Contractors Insurance in North Carolina

Why do general contractors need insurance in North Carolina?

Construction is one of the largest sectors that is found in The Old North State. Over the 99,000 sole entrepreneurs are employed in this field.

Construction sites can be risky to work. A simple accident could create an expensive liability issue for your small businesses, regardless of whether you are working on commercial or residential projects. Insurance for contractors can safeguard your North Carolina company from accidents and delays.

The term contractor insurance can be used to refer to the different types of insurance that general contractors may select, such as:

• General Liability
• Business Owner’s Policy
• Workers’ Compensation

Find out how BizInsure helps you find contractor insurance for your North Carolina business.

What are the most popular insurance policies for contractors in North Carolina?

North Carolina tradespeople consider several types of insurance for contractors. These policies might aid in reducing the typical risks that general contracting companies have to face.

General Liability Insurance

Everything could happen at the construction site. An innocent action–like placing your toolbox in the wrong place–could result in an enormous problem for your company in the event that someone gets hurt because of the mistake you made.

General Liability policy can protect you against any claim by an outside party regarding injury or damage to their property. In these instances, your policy will cover your legal expenses as well as your cost to replace or remedy the situation up to the limits of liability.

North Carolina contractor’s General Liability insurance may also be referred to as “slip and fall” coverage or Commercial General Liability (CGL).

Business Owner’s Policy

In the construction industry there are times when things don’t go exactly as they are planned. The construction industry is prone to delays in projects, broken tools and other accidents.

Business Owner’s Policy (BOP) is a convenient and affordable way for small business owners to protect against several of their most common exposures. These policies combine General Liability insurance with other types of coverage, such as business interruption and business property damage.

BOPs can be customized to provide options to cover the specific needs of your business. This can be a convenient and affordable way to shield yourself against many common dangers that general contractors are exposed to.

Workers’ Compensation Insurance

It is your responsibility to make sure that your employees are healthy and happy working on them to run your company.

Workers’ Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace.

In North Carolina, Workers’ Compensation insurance is mandatory for businesses that have three or more employees (with some exceptions).