Raleigh Business Liability Insurance

Raleigh business liability insurance will protect your company from third-party claims related to property damage, advertising injury and personal injury. However, it's important to understand that while your Raleigh business liability insurance covers for claims related to property damage, it doesn't cover for the property damage itself. So you need an additional policy to cover property in the case of a natural disaster or theft.

If you have a small to medium-sized company, you may be eligible for what is called the business owner's policy or BOP. A BOP includes both Raleigh business liability insurance coverage and property coverage for your North Carolina company. Typically, it's a more affordable way to include all your necessary North Carolina business liability insurance in one package.

If your Raleigh company relies on a few key players, you may want to consider purchasing one is called "key man" coverage as part of your business insurance plan. Key man coverage is basically a life insurance policy on a person who is essential for the business. If losing an important person could be detrimental to your company, you may want to consider key man insurance.

The Advantage of BOP's

A BOP almost always includes both liability and property coverage. That's because almost all businesses need both basic Raleigh business liability insurance and a property policy as well. Why? Well, you need liability coverage because a claim could easily put a small company underwater.

Lawsuits are extremely expensive. Legal fees, as you probably know, can be exorbitant. Raleigh business liability insurance will cover all of your legal fees, as well as the potential damages. Or, if the liability claim doesn't go to court, your Raleigh business liability insurance will pay the settlement fee.

You need to cover your property even if you have limited assets. You need a basic policy to protect your office building in the case of natural disaster, for example. When you sign a commercial lease, you will most likely have to agree to having the appropriate coverage.

A BOP offers affordable liability and property coverage for small-to-medium sized businesses. So, if your Raleigh, NC company is eligible for a BOP, it's probably the best way to get comprehensive coverage. You can consult with an agent or potentials Raleigh insurer to see if your eligible.

Eligibility depends on a number of factors, for example: what your Raleigh company does. Auto businesses typically aren't eligible. Large, full-scale Raleigh restaurants may not be eligible either, depending on the amount of liquor that's served. However, conveniences stores, boutiques, fast food restaurants and many other North Carolina companies are probably eligible for a BOP.

Also, a BOP may have other additional perks that will benefit your probably company. For example, some BOPs include the business interruption coverage, which means that your income will be covered if a natural disaster forces you to stop working for a period of time. Also, BOPs often include policies related to crime, so you're protected if there's a burglary or embezzlement occurs.

A BOP may also include Employment Practices Liability, or EPLI, to protect your Raleigh, NC in the case of employee claims. And, While Raleigh business liability insurance doesn't usually cover automobiles, BOPs often include commercial auto policy. BOPs offer a lot more than basic liability coverage, so it can greatly simplify your costs.

Key Man Insurance Coverage

You should consider purchasing key man coverage if the loss of a few key employees would be extremely problematic for your North Carolina company. Say, for example, that you would have serious trouble replacing a twenty-year employee with a new graduate, due to ethical or legal concerns (as would be the case in a law office or medical clinic). Or, perhaps you're running a radio show that depends on a key personality.

If your business cannot continue due to the loss of one particular person (or, a few particular people), this policy might be worth it. If a key person is disabled or dies, this protection could save your company. Note that it's also called key person coverage, key employee coverage and key executive coverage.

You may need to consider this policy if your looking for financing in some cases. Certain banks will require this policy in order to finance a company. Also, before a merger, or if the company goes public, this coverage will be required for the executives and board members. You may also want to consider a Directors and Officers policy, or D & O.

Finding a good Raleigh business liability insurance agent is probably the best way to make sure that your company is well insured. An agent that understands your industry and your particular risks can help you find comprehensive coverage. Also, an experienced agent can point you to a trustworthy Raleigh business liability insurance company to work with.

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