Category: Commercial Insurance

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.