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INSURANCE SERVICES
Frequently Asked Questions
Q: My current policy doesn't expire for
six months; when should I call for a quote?
A: The best time to call would be at least 60 days before the policy expires,
but do not hesitate to call for a quote or to ask questions.
Q: What types of property do I need to insure?
A: Your business may not possess all the following types of property,
but you can use this list to make sure you have considered all the categories
and any insurance coverage that may be warranted:
- Buildings and other structures (owned or leased)
- Furniture, equipment and supplies (owned or leased)
- Inventory records of accounts receivable
- Improvements made to premises
- Machinery and data processing equipment
- Valuable papers and documents
- Signs, fences and other outdoor property not attached to your building
- Intangible property such as trademarks
- To establish the amount of insurance you need on each item, we can help you review the types of property and their uses. Some of these items are covered in basic policies while endorsements, or riders, may be added to cover others.
Q: Who decides how much my business property
is worth?
A: Property insurance can be purchased on the basis of the property's
actual value, on its replacement cost, or on an agreed amount.
Q: Is the coverage on the cars and trucks
my business owns the same as on my personal car?
A: Yes. A business automobile policy covers any motor vehicle used in
your business, including cars, vans, trucks and trailers pulled by trucks.
The policy covers liability if the business vehicle is in an accident;
the driver is at fault; and you have physical damage coverage.
Q: Must I provide workers' compensation
insurance for my employees?
A: Yes. Most states require that every employer provide workers' compensation
insurance for all employees. This protects the employee and also offers
the business owner a degree of immunity from lawsuit by an injured employee.
The East Carolina Bank, 35080 US 264 / P.O. Box 337 ,
Engelhard, NC 27824
Phone: (252) 925-9411, Fax: (252) 925-8491
Email: ecbonline@ecbbancorp.com