commercial

Optional Commercial Insurance Every Business Owner Needs

Posted on by AgentInsure

Most businesses are required to obtain certain types of insurance. However, there are several additional options business owners should consider based on the specific needs of their business.

Legal Requirements

Businesses with more than one employee are required to have workers’ compensation insurance to cover potential injuries that occur on the job. Owners are also required to carry liability insurance to protect against lawsuits, such as those resulting from a customer being injured on the property. An agent at Cross Creek Insurance can help you understand and meet these legal requirements.

In addition to mandatory coverage, there are several optional forms of insurance to consider.

Property Coverage

It is essential to ensure your business property is adequately covered. Property insurance should protect against natural disasters and common perils, such as vandalism and fires. Be sure to ask whether this coverage includes inventory or if you need additional insurance for those items.

Business Interruption Coverage

Business interruption insurance provides financial support if you need to close your business for any reason temporarily. This type of policy can compensate employees or the business owner for lost wages, helping you avoid a stressful financial situation during unexpected closures.

Specialized Insurance

Businesses in industries like construction or those that rely on specialized equipment and tools should consider a commercial policy to protect their assets. These policies can cover theft or damage, which is especially important if you need to leave large equipment unguarded at a job site.

At Cross Creek Insurance in Hope Mills, NC, we understand that every business has unique needs. Our agents will work closely with you to identify the best coverage options for your situation. Contact us today to learn more about your insurance options. We proudly serve North Carolina residents.

What You Should Know About Life Insurance

Posted on by AgentInsure

Life insurance might not be a requirement, but it’s a smart decision to have at any age. At Cross Creek Insurance Inc., serving Hope Mills, NC and the surrounding area, we offer homeowner’s, auto, commercial and life insurance policies to keep you, your family and business protected in every way we can. When you’re inquiring about life insurance and receiving a quote, there are a few aspects regarding this type of insurance you should know in order to make an informed decision. 

1. More Than One Type

Not all life insurance policies are the same type of policy. They classify as either a term or cash-value policy. A term insurance policy doesn’t have any investment component. You decide on the amount of coverage you need as well as how long you desire the coverage to stay in effect. Financial planners typically recommend purchasing a term policy and investing the difference between the cost of a cash-value premium and a term-insurance policy into a cash-value premium.  

A cash-value plan is a bit more confusing. The policy pays out upon your death, but during your life, it increases in value. This particular investment isn’t taxable, and you’re able to borrow against it or use it as a means to pay off policy premiums later in life. You’re also able to pass it to your heirs.  

2. How Much You Need Varies

The amount of insurance you need varies based on if the money will be used to replace your income upon your passing, if it’s going to be used to take care of your children and send them to college or if your spouse will require the money to pay off the mortgage. Basically, you’ll want to take into consideration how much of an impact your death will have on your family financially. 

To get a quote for a life insurance policy from Cross Creek Insurance Inc., serving Hope Mills, NC and the surrounding region, call us today at 910-423-2900. 

 

Does Commercial Insurance Cover Damages to a Company Car?

Posted on by AgentInsure

If you own a commercial business that requires you to operate a vehicle in North Carolina, then you do well to invest in business auto insurance. Contrary to what many uninformed drivers believe, personal auto insurance does not cover you if you have an accident while running an errand related to business. You need commercial insurance that pays for damages incurred to your vehicle in these instances. 

What is Business Auto Insurance?

Business auto insurance is an add-on plan that can be attached to your overall commercial indemnity policy that pays for repairs if your company car or truck is damaged. This plan usually has higher limits to accommodate for large vehicles such as bread trucks and entire fleets. In some instances, business auto insurance works like personal car assurance by paying for medical costs and other expenses related to car accidents. The plan, however, makes life more comfortable as you won’t have to fight with your indemnity provider to pay for loss related to business-related incidents as you would if you had personal liability insurance only. 

Why Buy Business Auto Insurance?

Regardless of what people may think, personal auto insurance is not meant to serve as company assurance as well. You may find yourself out of pocket if you solely rely on your personal policy to pay for damages incurred both while working and taking rides for leisure. It is essential to make sure that you are fully covered as an entrepreneur. Business auto insurance helps you stay protected. 

You should contact an agent at Cross Creek Insurance if you have questions related to commercial auto insurance. We gladly serve business owners in Hope Hills, NC, as well as those entrepreneurs in the surrounding areas. Call today for a quote!