If you are in the Wholesale or Distribution Business, there are specifics related to the type of insurance Coverages that you need. Carolina Industrial can help.

Below are the “Normally Suggested Coverages” for this type of Business:

Commercial Property Insurance covers property owned by an individual or a business that is used in normal business operations. Typically, this type of coverage is for Buildings, Contents, Loss of Income, and Extra Expense Coverage and is combined under a Commercial Package Policy or a Business Owner’s Policy with General Liability and other optional coverages.

If you are a Small Business Owner and work out of your home, your Homeowner’s Policy will frequently exclude coverage for business-related property beyond a small set limit. Be aware of this limitation.

This type of coverage protects the employer against claims by current and former employees resulting from negligent acts or omissions in the administration of the insured's Employee Benefits Programs, including Group Life Insurance and Group Accident and/or Health Insurance; Profit Sharing plans; Social Security benefits, Disability benefits, etc.

General Liability Coverage is designed to cover bodily injury or property damage to other persons or businesses as a result of your operations. Normally triggered from either an injury sustained on your business premises or as a result of your business operations or products where a loss occurs, this type of policy will typically pay for both damages to the claimant and the cost to hire an attorney for you.

Product Liability Insurance protects retail businesses from claims related to the manufacture or sale of food, medicines, products, or other goods to the public. It covers the manufacturer or seller's liability for losses or injuries to a buyer, bystander, or user caused by a defect or malfunction of the product, and, in some instances, a defective design, or a failure to warn.

Workers' Compensation Coverage provides employers and employees with medical care, death benefits, and lost wages for work related injuries and illnesses, normally to the first dollar.

The cost for Workers’ Compensation Coverage is based upon how much employees are paid on a per $100 basis. In other words, if you have a clerical office you can expect to pay .38 to .42 cents per $100 of payroll. Another easy way to figure the cost is to divide your total yearly payroll by $100, then multiply the answer by the given Workers’ Compensation rate.

There are certain exceptions to this rule: Sole Proprietor, Corporate Officers, and Members of a Limited Liability Company.


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