What Does Commercial Liability Insurance Cover?

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If you’ve recently established a business in Goldsboro, NC, general liability insurance is one of the most crucial ways to safeguard your company and its profits. A general liability policy is often part of a business owner’s policy that bundles various types of protection based on your requirements. Wayne Realty & Insurance Co., Inc. can clarify how general liability insurance operates and what level of protection is most suitable for you.

Understanding Commercial Liability Insurance

Commercial liability insurance shields your company from financial loss when someone files a lawsuit alleging bodily injury, property damage, injuries, or misrepresentation caused by your products or services. Experts regard commercial liability as a vital type of insurance for all businesses.

These policies cover payments for the following:

  • Medical expenses, lost wages, and other damages resulting from injuries
  • Repairs or replacement of damaged property
  • Payment for defamation, copyright infringement, and similar claims
  • Legal defense costs

Additionally, general liability can cover damages to property at other locations if your company or employees caused it.

The Importance of Liability Insurance Coverage

Without one of these policies, you would have to pay for these claims out of pocket. However, beyond that primary consideration, many business contracts, especially those with government entities or larger companies, require companies to have liability insurance before finalizing their agreement. Liability insurance can enhance your reputation, especially if your operation is new. When customers know you have liability insurance, they understand that you are financially responsible for your actions and won’t leave them to deal with unexpected mishaps. Most importantly, this coverage provides you with reassurance, knowing you have protection if someone sues you.

Protecting your business is straightforward when you work with Wayne Realty & Insurance Co Inc., serving Goldsboro, NC. Contact our office today to schedule a consultation.

Top Three Perils that Damage North Carolina Homes

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At Wayne Realty & Insurance Co Inc., we understand the importance each Goldsboro, NC, resident places on their home. That’s why we offer home insurance with multiple coverage levels. Our coverage offers protection against perils, from the 15 most common nationally to anything that could happen.

Protection Against Common Perils

Our property insurance offers coverage levels, such as open perils, if a policyholder wants comprehensive coverage against all types of hazards. Knowing which perils occur most frequently can help a person to buy appropriate property coverage. This may mean upgrading to open perils from named perils coverage.

In North Carolina, the mild climate enjoys four seasons. During spring, summer, fall, and winter, many weather events can occur that insurance classifies as a peril. According to Ready NC, these weather events include:

  • Tornadoes
  • Floods
  • Hurricanes
  • Lightning strikes
  • Snow
  • Ice storms

The effects of these natural hazards vary, but they commonly cause power outages, disrupt water and food supplies, and damage property.

Top Three Perils in North Carolina

According to the North Carolina Employment Security Commission, the three natural hazards affecting the state most frequently include:

  • Hurricanes
  • Floods
  • Tornadoes

To mitigate the risk of property damage from one of these three commonly occurring hazards, ensure that your homeowner’s insurance covers hurricanes and tornadoes, and ask us about flood insurance.

Schedule Your Home Insurance Review Today

Call or email Wayne Realty & Insurance Co Inc. today to schedule your home insurance review. Before the seasons change, make sure your Goldsboro, NC, home enjoys the homeowner’s insurance protection it needs.

Insurance Coverage for A Vacation Home

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Are you or someone else planning to occupy your vacation home soon? Ensuring you have the appropriate amount of home insurance coverage can protect you in the event of an accident, criminal activity, or natural disaster.

Liability Coverage

Residential liability coverage offers protection if an accident occurs within your vacation home. This type of insurance can safeguard against injuries and physical damage that occur inside your vacation home.

Liability coverage can also protect against incidents that occur on the residential property where your vacation home is located. It will cover incidents that result in a lawsuit against you.

For example, if a guest slips and falls in your vacation home, the coverage may handle legal costs, medical expenses, and other costs directly resulting from the accident.

Protection Against Criminal Activity

Your home insurance policy can cover the structural materials of your vacation home as well as the furnishings and decor inside it. Property insurance will protect against unexpected criminal activity that results in damage to your vacation home or its contents.

Coverage for Natural Disasters

Your home insurance policy can include coverage against natural disasters. If your vacation home is damaged during a natural disaster, the coverage can be applied to the repair costs needed to restore it.

The type of natural disaster coverage you obtain should match the weather patterns in the region where your vacation home is located.

Contact an Agent from Wayne Realty & Insurance Co. Inc.

Please schedule an appointment to speak to one of our agents serving Goldsboro, NC. They will advise you on the insurance coverage needed for your vacation home.

Small Business Associations for Businesses Affected by Tropical Storm Helene

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Understanding Commercial Insurance for Your Business

As a business owner, you understand the importance of protecting your assets and employees with commercial insurance. If your business is in the Goldsboro, NC, area and you want to discuss your business insurance options, our Wayne Realty & Insurance Co Inc. team is ready to listen to your concerns and provide customized solutions. We’ve been working with commercial clients in your area since 1998.

Small Business Associations Loans for Businesses Affected by Tropical Storm Helene

Many North Carolina businesses have been affected by Tropical Storm Helene. If you are still affected and need to submit a loan application, the U.S. Small Business Association has extended the deadline to apply until February 6, 2025. According to SBA, small businesses and private non-profit organizations that have experienced damage to property or other business assets can apply for these loans.

According to SBA, interest rates for these loans may be as low as 4% for businesses and 3.25% for non-profit organizations. If your business needs financial help to continue operating, the same website reports that you can apply for an Injury Disaster Loan. You may be pleased to learn that you can apply for FEMA grants at the same time as you are applying for an SBA loan.

Contact Us Today for Your Appointment

If you’re looking for a local commercial insurance agency that can connect you with national companies providing the best possible coverage, our Wayne Realty & Insurance Co. Inc. team can customize a policy to meet your needs. Choosing the right insurance company can make a difference for your company. Goldsboro, NC, residents can feel confident trusting us with their commercial insurance needs. Call us for an appointment today, and let’s talk about insurance.

Biggest Risks Small Businesses Will Face in 2025

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Running a business of any size involves facing risks. That’s the nature of the market. Regardless, businesses need to stay informed about risks and mitigate them whenever possible. The right commercial insurance policies can reduce many risks. If you’re looking for commercial insurance in Goldsboro, NC, consider working with the Wayne Realty & Insurance Co. Inc. team. Other measures can also reduce risks. Let’s explore further.

A Closer Look at Risks Your Business May Face

The truth is that there’s no surefire way to predict what risks small businesses will face in any given year. Often, developments are unexpected. That said, we can look at current trends and risk factors to identify some of the risks businesses are most likely to face.

Take cybersecurity, for example. Advances in AI now allow hackers and cybersecurity experts alike to automate many processes and develop advanced tools. Hackers have already targeted many businesses using advanced AI tools, and the future will likely bring even more attacks as AI evolves.

Inflation remains a major concern for businesses and consumers. Not only could your input costs rise, but consumers may tighten their belts and engage in more value shopping. If you can figure out how to offer exceptional value, you might be able to turn inflation into a competitive advantage, taking business from competitors.

Weather patterns have been quite severe and hard to predict in recent years. Powerful hurricanes, blizzards hitting once-temperate areas, and many other weather events create uncertainty and could cause damage to your business equipment and properties. The right insurance plans can provide protection, but make sure you study what is (and is not) covered.

If you’re looking for commercial insurance agents in Goldsboro, NC, contact Wayne Realty & Insurance Co. Inc. at your earliest convenience. We can help you select policies that reduce risks.

How to Collect on Umbrella Insurance

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Insurance of any type is something that you buy while hoping you’ll never need it. But, because things happen, insurance may have to be collected on. Such a thing seems complicated. However, like many things that seem difficult and time-consuming, it’s quite easy once you jump in and do it. Plus, you have the satisfaction of reaping a substantial award.

Easy as ABC

Have you been paying your primary insurance’s deductible? If you have, the first step has already been taken. All you have to do now is let your primary insurance policy pay up to its limit. You may then take advantage of your umbrella policy to pay off the remaining balance of the judgment. This includes any and all legal fees. This way, you will not lose all your assets to pay for a lawsuit judgment against you. If you have a significant amount of assets, you may need umbrella insurance to protect them in the event of an accident or other incident outside your control. Even if you don’t have a great amount of wealth, umbrella insurance is handy if exposed to a lawsuit. When you consider the amount of coverage, umbrella insurance can be reasonably affordable.

Contact Wayne Realty & Insurance Co. Inc. Serving Goldsboro, NC

If you live in the Goldsboro, NC, area, and umbrella insurance sounds like a good idea, please get in touch with Wayne Realty & Insurance Co Inc. We will connect you with one of our courteous and knowledgeable agents who will dedicate themselves to helping you find the policy that best suits your needs.

Insuring Leased Property in North Carolina

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Do you own rental property in North Carolina?

If you lease real estate to tenants in Goldsboro, NC, or anywhere in the Tarheel State, your agent at Wayne Realty & Insurance Co Inc. strongly recommends a policy called "landlord insurance."

This kind of insurance is like a homeowner’s policy, insuring the physical structure of your leased property. Unlike a homeowner’s policy, it insures your rental income if your property is vandalized, burglarized, abused by tenants, or affected by wind or storm.

Landlord insurance does not cover your tenant’s personal property. Many landlords require tenants to carry renter’s insurance to prevent misunderstandings.

Wayne Realty & Insurance Co Inc. works with multiple insurance companies to get you the best possible coverage for your leased property. Because we are experts in Goldsboro, NC, and surrounding towns, we can ensure you have just the insurance you need for the risks you face.

Frequently Asked Questions About Insuring Leased Property in North Carolina

Q. Is landlord insurance required by law in North Carolina?

A. No, but not insuring your leased properties can expose you to significant losses, not just your real estate investment but also liability arising from accidents involving your tenants and their guests.

Q. Are there special situations that require landlord insurance?

A. Many North Carolinians become "accidental landlords" when they have to move before they sell their houses. They need landlord insurance, not just homeowner coverage. Ask your Wayne Realty & Insurance Co Inc. agent to know for sure.

Q. Does leased property insurance cover flood damage?

A. No, and there are low limits to flood coverage you can get through the federal flood insurance program. However, call us, and we can help you find the coverage you need.

The Importance of Regularly Replacing Your Car Tires

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Stay Safe on the Road: The Importance of Regularly Replacing Car Tires

At Wayne Realty & Insurance Co Inc., serving the community in and around Goldsboro, NC, we understand that keeping up with vehicle maintenance can feel like a challenge. However, one critical aspect that’s often overlooked is the regular replacement of car tires. So, let’s explore why keeping your tires in optimal condition is vital for your safety and wallet.

Prioritizing Safety

Worn-out tires can significantly compromise your vehicle’s grip on the road, which becomes especially dangerous in wet or slippery conditions, where good traction is crucial to prevent accidents. Regular inspections and timely tire replacement ensure you maintain control, thereby enhancing the safety of you and your passengers.

Enhancing Performance

New tires can improve your car’s overall performance. The benefits are clear: from smoother rides to better fuel efficiency, tires in good condition help your vehicle run more efficiently, ensuring a more comfortable and cost-effective drive.

Preventing Costly Repairs

Overlooking tire maintenance could lead to bigger issues down the line. For instance, uneven tire wear can trigger alignment problems, potentially leading to hefty repair bills. By replacing your tires regularly, you circumvent these unexpected costs and fortify your vehicle’s longevity.

Knowing When to Replace Your Tires

The frequency of tire replacement varies based on driving habits and conditions, but a general rule of thumb is to replace tires every six years. However, regular assessments by a professional can provide a more customized timeline aligning with your specific requirements.

For more insights on car maintenance and insurance options, contact Wayne Realty & Insurance Co Inc., proudly serving residents in and around the Goldsboro, NC, region. We’re here to help you stay safe and informed.

Is Group Health Insurance Affordable?

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At Way Realty & Insurance Co. Inc. in Goldsboro, NC, we understand that navigating the complexities of group health insurance can feel daunting. This article delves into the intricacies of affordability in group plans, exploring their potential cost implications and the value they can bring to employers and employees. By examining key factors such as risk pooling, tax advantages, and market trends, we aim to equip decision-makers with the insights necessary to make informed choices about their health insurance offerings.

Affordability of Group Health Insurance

When considering group health insurance, affordability often becomes a key concern for both employers and employees. One noteworthy aspect is that employers typically shoulder a significant portion of the premium costs, making it more accessible for employees compared to individual plans. This shared responsibility can foster a sense of community and collective well-being within the workplace, promoting financial stability and employee morale.

While group plans may seem cheaper initially, it is essential to examine what they cover. Many group policies have limitations on specific treatments or higher copays for specialist visits that can add up over time. Additionally, if the workforce comprises largely younger or healthier individuals, you might be surprised to discover how this can skew pricing dynamics due to risk pooling.

Contact Wayne Realty & Insurance Co. Inc. in Goldsboro, NC, for Group Health Insurance

At Wayne Realty & Insurance Co Inc., we can help you secure group health insurance. Contact our office today to speak with our team and learn about your options. We look forward to helping you learn about this essential coverage.

What Does Commercial Property Insurance Cover?

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Many businesses have assets that they need to protect. Commercial property insurance offers protection for everything from buildings to inventory.

Covering Buildings and Improvements

When business owners think of commercial property insurance, they often first think of insuring a building. Insurance for commercial buildings, including multi-unit housing, retail stores, office buildings, industrial buildings, storage facilities, and other structures, is readily available.

Commercial building coverage can protect structures against damage. Almost every business owning a building in Goldsboro, NC, should have this coverage.

Tenant betterment coverage is available for Goldsboro, NC, businesses that lease a space rather than own a building. This coverage may provide insurance for a business’s build-out and other improvements to its leased space.

Covering Equipment, Inventory, and More

Commercial contents coverage protects items when they are at a business’s location. This coverage might insure equipment, supplies, products, and other items a business keeps on-site.

While coverage for most items is widely available, it is essential to ensure that a policy covers your business’s specific items. At Wayne Realty and Insurance Co Inc., our agents can help you choose a policy that protects your business’s specific items.

Covering Equipment and Products Off-Site

Commercial contents coverage often restricts protection to when items are at your business’s location. You may need inland marine coverage to protect items off-site, such as when they are transported elsewhere. This can cover most items when they’re being taken to or from work sites, customer locations, or your business’s different locations.

Insure Your Business’s Assets

For help insuring your business’s assets, contact Wayne Realty and Insurance Co. Inc. Our agents will set you up with the commercial property insurance your business needs.