Must-Have Commercial Insurance for Your Industry

Are you ready to find commercial insurance that takes your particular industry into account? At Holmes Insurance Services, we document the particular risks and challenges faced by your business sector and make recommendations accordingly. This may include beefing up coverage for your commercial fleet or adding an umbrella policy to cover your expensive equipment in Youngsville, NC.

How to Tailor Your Commercial Insurance

When it comes to commercial insurance, it’s important to tailor your coverage to your specific industry. Different industries face unique risks and challenges. For general liability insurance for a landscaping business, for example, you might add extra coverage for property damage. If you own a restaurant, you may need adequate coverage for slip-and-fall accidents.

What about manufacturers, distributors, and sellers? Product liability insurance is a great way to protect your assets against product liability lawsuits. It covers legal expenses too, so sign up for this coverage if you’re worried about potential claims related to product defects.

Professional liability insurance, aka errors and omissions insurance, protects professionals against claims of negligence, errors, or omissions. No matter how careful you are, nobody’s perfect. Protect your business against unforeseen errors. Do you own your building or commercial space? If so, you’ll need commercial property insurance, especially if you have a large or valuable commercial property. This insurance protects your building and its contents, including inventory and equipment.

What Other Protection Does Your Business Need?

Depending on your industry and specific business operations, additional coverage options that matter the most will vary. Talk to your agent about cyber liability insurance, workers’ compensation insurance, commercial auto insurance, and business interruption insurance, to name just a few possibilities.

Contact the team at Holmes Insurance Services for professional advice on commercial insurance in Youngsville, NC. You can also stop by our office to learn more about our services.

How much workers compensation insurance do I need?

In the world of business, protecting your employees is a top priority. Workers’ compensation insurance can help cover medical expenses and lost wages for employees who are injured on the job in the Youngsville, NC area. It’s important for businesses to know how much workers’ compensation coverage they need in order to protect themselves from potential liability. At Holmes Insurance Services, we can help.

The amount of workers’ compensation insurance that a business needs depends on the type of industry and the number of employees. Generally, employers must carry at least the minimum state-required amount of workers’ compensation insurance as prescribed by each state’s laws. This will ensure that all employees are protected if an injury or illness occurs on the job.

Business owners should also consider purchasing additional coverage above the state-required limits for certain types of injuries or illnesses that may not be covered by the minimum state-mandated coverage. For example, some states require employers to provide temporary disability benefits to employees who experience a long-term illness or injury while working, which may not be covered under standard workers’ compensation policies. Businesses may also want to purchase uninsured employer protection in case an employee files a lawsuit against them for an injury or illness caused on the job that is not covered by their insurance policy.

Overall, it is important for businesses to make sure they have enough workers’ compensation coverage to fully protect their employees and their business from potential liabilities and losses due to injuries or illnesses experienced while on the clock. Doing your research and purchasing adequate coverage allows businesses peace of mind knowing they are doing what is best for both their employees and their company.

Reach Out To Us

For more information, call us at Holmes Insurance Services today. We proudly serve the Youngsville, NC area.

How to Protect Your Business as a Sole Proprietor

As a sole proprietor in the Youngsville, NC area, you are the face and name of your business. You are also solely responsible for its debts and liabilities. This can be a great way to keep control over your business, but it also comes with some risks.

Here are some tips from Holmes Insurance Services to help you protect your business as a sole proprietor.

Sole Proprietorships: What are they?

A sole proprietorship is a business owned and operated by one individual, as opposed to a corporation or limited liability company (LLC). There are many benefits to running a sole proprietorship, like the ability to operate your business how you see fit, set your hours, and run it how you want to run it.

The importance of property and liability insurance for sole proprietorships

A sole proprietorship should have commercial insurance to protect the business from liability if something goes wrong. If there is an accident or injury on the premises, the company could be sued for damages. Commercial insurance can help to cover the costs of a legal defense and any damages that may be awarded.

How to choose the right insurance for your sole proprietorship

As the business owner, you are responsible for all the costs associated with doing business. This includes the cost of potential litigation if you are sued or lost after an accident. Without proper insurance coverage, you will end up paying the price out of pocket.

If you are a sole proprietor in the Youngsville, NC community, reach out to Holmes Insurance Services today to learn more about the risks small businesses face and how to insure your own business.

Commercial Insurance FAQs

Knowing exactly what commercial insurance is right for your business is not something most business owners are experts on. Insurance agents know how to evaluate risk and suggest the right protection to mitigate that risk. At Holmes Insurance Services in Youngsville, NC, we strive to provide every customer with the highest level of service. We want to have a long-term relationship with each person we serve. 

If you have questions about commercial insurance, you are not alone. 

Do I need to own a building to benefit from commercial property insurance?

No, even if you are a renter, you can reap many benefits from commercial property insurance. Commercial property insurance covers the content as well as the building. All the things you need to do business are display cabinets, tools, machinery, raw materials, inventory, electronics, and all your office equipment. 

What type of commercial insurance is required in North Carolina?

In North Carolina, if your business has any vehicles, you need to have commercial auto insurance, and workers’ compensation is also required. 

For auto insurance, the basic requirement for commercial vehicles is 30/60/25. This is $30,000 for a single injury in an accident with a total of $60,000 if more than one person is injured with $25,000 in property damage. 

For workers’ compensation insurance, if your business has three or more employees, you must cover them with workers’ compensation. 

How much liability insurance should I have for my business?

Every business has different assets and different liability requirements. Some businesses are a lot more prone to legal action than other businesses. Your insurance agent will measure your risk level to come up with the correct amount. 

Contact Holmes Insurance Services in Youngsville, NC when you are ready to discuss your commercial insurance needs. 


Types of Commercial Insurance

Not all businesses are the same, and neither are their insurance requirements. So, today, we at Holmes Insurance Services, serving Youngsville, NC are talking about the different types of commercial insurance available to you, the business owner.

Property Insurance

Property insurance is for your property, including your buildings, inventory, and equipment, but usually excludes glass. It may also be structured to cover vandalism and theft.

Commercial Auto Insurance

This one is for your business vehicles and functions much like normal auto insurance, and there will be different sections, including liability, damage and theft.

Fire and Extended Coverage

This one protects you from physical loss due to fire. Extended coverage can either be named peril, meaning you are insured for all the perils you have specified in your policy, or all risk, which means you are insured for all risks, excluding those specifically excluded in the policy. Flood and earthquake insurance will need to be purchased separately.

Business Interruption

This insurance type is for when your business is interrupted to such a point that it affects your income. But your expenses remain the same. It is usually linked to physical disruption.

Commercial General Liability

This type of insurance provides financial protection from liability. This may mean liability when someone is injured on your premises or hurt when using your products. Because liability is expensive, some liability sections include cover for defense costs.

Umbrella Insurance

Umbrella insurance is additional liability insurance sitting above your other insurance policies and is triggered when your other liability policies are exhausted.

Combination or Package Policies

These are most often used by smaller businesses and combine several types of insurance, including general liability, property insurance, and business interruption.

Contact Us

Speak to Holmes Insurance Services, serving Youngsville, NC, about your commercial insurance requirements today!

Commercial Auto Insurance Vs. Personal Auto Insurance Coverage

Everyone who owns and drives a car needs auto insurance, including business owners. There are a good deal of different insurance policy coverage options, including different ones designed for personal auto insurance coverage and commercial auto insurance coverage. Businesses in Youngsville, NC could compare the different types of policies and learn where each one comes into play in the event of an accident. 

Then, if you still have questions, call our agents at Holmes Insurance Services today. 

What Does Personal Auto Insurance Entail?

Personal insurance covers everything you own, including home to car. Personal auto insurance protects your personal vehicle that is not used for commercial or business purposes. This type of insurance is for vehicles personally owned and the title is in your name. Your personal auto insurance policy covers you when you commute to work or drive on your own time. When you begin to use your vehicle for work purposes, personal insurance no longer covers it. 

What Does Commercial Auto Insurance Entail? 

Commercial auto insurance covers more than personal insurance does. The added coverage is because the risks are higher when a vehicle is used for business purposes. Commercial auto insurance covers similar personal auto insurance items, including legal, medical, and damage costs. The added coverage protects you against the higher liability involved in owning and operating commercial vehicles. 

When Would I Need Commercial Auto Insurance? 

Here are some situations where you would need to have a commercial auto insurance policy: 

  • Transportation Service: You work transporting passengers or goods with your vehicle. 
  • Truck Driving: Drivers of semi-trucks may need this add-on policy, especially if they are an owner-operator. 
  • Providing a Service: You are a contractor, landscaper, or other similar service providers.
  • Drive for Business Reasons: Real estate agents or those who often drive to see clients. 

Those who use their car in Youngsville, NC may want to reach out to Holmes Insurance Services to discuss commercial insurance options available for business-related driving. 

Why Commercial Insurance is an Asset

Is commercial insurance an expense or asset? Most business owners in Youngsville, NC and other parts of America think of insurance as an expense. In fact, accounting practice dictates we treat commercial insurance as such. While insurance is an expense in the strict sense, you should view it as an investment (asset) that cushions your business when the unthinkable strikes. As a matter of fact, insurance is a promise to pay in the near or long-term future. And like the purchase of any other investment, the purchase price is a consideration, but the value shouldn’t be put on the wayside.

If you have been viewing commercial insurance as just another expense, think again. Here is why commercial insurance is an asset for your business.

Liability protection

When you buy commercial insurance from Holmes Insurance Services, it safeguards your business against liabilities like bodily injury, property damage, and advertising injury that your business could cause to other people. 

Since liability claims can be expensive, commercial insurance ensures that you don’t have to dip in your pocket when third-party claims come calling. 

Protects your employees

Your employees’ productivity could be affected by work-related injuries and general illnesses. And since you are responsible for your employees’ welfare, paying for your employees’ medical costs can cripple your business finances. Thankfully, when you have workers’ comp insurance, your employees’ medical expenses, partial loss of income, and funeral costs are taken care of by commercial insurance.

Protects your assets

Think of the value of your business assets. Ranging from your building, inventories, furniture to computer equipment, it would be catastrophic to lose your assets when a disaster strikes. Thankfully, when you have invested in commercial insurance, your insurer compensates you for losses and damages to your assets.

The list above isn’t exhaustive. There is a lot more you can benefit from commercial insurance. If you are looking for proper commercial insurance in Youngsville, NC, contact Holmes Insurance Services.