FAQs about commercial insurance

Owning a business has risks, and there is not much you can do except try to protect yourself with commercial insurance. Each company has its own set of risks, and having an insurance agent who understands your type of business is essential. Wayne Realty & Insurance Co Inc. in Goldsboro, NC has a team of experts who can help you to choose the correct elements for your commercial policy to maximize your protection. 

Should I have commercial property insurance for my business if I don’t own the building?

Commercial property insurance covers a lot more than just the building. It will cover the building if you own it, but if you are a renter, it will cover everything you use to do business. It covers machinery, office equipment, records, inventory, raw materials, display units, and tools. Whatever your particular business uses. 

Do I need workers’ compensation insurance in North Carolina?

If you are an employer with three or more full or part-time employees in North Carolina, you are required to protect your employees with workers’ compensation insurance. 

Is commercial insurance necessary for home businesses?

Yes, it is. You’re mistaken if you think your home property insurance will be adequate for all your business property. Your home liability coverage will not protect you if someone is injured while visiting you on business. You also can’t use your personal vehicle to do business; it needs a commercial auto policy. 

Is business interruption insurance worth it?

It can mean the difference between surviving a hazard and closing your business. But, you need to read the exclusions, and what types of hazards are covered to determine if the coverage will be of value to you. 

Contact Wayne Realty & Insurance Co Inc. in Goldsboro, NC to help choose the perfect coverage for your business. 

Reasons Why You Should Get Umbrella Insurance

Umbrella insurance is arguably the most important type of personal liability coverage that you can get in Goldsboro, NC. Why do you need to pay for another liability insurance coverage yet already have regular liability coverage? Umbrella insurance covers liability that exceeds your homeowners, renters, auto insurance coverage, or liability that isn’t covered by these policies. Here are reasons you need umbrella insurance:

1. If You Live With Inexperienced Drivers in Your House

Handing your car keys to an experienced driver such as a teenager requires a lot of faith. This is because their inexperience can result in nasty accidents with many injuries to persons and a lot of property damage that exceeds your auto insurance policy limit. Umbrella insurance will pay for the above-the-policy limit costs of medical bills and property damage that you would otherwise pay out of pocket.

2. If You Have High-Value Assets or Significant Savings

The more high-value assets like property and significant savings you have, the more you are bound to lose in case of a lawsuit. Substantial savings and high-value assets make you a target of nefarious lawsuits from unscrupulous persons. Getting umbrella insurance in such a situation means that your high-value assets and savings are protected from being used to settle a lawsuit. Wayne Realty & Insurance Co Inc. usually advise our clients to get umbrella insurance to protect their wealth.

3. If You Keep Certain Dog Breeds

Although we like to keep dogs as pets, they still have their natural predator instinct. Certain dog breeds like Pit Bull, German Shepard, and Rottweiler are highly aggressive and can viciously attack your neighbors and even passers-by and injure them badly. Umbrella insurance will cover such liability as it isn’t covered under the homeowners’ policy. 

Contact Wayne Realty & Insurance Co Inc. for the best umbrella insurance deal in Goldsboro, NC.

Understanding commercial general liability insurance

Wayne Realty & Insurance Co Inc. is proud to serve the greater Goldsboro, NC area business community. If you have questions or concerns about insurance for your company, let’s set up a meeting today. We look forward to working with you!

What you need to know about commercial general liability insurance (CGL)

There are different levels of CGL that can help your company protect itself from liability. For example, if you opt for Premises Coverage, you are protected if someone is injured or damage is caused due to business operations that occur at your location. It can also be expanded to include damage caused by off-site operations or a product or service at a different location.

Other entities and individuals can also be added to the policy as a named insured. Excess liability protection comes into play if a claim exceeds the policy level of the primary CGL policy. This can also help when the primary policy does not provide certain coverage, such as wrongful termination cases.

As you can see from this brief description, having a CGL is an effective way to protect your firm from liability risk. If your company is growing, it is also likely that the amount of risk exposure it faces is also increasing. Having a CGL policy may not have been something you considered when your company started out, but it may be necessary now that your firm is more established. 

Let’s work together to protect your company!

Goldsboro, NC area business owners count on Wayne Realty & Insurance Co Inc. for their insurance needs. If you need to add a CGL policy to your current insurance portfolio, call us today. We look forward to seeing you soon.

Why liability coverage is so important for business owners

Business owners in the Goldsboro, NC area can consider the team at Wayne Realty & Insurance Co Inc. as their insurance partners. We are here to help our community protect all of their hard work and dedication.

The importance of liability coverage for business owners

Having a comprehensive commercial policy that includes an appropriate amount of liability protection is a foundational requirement for protecting your business. Think about it, just one frivolous lawsuit can create a situation that could potentially end your business!

Because of the reality of our litigious society, it’s essential to protect yourself. When you have the liability coverage you need, you can focus on your business and keep it running successfully. We are here to help you achieve just that!

Liability insurance can protect you in several ways, from lawsuit concerns to employee issues down to product problems or recalls. This is just a small set of examples where a company can be held liable for damages and suffer a financial loss. Rather than thinking that you have the coverage you need, wouldn’t it be much better to know for sure?

A comprehensive review of your current commercial policy can help you identify any gaps that you may have in your coverage. And, it’s always better to address a situation before it becomes a problem! Now is a perfect time to take a closer look and ensure that you have the liability coverage you need.

Schedule your appointment today

Wayne Realty & Insurance Co Inc. is here for business owners in the greater Goldsboro, NC area. If you would like to learn more about how liability coverage can help protect your business, give us a call today. We look forward to working with you!

5 Items to Review in Your Commercial Insurance

A smart CEO is always rechecking the numbers and making adjustments to keep their company moving forward, whether they’re on Wall Street or starting up a new small business in Goldsboro, NC. These 5 steps are guidelines for how to review your commercial insurance policy.

Your Property and Income

One half of commercial insurance is protecting your company in the case of damaging incidents that slow or stop your business. Knowing how much your company’s property and time is worth will help you adjust your coverage to properly manage the risk.

Your Covered Perils

Basic commercial liability policies are inclusively worded. Only the listed covered perils or damaging events will be recognized in your claim. If you purchase commercial umbrella insurance, it has exclusive wording, so anything not mentioned as an exclusion in the policy can be covered once your other insurance is tapped out or after a small amount similar to a premium if no other policies apply.

Your Fleet of Vehicles

Commercial auto insurance is covered separately from the rest of commercial insurance, so you may need to expand your policy if you pick up a company car or get a truck to haul your equipment.

Your Workers’ Compensation Needs

Small businesses with only one or two employees are not required to have workers’ compensation insurance, but companies that have more than that will need coverage. Even if you aren’t required, workers’ compensation is a good idea if your employees are taking on a lot of risks.

Your Alternatives

Shopping around from time to time may get you lower prices or a better suite of benefits. Wayne Realty & Insurance Co Inc. in Goldsboro, NC is always ready to help you review your financial risks and sort through your commercial insurance options.

3 Things Your North Carolina Umbrella Insurance Will Cover

When you are worried about financial risks or losses that your current liability coverages won’t cover, you want to consider umbrella insurance. Umbrella insurance is the insurance policy that holds an umbrella over your head during those losses.

At Wayne Realty & Insurance Co Inc., we want Goldsboro, NC residents to be protected financially in the event of any liability that you do not knowingly assume. 

How Will Your Umbrella Insurance Work?

When you have umbrella insurance, you have an extra policy that covers you when your other liability coverages will meet their limit. When you have a liability claim with your insurance company, the existing coverage will be used first.

That could be your home, auto, or commercial insurance.

If the claim is higher than that, your umbrella insurance will cover that.

3 Things Umbrella Insurance Covers

Umbrella insurance is there when your other insurance policies can not be used. It is there when your coverage limits are met, or in unique situations.

These are the three most common things that umbrella insurance covers:

•    Injuries: When there is an accident on your property, or with your car, where you are liable, umbrella insurance can cover what those policies will not.
•    Property Damage
•    Legal matters: Umbrella insurance can help in certain legal situations such as false arrest, malicious prosecution, defamation, and others.  

Get a Quote

When you are looking for peace of mind over life’s liabilities, umbrella insurance is the most common policy to get. It will serve as insurance when liability maximums are met in other policies, and also help you in the event of unique legal situations.

At Wayne Realty & Insurance Co Inc., we want Goldsboro, NC residents to feel secure with their policy limits and coverages. Call us for a quote with umbrella insurance today.

6 Business insurance policies you may need as a consultant

There are several risks associated with a consulting business. Below are six policies you may need as a consultant:

Cyber liability insurance

There are two types of policies:

Third-party cyber liability insurance: In the event that a client suffers a breach of information and decides to file a suit against you and your company. This policy will cover settlements, judgments, court costs, and attorney fees.

First-party cyber liability insurance: This policy covers data breaches and also cybercrimes that affect your business directly. Costs covered include public relations, cyber extortion demands, the cost of notifying clients, credit monitoring, and public relations. 

Workers compensation

Covers employees for work-related injuries which may lead to lost wages, and medical expenses in the event that an employee gets injured on the job. 

Business owner’s policy

This policy covers two separate policies, including general liability and commercial property insurance. Not all consulting companies will qualify for this insurance. This policy is available to companies that have less than 100 employees, work in a small office space, make less than $1 000 000 a year, operate in a low-risk industry, and need less than a year’s business interruption insurance. 

General liability insurance

This policy covers a business in the event of a third-party liability claim such as bodily injury, property damage, or advertising damage. 

Professional liability insurance

This policy protects your company when a client decides to sue for poor work or unsatisfactory work delivered.

Fidelity bonds

This policy offers protection if an employee steals from you or your client. 

Speak to an expert at Wayne Realty & Insurance Co Inc. serving Goldsboro, NC today to find out which insurance policy is best suited to you and your family.

What are the Risks of Not Having North Carolina Property Insurance?

Owning a property in North Carolina means that you take on a number of liabilities. If an accident happens on your property, you are responsible for the costs. If bad weather happens to your property, you have to find a way to cover that too. These are just a few examples of the risks of not having North Carolina property insurance.

At Wayne Realty & Insurance Co Inc., we want Goldsboro, NC residents to be protected from every risk. We can help you to identify your risks, and build the best home insurance policy for your needs.

Legal Costs From General Liabilities 

General liabilities refer to general mishaps that happen with life. Your dog might bite a neighbor, your boss might fall down the stairs at your kids birthday party, a contractor might hurt himself on something in your backyard.

You are responsible for any problems like these that happen on your property. Many of these matters are things that you can control, which is why you are held responsible for them when they happen.

You can submit claims on your home insurance to cover those problems. If the problem is not resolved quickly, you could be sued for any of these things. Your home insurance would cover that to a certain extent.

Acts of God and Other Matters

Your home is a building that is susceptible to a number of other risks that you can not control. That includes:

• Fallen objects such as trees and other matters
• Fire
• Earthquakes
• Floods
• Hurricanes
• Hail
• Power outages
• Wildfires

These are just a few of the many risks that come with homeownership. North Carolina home insurance can help you with all of these things.

Get a Quote

When you own a home, you are buying into a dream, but it’s a dream that comes with a lot of big responsibilities. That is what home insurance is for. At Wayne Realty & Insurance Co Inc., we want Goldsboro, NC homeowners to have every risk covered. Call us for a quote today.

3 Benefits Of Group Health Insurance

Wayne Realty & Insurance Co Inc. serves the Goldsboro, NC community. For over 50 years we have helped local residents find the coverage they need to protect their assets. We have relationships with multiple carriers throughout the region. We take the time to assess each of our client’s unique situations, so we can help them find a custom policy.

Benefits Of Group Health Insurance

As a Goldsboro, NC resident, you are aware of the state’s Small Employer Group Health Coverage Reform Act. The act highlights the benefits of businesses choosing group health insurance policies for their employees.


If you are a business owner, you’ll notice that group health insurance policies are efficient. It’s equally beneficial for both you and your employees. Your employees receive the security that they are protected if they get ill on the job or if they suffer a serious injury that requires surgery and rehabilitation. You are protected because your business should continue to function without any major issues.

More Options

Group Health insurance policies involve a large pool of people receiving coverage under one plan. Your employees should have more options to find coverage that specifically suits their needs. Group health insurance policies are flexible.

Improves Employee Morale

Your employees are the foundation of your business. When you show your employees that you value their hard work, you create a positive work environment. Your employees will be excited to come to work every day knowing that you will look out for them if they have health issues.

Wayne Realty & Insurance Co Inc. Will Help You Protect Your Assets

Visit our website to learn more information about group health insurance.

Do all people need to have commercial insurance in North Carolina?

Being a small business owner can be a good idea for anyone that has a good idea, wants to work hard, and has a dream of being their own boss. As you are looking to start your company, you may find that Goldsboro, NC is a great business location. Those that do want to start a company here need to make sure they get proper insurance. You need to have commercial coverage for a few reasons.

Meet Investor and Lender Requirements

An important reason to have a commercial insurance plan here is so you can comply with requirements and standards set by various parties. A lot of businesses will take out a business loan or raise outside equity to help fund their business. Those that are going to raise these funds will have various insurance requirements set by the lender or investor. Not complying with these requirements could result in various violations. 

Protect Your Business

Business owners that do not have specific insurance requirements will also want to have this coverage as it can protect their business. A commercial plan can provide the coverage needed to repair or replace your key business assets and mitigate commercial liability risk. All of this coverage can prove to be very helpful if you do incur a loss or are named in a commercial liability claim. 

There are a lot of advantages that come with starting a company in the Goldsboro, NC area. As you are looking for coverage in this area, it would be wise to call Wayne Realty & Insurance Co Inc. There are plenty of advantages that come with starting a company in this area and Wayne Realty & Insurance Co Inc. can offer the support that is needed to build a plan that is ideal for your situation.