re filing. For this reason, it’s vital to partner with a professional insurer in Ramseur NC, one like Allen Insurance Agency.

Property Damage Claim

Most insurance companies will send out an adjuster for property damage claims within a few days of the claim being filed. The adjuster will assess the damage and determine the cost of repairs. Once the insurance company has this information, they will issue a check to the policyholder. Be sure to keep all receipts and records of repair costs. Once repairs are completed, the insurance company will reimburse you for the cost.

Liability Claims

For liability claims, the process is a bit different. The insurance company will investigate the claim to determine who is at fault. This can take weeks or even months. Once the insurance company has made a determination, they will begin working on a settlement with the other party. If you have been injured in the accident, you will need to submit medical bills and records to the insurance company. Once a settlement has been reached, you will receive a check for your portion of the damages.

Give Us A Call

The claims process can be confusing and frustrating, but Allen Insurance Agency in Ramseur, NC is here to help. We will work with you and your insurance company to ensure you get the compensation you deserve. Give us a call today to learn more about our service.

When you are a business owner in North Carolina, you have to have certain types of commercial insurance by law. In The state, there are two types of commercial insurance that are mandated for certain businesses. If you need commercial insurance policies for your business, call us today at Allen Insurance Agency in Ramseur, NC to find out more. 

 

Required Commercial Insurance in North Carolina

Workers’ Compensation

If your North Carolina business has three or more employees, you must have this insurance for them. Even if the employees are part-time, this insurance is required. It will pay for the medical bills for injured employees or get certain illnesses while at work. If the worker is severely injured, it will pay for their disability. It may also pay for lost wages if necessary. With this insurance in place, you have protection against your liability. Medical bills can be expensive, and this insurance ensures that they can be paid. It also means that lawsuits against your company are far less likely. 

Commercial Auto Coverage

In North Carolina, any business-owned vehicle has to have a commercial auto insurance policy. These policies pay for the medical bills of people injured by your company’s vehicle. There are different types of coverage that are included in this policy. There is an amount of coverage required for when one person becomes injured by your vehicle. A different amount is required for all of the injuries that stem from an accident with your vehicle. There is also an amount of coverage required for any property damage done by the vehicle. All of these amounts are relatively low compared to the coverage required by other states, so you might want to get more than is required. 

Get Commercial Insurance

Besides these required commercial insurance types, there are others that might be helpful for your business. Call us at Allen Insurance Agency in Ramseur, NC to talk to an agent.