When you start a business, it takes considerable courage, fortitude, and determination to make it succeed. For your company to prosper, you’ll also need a comprehensive commercial insurance policy to protect your assets. Below, Mountcastle Insurance, the most experienced agency in Winston-Salem, NC, discusses some of the most important insurance tips for new businesses.

Starting a New Company? 5 Insurance Tips You Need

1. Start With a Business Owner’s Policy

A business owner’s policy is a bundle of coverage types that protects your company against a variety of risks in a single package. Although the particulars differ by region and insurer, these policies usually cover most property and liability hazards and make a great starting point for most business owners.

2. Don't Rely on Your Homeowners Policy

If you operate a home-based business, your homeowners insurance policy probably won't cover any substantial business losses. You'll need separate commercial insurance to cover your company assets and protect you against liability.

3. Don't Forget Workers’ Compensation

If you employ three or more workers, the state of North Carolina requires you to purchase workers’ compensation coverage. This protects your employees and pays for medical treatments resulting from a workplace injury or illness. Be aware that freelancers and contractors often count as employees for workers’ comp purposes.

4. Consider Cyber Liability Coverage

If you handle sensitive information, such as patient records or customer financial information, consider cyber liability insurance to protect yourself in the event of a data breach or information leak. Without it, you could be vulnerable to a lawsuit and damages your traditional liability policy won't cover.

5. Work With an Independent Agency

An independent insurance agency is not tied to a single insurer, but rather has the freedom to seek the best, most affordable policy for your particular needs. Working with an independent agent gives you options and often results in a less expensive policy individually tailored to your needs.

Mountcastle Insurance has helped businesses throughout Winston-Salem, NC, design exceptional insurance policies for more than 125 years. They have the experience and expertise to help you protect your company with the right type and amount of commercial insurance. Visit their website to get a quote today, or call (336) 777-8500 to speak with a helpful agent about your business.