Proper insurance coverage is a big part of your responsibilities as a business owner. Not only is this an important way you can protect yourself and your company, but it is also an important way to protect your customers and employees. At Lee Insurance Agency LLC in North Carolina, we are here to help business owners make the best possible insurance choices.

Is Commercial Insurance Required?

Each state has its own laws which govern which types of insurance an employer is required to have. However, simply depending on the minimum required types of coverage is not the best way to keep your company protected. To truly protect the investment of time and money you have put into your business, you need a commercial insurance policy that will provide protection for you, your employees, and your customers and clients.

What Does Commercial Insurance Cover?

Commercial insurance coverage is actually a bundled product that includes different types of insurance coverage. Let’s take a look at the three main types of coverage.

Property coverage– If you operate your business from a brick-and-mortar location, you will need to have property insurance in place. This type of coverage will pay for repairs or replacement of property or equipment should it be damaged or lost due to fire, natural disaster, or burglary.

Vehicle coverage– If you operate vehicles as part of your daily operations, you will need auto insurance in place for the vehicles and the drivers.

Liability– Liability coverage is there to help pay for expenses that could result from actions being taken against you. In the event that an employee or a customer is injured at your place of business or because of your goods or services, this coverage will kick in to help pay for the expenses that could be incurred.