Understanding Commercial Vehicle Insurance

Small business owners sometimes do not protect themselves with commercial vehicle insurance, relying instead on their personal insurance coverage. However, this can be a critical mistake if you or an employee has an accident while driving for a work-related purpose. To avoid this mistake, allow the Wayne Realty & Insurance Co Inc. team, serving Goldsboro, NC, to create a commercial vehicle insurance plan that meets your business’s needs.

Commercial Versus Personal Vehicle Insurance

North Carolina has specific requirements for commercial truck insurance, but we will not cover them here. Instead, we’ll focus on the insurance needs for light vehicles.

Commercial vehicle insurance policies include many of the same components as those for personal vehicles, including bodily injury and property damage liability, personal injury and medical payments, and other elements. However, while they appear similar on the surface, personal insurance policies do not cover claims if you or an employee has an accident while driving a vehicle for a business purpose. Commercial vehicle insurance policies also carry high liability limits to protect your business should the unforeseen occur.

This situation makes it critical to understand that only a commercial vehicle policy will cover vehicles:

  • Owned by the company or driven for work purposes by you or an employee
  • That transport goods, tools, or people for work

If your company’s vehicle usage matches those situations, you need commercial vehicle insurance to protect you and your business correctly.

Working with Wayne Realty & Insurance Co Inc.

Wayne Realty & Insurance Co Inc. proudly serves Goldsboro, NC’s personal and business communities. Our commercial insurance experience means we can structure policies to protect your business and livelihood against unforeseen events. Call or stop in today to discuss your commercial insurance needs and options.

What is not covered under an umbrella insurance policy?

Liability insurance offers financial protection for you and your family should a significant event – like a legal matter caused by an automobile accident, occur. However, what happens when the damages exceed your auto insurance policy’s limits? The insurance professionals at Wayne Realty & Insurance Co Inc., which serves the greater Goldsboro, NC area, can help provide additional liability protection with an umbrella insurance policy.

What is Umbrella Insurance?

When used in an insurance context, the term umbrella describes a type of policy that offers coverage to the insured on a broader basis than their existing underlying policies. However, umbrella insurance (or excess liability insurance) does not provide protection for all events and situations.

What is Not Covered By Umbrella Insurance?

An insurer will list ineligible exposures, those events and circumstances that would preclude the insured from coverage –

  • Your injuries.
  • Damage to personal belongings.
  • Intentional/criminal actions or anything detailed in the underlying policy’s exclusions.
  • Certain property damage or injuries, for example, an event with an uncovered dog breed.
  • Damage/injuries to others for which your business is responsible, you will need a separate and distinct business umbrella policy. For instance, a home daycare would be covered under the business umbrella policy, not the homeowner’s insurance coverage.

In other words, an umbrella insurance policy will not reimburse you for your own costs as it is designed to cover expenses if someone sues you for damages and the event that caused the damage is determined to be your fault.  

Contact a Leading Insurance Company in Goldsboro, NC Today

For additional information regarding what is and is not covered by an umbrella policy, contact Wayne Realty & Insurance Co Inc. at 919-735-1341 or online

The Role of Group Health Insurance in Employee Retention in Goldsboro, NC

In today’s competitive job market, attracting and retaining top talent is a business priority. One effective way to accomplish this is by offering a comprehensive group health insurance plan. Wayne Realty & Insurance Co Inc. specializes in helping local companies to create group health insurance solutions tailored to their unique needs, boosting employee satisfaction and retention.

The Benefits of Offering Group Health Insurance

Group health insurance plays a significant role in fostering a positive work environment and improving employee retention. Some key benefits of providing such coverage include:

  1. Enhanced Employee Satisfaction: A comprehensive group health insurance plan shows employees that you value their well-being and are committed to their health. This can lead to increased satisfaction, loyalty, and productivity.

  2. Attracting Top Talent: Quality health benefits can help your business stand out from the competition, drawing in skilled professionals seeking a supportive work environment.

  3. Tax Advantages: Businesses in Goldsboro, NC, may qualify for tax credits and deductions when providing group health insurance, helping to offset the cost of offering these benefits.

Creating the right group health insurance plan for your business can be complex. We are here to guide you through the process, providing expertise and personalized service to ensure your employees receive the necessary coverage.

We’ll work with you to identify the best options for your business, considering factors such as company size, budget, and employee demographics. Our goal is to help you design a plan that meets the needs of your workforce while aligning with your business objectives.

Invest in your employees’ well-being and improve retention with a comprehensive group health insurance plan. Contact Wayne Realty & Insurance Co Inc. today to explore your options and create a customized solution for your Goldsboro, NC business.

Top Five Claims Covered by General Liability Insurance

Owning a business comes with an assortment of responsibilities and risks. It’s essential to understand your company’s unique needs and invest in a general liability insurance policy that gives you the right amount of protection. Before you find yourself in a situation where you may face financial losses, take a look at a list we compiled at Wayne Realty & Insurance Co Inc. in Goldsboro, NC of the top five types of claims.

1. Bodily Injury

Accidents come out of nowhere. That’s what makes them accidents. Unfortunately, when they do, your business could be held responsible. General liability insurance provides protection for bodily injuries sustained by third parties on your property or because of something your business operations caused. The coverage includes medical expenses, lost wages, and even legal defense costs if a lawsuit arises.

2. Property Damage

Over the years, while running your business, you may inadvertently cause damage to a third party’s property. General liability insurance covers the costs of repairing or replacing the damaged items. It ensures that you don’t have to pay cash out of pocket or from the company’s revenue.

3. Personal and Advertising Injury

Claims arising from defamation, invasion of privacy, copyright infringement, or false advertising fall under the personal and advertising injury category. General liability insurance helps protect your business from these kinds of claims by handling all the legal fees and any settlements or judgments that may come your way.

4. Product Liability

If your business manufactures, distributes, or sells products, you might be held accountable for injuries or damages caused by them. General liability insurance provides protection against claims resulting from product defects or failures so you can operate with greater peace of mind.

5. Completed Operations

Once you have completed a project or service, you might still face various liability claims. General liability insurance takes care of these claims related to any work that’s been done already, so you can relax after the job is finished.

Secure Your Business’s Future & Call Today!

Don’t let unforeseen incidents threaten the success of your company. Consult with an insurance agent at Wayne Realty & Insurance Co. Inc. in Goldsboro, NC, to discuss your general liability insurance demands. Our team will provide you with the information you need to make the best decision for you, your business, and your future.

Is Property Insurance Meant for Both Personal as Well As Commercial Property?

Disaster strikes without warning. It strikes everywhere. For instance, many years ago, a plane emergency landed on I-16 just outside Savannah, GA. A car or a bus could flip over in the green area surrounding a commercial office building. In these cases, you want Wayne Realty & Insurance Co Inc. in Goldsboro, NC, to have your back. Here’s why.

Is Property Insurance Meant for Both Personal as Well as Commercial Property?

Property is property, whether you own, rent, or lease it. The rare business, for example, owns the structure in which it works. That leaves an owner needing insurance on his commercial property. 

What’s meant by "property" is personal North Carolina land, rented or leased, upon which barns, sheds protecting machinery, silos, detached garages, pool houses, and other useful buildings rest. Vandalism, storms, or a vehicle could destroy these. 

Is This Type of Insurance Different from Flood or Disaster Insurance?

Yes. If a house had flood insurance, for example, no other structure on the property would be covered, such as sheds. Property insurance protects various buildings from the vagaries of weather, fire, and other kinds of trouble.

What Does Property Insurance Not Handle?

Typically excluded from property insurance policies are:

    • Money, bonds, bills, food stamps

    • Pets and animals that aren’t stock

    • Trucks, trailers, watercraft, and aircraft

    • North Carolina docks and piers

    • Hay outside the buildings and crops

    • Excavating or grading equipment

Final Thoughts

Property insurance isn’t about the grass but the structures on the grass. Not every insurance policy covers those, but Wayne Realty & Insurance Co Inc. in Goldsboro, NC policies do. Planes have been known to emergency land on wide and empty properties. Ensure yours is covered by dropping in or calling to learn more about it.

Home Insurance Coverage Options

The home insurance agents at the Wayne Realty & Insurance Co Inc. in the Goldsboro, NC area want homeowners to understand the importance of insurance to cover the considerable investment they have made in their beloved homes.

What Does Home Insurance Cover?

A home insurance policy will cover your home’s structure and any attached outbuildings. This can include decks and garages.

When it comes to your personal belongings, home insurance will help you replace those if your home is damaged or destroyed by a natural disaster, a fire, or an act of vandalism. Some of your personal belongings will include your clothing and toiletries, but they will also incorporate furniture and appliances that you have purchased for your home, as well as furniture.

If your home is burglarized, most home insurance policies will help you replace stolen items. A home insurance policy will also protect you from lawsuits if a visitor to your home falls and is injured or becomes injured in some other way while on your property.

You can add amendments to your home insurance policy to cover earthquakes and flooding since those are not automatically included in a home insurance policy. You can also include some other outbuildings, such as barns or sheds. You can accomplish this by speaking with a trusted home insurance agent who can assist you in creating the best policy for you and your situation.

If you owe money to a lender on the mortgage on your home, you must have a home insurance policy in place. Even if your house is paid off, you should have home insurance in case of a catastrophe.

Contact Wayne Realty & Insurance Co. Inc.

Call upon the trusted and experienced home insurance agents at the Wayne Realty & Insurance Co Inc. in the Goldsboro, NC area today to start your policy!

Do I need commercial insurance for my North Carolina business?

Being a business owner has continued to be a dream for many in the Goldsboro, NC area. When you want to build a business in this region of the state, you must evaluate all risks and mitigate them as well as you can. An excellent way to mitigate various risks is by getting a commercial policy offering the support you need. There are various reasons you will need this coverage.

Receive Financial Protection

A reason that all businesses here should have this coverage is so they can receive adequate financial protection. With commercial coverage, you will have financial support if you are named liable for damages. Further, if you lose commercial assets due to a covered risk, you will be supported to replace or repair these assets. 

Comply with any Requirements

A business today is also going to need to have this coverage so they can comply with any requirements that they have. When you start and grow a business, you will have to sign various documents that will require you to have insurance. This includes loan agreements, investor contractors, and documents signed with your top vendors and clients. If you have this coverage, you will meet these requirements and can remain in good standing. 

Those residing in the Goldsboro, NC area will want to know if they have selected the right insurance for their business. As there are complexities that come with choosing this type of coverage, starting your search with Wayne Realty & Insurance Co Inc. is a good option. The professionals at Wayne Realty & Insurance Co Inc. know how important this coverage is, and they will give you customized guidance to help you build your following policy. 

When Should I Consider Commercial Property Insurance?

Commercial property insurance is not a legal requirement for Goldsboro, NC business owners, but very often, a lender will require you to purchase a policy. Even when this is not the case, there are important reasons to consider opting into this protection. 

Consider Where Your Inventory is Stored

If you house a fleet of machines needed to move stock or perform other tasks, these can be damaged when a storm, high winds, or water damage occurs. In addition, your building may be subjected to a fire or even an electrical surge.

In such an event, your raw materials can be obliterated, taking your ability to earn an income with them, and finished products can also be destroyed. Commercial property insurance gives you some recourse in these situations, and your Wayne Realty & Insurance Co Inc representative can answer specific questions about what is included. 

Do You Have Visitors?

Depending on your business, you may have customers that enter the premises and that can be subjected to falls, hurting themselves. When this happens, you can be responsible for paying for medical expenses due to injuries and even lost wages.

There are scenarios when you can be taken to court if a reasonable outcome is not achieved. Any accidents involving your equipment can occur, and incidents of this type can be devastating to a business owner. Your reputation is also at stake, and commercial property insurance allows claims to be handled promptly and professionally. 

Wayne Realty & Insurance Co Inc. Can Help

We specialize in personalizing insurance plans to meet our client’s needs, and we work with business owners in the Goldsboro, NC region. Contact us for more information by calling, stopping at our office, or visiting us on the web

Three potential financial disasters you can avoid with umbrella insurance

Umbrella insurance gives consumers more peace of mind. Although your home and auto insurance may cover lawsuit costs you face in many cases, these insurance policies have maximum limits. Umbrella insurance covers you if you face a liability situation where you are required to pay more than your home and auto insurance will offer. 

Wayne Realty & Insurance Co Inc. is an insurance provider in Goldsboro, NC offering umbrella insurance coverage. The following are three potential financial disasters you can avoid with umbrella insurance. 

High legal fees that you can’t afford

If you become embroiled in a lawsuit, you will likely have to pay a lot in legal costs to defend yourself. Fortunately, the umbrella insurance coverage will pay for your legal bills if you get involved with a lawsuit resulting from various possible liability issues. 

Loss of retirement savings

Without umbrella insurance coverage, your retirement savings could be at risk. Certain types of retirement savings will not be protected from seizure if you are ordered to pay damages due to a lawsuit. The loss of your retirement savings can delay a comfortable retirement or make you less financially stable once you finally can retire. 

Loss of your assets to cover damages you have to pay to another party

You’ve worked hard to accumulate wealth and assets throughout your life. A liability lawsuit can set you back significantly by leading to a large-scale loss of assets. Umbrella insurance coverage will protect your assets even if you face a costly lawsuit. 

Let us assist you with finding umbrella insurance coverage. Consumers in Goldsboro, NC can protect their finances and avoid financial disasters with umbrella insurance from Wayne Realty & Insurance Co Inc. Contact us for an umbrella insurance policy quote. 

How Does Property Insurance Differ From Homeowners Insurance?

Here at Wayne Realty & Insurance Co Inc, serving the greater Goldsboro, NC area, we get a lot of questions about property insurance. Property insurance is not a term that many people are familiar with. However, property insurance is a lot like home insurance. Once people hear this, they often wonder how property insurance differs from home insurance. Read on to learn more about some of these differences. 

How Does Property Insurance Differ From Homeowners Insurance?

Homeowners insurance is designed to protect your home. In some cases, it may protect other buildings on a property, such as a garage or a shed, but it does not always protect all buildings on a property. On the other hand, property insurance is designed to protect all buildings on a piece of property. This may include farms that have storage sheds, barns, silos, and a farmhouse or may consist of homes that have pool homes or mother-in-law homes on the same property. 

What Types of Buildings Can Be Insured By Property Insurance?

Property insurance is designed to cover multiple buildings that are on one property. Many different types of buildings can be covered, including homes, cabins, pool homes, sheds, storage buildings, barns, and garages. If a structure is built to code and has the proper building permits, it can be covered with a property insurance policy. 

As a property or homeowner, you need to ensure that you have the right insurance at all times to protect the investment you have made in land and buildings on that land. At Wayne Realty & Insurance Co Inc, serving the greater Goldsboro, NC area, our team of insurance agents work hard to answer questions and help clients find the right insurance product for their needs. Reach out to us today to discuss your insurance needs and how we can help.