Insuring Your Commercial Property: Inventory and Office Equipment

Buying commercial insurance should be easy, but with so many types of insurance, it can seem harsh. Wayne Realty & Insurance Co., Inc. wants to help you make sure your Goldsboro, NC business remains adequately covered. This blog explains how to protect your inventory and office equipment which is typically not entirely covered under a standard commercial policy.

Most companies start with a commercial property insurance policy which ensures that they get reimbursed for damage caused by covered hazards. But, what do you do if your equipment breaks down from wear and tear? What if mice get into your inventory?

It happens, and commercial insurance covers it. Be sure to ask about breakdown insurance and business inventory insurance. Breakdown insurance covers damages caused from the inside. Whether a power surge or electrical short causes the breakdown, it is covered. If your equipment’s motor burns out, this insurance covers it. Cases of general mechanical breakdowns and those caused by operator error also get included.

Inventory insurance provides for the replacement of your inventory at its current or replacement value. Current value means you will receive the depreciated value of the item. It costs you less in premiums but can result in much smaller payouts if you need to file a claim. On the other hand, insuring your inventory at replacement value means you would receive the full amount it would cost to purchase new inventory. This means a lot if one or more raw materials required for manufacturing the product has gone up in costs. It would significantly increase your outlay to get new inventory, but it is covered if you chose replacement cost insurance. That makes the higher premium worth it.

Contact Wayne Realty & Insurance Co., Inc. to learn more about protecting your business’ inventory and equipment. We can help you keep your business going, even when a disaster strikes your Goldsboro, NC business.

Umbrella Insurance Needs By Region

Wayne Realty & Insurance Co Inc. In Goldsboro, NC

Simply stated, umbrella insurance protects you and covers liability amounts that exceed the basic level of insurance. This convenient and worthwhile type of insurance protection can be attached to a commercial insurance policy or a homeowner’s insurance policy. While these two types of insurance policies are generally the type which would include umbrella insurance as an attachment, you can speak with an insurance agent about attaching umbrella insurance to just about any insurance product.

Umbrella insurance is an added benefit because it gives you peace of mind regarding what would happen if your liability exceeds a basic level. 

Regional Downpours?

With that being stated, umbrella insurance by region can vary widely. People who live in inclement weather areas tend to add umbrella insurance to their home insurance in case calamity happens with an extraordinary weather event. Individuals on the West Coast may attach an umbrella insurance policy due to the occasional earthquake. If brush fires are prevalent there may a need to add umbrella insurance in that region.  

Speak with your agent today to learn more about regional differences and how umbrella insurance can make certain you are prepared. 

Before the downpour happens to come in to see us at Wayne Realty & Insurance Co Inc. We aim to be comprehensive service agents so you might feel the protection everywhere. However, in terms of our physical logistics, we are located in Goldsboro, NC  27530. Stop in or give us a call today. Working on your policy ahead of time will ensure that you are insured for whatever extra heavy rainfall may be in your forecast. Your umbrella insurance is designed to cover you in the event of something unforeseen, as well. 

Umbrella Insurance Needs By Region

Wayne Realty & Insurance Co Inc. In Goldsboro, NC

Simply stated, umbrella insurance protects you and covers liability amounts that exceed the basic level of insurance. This convenient and worthwhile type of insurance protection can be attached to a commercial insurance policy or a homeowner’s insurance policy. While these two types of insurance policies are generally the type which would include umbrella insurance as an attachment, you can speak with an insurance agent about attaching umbrella insurance to just about any insurance product.

Umbrella insurance is an added benefit because it gives you peace of mind regarding what would happen if your liability exceeds a basic level. 

Regional Downpours?

With that being stated, umbrella insurance by region can vary widely. People who live in inclement weather areas tend to add umbrella insurance to their home insurance in case calamity happens with an extraordinary weather event. Individuals on the West Coast may attach an umbrella insurance policy due to the occasional earthquake. If brush fires are prevalent there may a need to add umbrella insurance in that region.  

Speak with your agent today to learn more about regional differences and how umbrella insurance can make certain you are prepared. 

Before the downpour happens to come in to see us at Wayne Realty & Insurance Co Inc. We aim to be comprehensive service agents so you might feel the protection everywhere. However, in terms of our physical logistics, we are located in Goldsboro, NC  27530. Stop in or give us a call today. Working on your policy ahead of time will ensure that you are insured for whatever extra heavy rainfall may be in your forecast. Your umbrella insurance is designed to cover you in the event of something unforeseen, as well. 

Frequently Asked Questions About Buying Group Health Insurance

Many small to medium-sized businesses are looking to purchase group health insurance plans for themselves and their employees. If you are looking to provide health insurance to your employees for the first time, you may have many questions about buying group health insurance. At Wayne Realty & Insurance Co Inc. serving Goldsboro, NC, we want to help answer some of the questions that we are routinely asked. Here are a few of the questions you may have related to buying group health insurance. 

What Are the Different Kinds of Health Insurance  to Select From When Buying Group Health Insurance?

You have the same types of health insurance plans available to you when you are buying group health insurance as you do when you are purchasing individual health insurance. This includes the four most common types of health insurance plans; PPO, HMO, POS, HDHP. 

Who Factors Should You Consider When Selecting a Group Health Insurance Plan? 

When you are selecting a group health insurance plan, you may want to ask around your office and find out what doctors, medical groups or hospitals your employees currently use or prefer. Finding plans that allow them to keep their current providers will be appreciated. 

Do You Qualify for Tax Credits or Subsidies With Group Health Insurance? 

The final question you may have is whether you qualify for tax credits or subsidies for providing your employees with group health insurance. There are many factors that come into play when determining who is eligible for credits or subsidies, so it is best to talk to a tax professional to get the answer to this question. 

Are you looking to purchase a group health insurance plans for your employees in the greater Goldsboro, NC area? If so, Wayne Realty & Insurance Co Inc would love the opportunity to assist you. Call us today to learn how to get started. 

What Are The Limitation Of Commercial General Liability?

If you are a business owner or in charge of securing insurance protection for a commercial entity, then educating yourself on insurance coverage limits is vital to help you get the insurance policy you need and avoid gaps in coverage that could cause a disastrous situation for the company. When it comes to liability insurance, do you know what is covered and what instances may require additional coverage for protection?

What Does General Liability Cover?

If you purchase general liability insurance for commercial use, it will cover property that is damaged as a result of the company through an error of employees or owners and can cover damages as a result of clients or customers becoming injured on the property or as a result of negligence. This type of insurance does not cover employees who are injured on the job or any other instance where anyone working for or with the company is in an accident or damages property. General liability is designed to protect an entity from being sued by outside sources. Do you think you need liability insurance? You should consult a licensed, experienced agent for more information. 

Working with An Agent 

Insurance agents play a key role in assisting clients with their insurance purchases and helping to prevent coverage errors that can result in losses during a covered event. If you are living in or around the Goldsboro, NC area and want to discover how general liability insurance can offer the necessary protection for your company, you should consult with Wayne Realty & Insurance Co Inc. and let their highly knowledgable agents explain how the coverage works and how much coverage is necessary for your individual situation. 

Don’t guess when it comes to selecting liability insurance. Know what the limits are and how much policy coverage is necessary to give you peace of mind. Residents of Goldsboro, NC should call or stop by Wayne Realty & Insurance Co Inc. and learn more about coverage options.  

Does Commercial Insurance Include Business Interruption?

It’s vital that you protect your business in Goldsboro, NC from disasters and liability. There’s nothing worse than a disaster happening that causes you to close your business for a few days, weeks, or even longer. If you have to vacate the premises, it’s identified as business interruption.

How does this help my business?

Commercial insurance varies dramatically. Wayne Realty & Insurance Co., Inc. is here to help you with your commercial insurance. Since not all policies are the same, we’ll make the comparisons for you. If you need more than what’s included, we can identify the necessary riders.

The average commercial insurance policy focuses on liability for you, your employees, and your customers that could enter your property. However, you can choose to add business interruption insurance to your policy.

With coverage for business interruption, you can be compensated for lost income when you have to vacate the property. This means that if there’s a flood, a fire, or something else that is preventing you from opening your doors, you would be covered. It can make it easier for you to stay financially afloat during a major disaster. Without the coverage, it could mean having to close your doors, possibly forever.

It’s always important to review what a policy does and doesn’t cover. You never want to make assumptions about what is included as it could end up costing you your business. If a disaster strikes, you want to be able to file a claim with confidence knowing that the insurance company will take care of you. The only thing you should pay out of pocket for is the deductible on your policy.

Contact one of our independent insurance agents at Wayne Realty & Insurance Co., Inc. to learn more about commercial insurance. We’ll show you how to get a policy that provides you with all of the coverage that your business needs in Goldsboro, NC.

 

Do You Really Understand Umbrella Insurance?

You may have heard of umbrella insurance, but you may be unsure of exactly what it is. Here are a few basic points to get you started from Wayne Realty & Insurance Co. Inc. in Goldsboro, NC.

What is Umbrella Insurance?

Umbrella insurance is an add on to your current insurance policies. This type of add on is used in the events that you are held liable for something in amounts which exceed your current coverage. Umbrella insurance can cover any liability whether it deals with automobiles, homes, property, or businesses. 

Why Would I Need Umbrella Insurance?

Although most insurance policies attempt to plan for liabilities in a way that the customer would not need to spend money out of pocket, there are instances in which the amounts of the liabilities exceed the amount of the coverage. This happens in instances of severe auto accidents, severe accidents involving your home or property, or severe incidents involving your business. 

Umbrella insurance is most beneficial to individuals who are at risk of liability claims. This mostly includes individuals who have a large property, especially property on which events take place or in which large groups often gather, individuals who host gatherings, have pools, trampolines, or other recreational items that can cause injury or individuals who provide products or services to the public. 

It is important to note that even individuals who do not fall into these categories could benefit from umbrella insurance because any type of accident covered by your homeowner’s policy or auto policy could exceed the coverage amounts. When this happens, you would be responsible for the difference out of your own pocket. This could mean financial devastation for your family. 

If you would like to learn more about umbrella insurance, please contact one of our friendly staff at Wayne Realty & Insurance Co. Inc., serving Goldsboro, NC, and surrounding areas. 

Improve Your Employee Benefits Package With Group Health Insurance

Are you a business owner in the Goldsboro, NC area? Are you looking for ways to enhance your employee benefits package? Purchasing group health insurance is a way to attract and retain quality employees. Health insurance policies generally cover medical costs such as hospital visits and doctor visits. Prescription coverage is also a common incentive for health insurance. If you are interested in such a policy, Wayne Realty & Insurance Co., Inc. has a policy for you.

Attract Quality Employees

In today’s job market, businesses within all industries are competing to attract quality employees. Businesses are only as successful as their employees, and recruiting quality talent requires an investment. These employees look beyond salary requirements and seek out benefits packages. With healthcare being one of the top benefits sought by potential employees, this is an important benefit to offer. Show potential employees that you plan to invest in them and their families by offering more than a handsome salary.

Retaining These Employees

Maybe your business already employees those that you find to be invaluable and would like to keep. Unfortunately, not offering a competitive benefits package can have these employees on a job search for a similar position with a group health insurance option. Staying competitive in your industry and offering this benefit can keep them with your company and not seeking other employment. Looking for quality employees can be more of a cost to your business than the investment of health insurance. 

Get Your Policy & Keep Your Best Employees Today!

If you are seeking a quality group health insurance policy for your employees, look no further than Wayne Realty & Insurance Co., Inc. Proudly serving the Goldsboro, NC area, our agents will help you develop the best policy for your employees and your business. Contact one of our agents today for a consultation. 

What is Commercial General Liability Insurance?

Owning a business can be both exciting and difficult and can cause many issues if you do not have the right types and amounts of coverage. Knowing what you need to have in order to keep your business covered is a must, and the helpful agents of Wayne Realty & Insurance Co., Inc. in the Goldsboro, NC area can help.

Knowing what type of coverage you need for your business can be difficult, a great place to start however is with commercial general liability coverage. Knowing what this coverage is can help you determine if you need more coverage on top of what is considered to be a general liability. Commercial General Liability Insurance is coverage that protects businesses and business owners from things like the bodily injury of employees and patrons, property damage, damage to your building, theft, and personal injury. These coverages can vary, and you can add more or take coverage away until you find the right balance for your business.

If you are looking to add commercial general liability insurance to your business, it is always helpful to speak with an agent to see just what type of coverage you can buy and what type of coverage you may need. Individual businesses require different types of coverage and may lead to a very customized policy. You should take the time to make sure that your coverage is as customized and specific to your business and the individual needs of your business as you can. This is going to help you make sure that you are going to be fully covered and that your business is protected from all eventualities.

For those in the Goldsboro, NC area, the helpful agents with Wayne Realty & Insurance Co., Inc. can help.

Most common property insurance claims in North Carolina

As a homeowner in the Goldsboro, NC area, it is imperative that you purchase a comprehensive property insurance policy that adequately protects you in the event of property damage. When considering a property insurance policy, one often thinks about significant event claims, such as a tornado, but it is also essential to make sure you are covered for the most common type of claims in North Carolina. A specialist at Wayne Realty & Insurance Co., Inc. would be happy to meet with you to discuss and make sure your policy has coverage for these types of claims.

On the top of the list is property damage caused by wind. Wind can be a destructive force, so you need to make sure you have coverage to help repair damage caused from wind such as a replacing the roof or damage from a fallen tree.

Water damage also tops the list of most common claims; however, water damage is not always caused by rising water. Some of the most common and most expensive water damage claims often come in the winter from bursting pipes.

Although the chance of a person being struck by lightning is very low, property damage caused by lighting is another top claim made under property insurance policies. Lighting strikes can cause much more damage than causing a tree to fall on your home. When lightning strikes a home, it can cause a power surge which can lead to severe damage to your electrical systems.

Fire is also on the top of the list for property insurance claims. Fire not only destroys property but the smoke damage caused as a result can become extremely difficult and costly to repair.

If you are a homeowner in the Goldsboro, NC area, please reach out to an insurance specialist at Wayne Realty & Insurance Co., Inc to review your current property policy to make sure you are appropriately covered for the most common loses.