Small Business Insurance in North Carolina

Jun 16, 2023 · 7 minutes to read

The small business community in North Carolina, particularly in Raleigh, is experiencing notable growth.

When accidents occur, having the right commercial insurance in Raleigh can provide you with peace of mind and enable you to focus on your business endeavors.

Business insurance in North Carolina helps cover unexpected costs, including:

  • Non-employee injuries
  • Property Damage
  • Professional negligence accusations
  • Employees getting hurt at work
  • Accidents when driving for business

BizInsure has a 100% commitment to small businesses and covers more than 1,300 different types of businesses. We make it simple for you to find the right coverage and the best price.

North Carolina small business insurance isn’t a one-size-fits-all

It doesn’t matter if you own a construction company in Wilmington or are a professional services worker who works independently in Raleigh. Choosing the right insurance for small businesses is important. Insurance companies create customized packages with different types of coverage. These are called policies.

A four-person trucking team in Asheville, for example, may require general insurance, if they cause damage to property or injuries, auto insurance, to protect their vehicles, and coverage for workers’ compensation, in the event the team gets hurt at work.

An architect in Chapel Hill will likely need professional negligence coverage to cover them if they are accused of making an error in their professional capacity which causes financial loss, as well as commercial real estate insurance for protection of their building and business.

Your North Carolina business package will be tailored to your profession and business operations.

What is the minimum insurance requirement for businesses in North Carolina?

In certain situations, North Carolina law requires commercial auto and workers’ compensation insurance.

Your clients, licensing agencies, or commercial landlords may also ask you to carry other types of insurance. A new client may ask for a Certificate of Liability Insurance to work with you.

Worker’s Compensation Insurance Requirements

There are certain minimum insurance requirements for North Carolina businesses. According to North Carolina Workers’ Compensation Act, businesses with at least three employees are required to have workers’ compensation insurance or be self-insured.

You may not need to protect yourself if you’re the sole owner, a member of an LLC, or a partner in your business. You must still cover your employees even if they’re labeled as independent contractors or subcontractors.

North Carolina’s insurance laws are very important. You could face financial penalties or even criminal charges if you do not have workers’ compensation insurance.

Commercial Auto insurance requirements

North Carolina requires commercial auto insurance, in accordance with state laws. You need commercial auto insurance in North Carolina at the following levels:

  • Personal Injury Protection (PIP): This coverage pays for medical expenses incurred by drivers and passengers of your commercial vehicle.
  • Commercial auto insurance policies must include a minimum of $30,000. This includes $30,000.00 per person injured, $60,000.00 for all people injured, and $25,000.00 for property damage. This requirement may be higher in some industries.
  • Uninsured motorist coverage: This helps cover uninsured and often hit-and-run drivers.

Business insurance types in North Carolina

In North Carolina, most small businesses need multiple types of insurance coverage. Learn how to protect yourself with different types of insurance policies.

General Liability insurance

Also known as business liability insurance, this is one of North Carolina’s most important types of insurance for small businesses.

General liability insurance can pay for medical expenses or repair or replace damaged property if someone alleges that your business is responsible for injuries or damage.

An employee of a Charlotte cleaning company might forget to post wet floor signs, and someone slips and falls. General liability insurance for the cleaning company could cover the medical costs of the injured person, as well as legal fees if they sue.

In North Carolina, many construction and cleaning firms add equipment and tools insurance as part of their general liability policy. This optional upgrade will help replace equipment that is lost, stolen, or damaged beyond normal wear and tear.

Workers’ Compensation Insurance

North Carolina requires that businesses with more than three employees carry coverage for workers’ compensation.

Workers’ compensation is a great benefit for any business that has employees. This type of coverage is intended to be used after a workplace injury. This coverage can cover medical costs, lost wages, and physical rehabilitation after an employee is injured on the job.

For example, a worker from a Greensboro landscape firm may cut his hand while trimming bushes. Workers’ compensation could cover hospital costs and lost wages if the employee is unable to work and needs medical care.

Commercial Auto insurance

Commercial auto insurance can be a good option if you own or drive vehicles for your business.

Commercial auto insurance can cover vehicle repairs, medical expenses, and property damage if you or one of your employees are involved in an accident while driving for business. Business driving is not covered by personal auto insurance policies.

For example, after delivery in Durham, the employee of a clothing store backed their company van into another car, causing damage to both cars and injuries to the driver. Commercial auto insurance could pay for both vehicles and the driver’s hospital visit.

North Carolina Commercial Property Insurance

North Carolina Commercial Property Insurance helps pay for a business property damaged or destroyed after a fire, water, or wind damage.

A grease fire, for example, could damage the cooking station at a fast-casual Jacksonville restaurant. Commercial property insurance could pay for the repair of the grill or to replace frying pans that have been damaged.

You should carefully read the policy documents to ensure that there are no exclusions. Certain locations that are prone to hurricane or flooding damage may have limited coverage.

Professional Liability Insurance (E&O)

In North Carolina, many businesses choose professional liability insurance. This is also known as errors & omissions coverage.

This type of insurance can be used to pay for attorney’s fees, litigation costs, and damages if someone alleges that your business made a mistake, missed a date, or did not deliver the work.

In the following scenario, professional liability insurance would be applicable:

A client claims that an accountant from Raleigh committed a tax mistake that resulted in significant IRS fines. The client files a suit to recover damages. Professional liability may help cover the legal defense costs of an accounting firm and settlements.

How much is business insurance in North Carolina?

In North Carolina, the cost of business insurance is determined by your occupation, business size, and operations. These are the factors that can affect your cost:

The risk your company faces

You’ll pay more for business insurance if you work in a field that is more likely to be involved in accidents and injuries. Auto body shops, for example, are places that can be a source of bodily injury or property damage. They often pay more for their coverage than office workers such as real estate agents or graphic designers.

The policies you choose

As you add more policies to your package, the cost of business insurance will increase. You can bundle multiple policies and get discounts. Many businesses require multiple types of policies to cover them in various situations.

How many employees you have

The monthly cost of workers’ compensation insurance will be higher for companies with more employees. Use your exact employee number to get an accurate insurance quote.

Business insurance in North Carolina: How BizInsure can assist you

With BizInsure, small business owners can easily get a business insurance quote, buy coverage, and share a Certificate of Insurance.

If you have any questions or need assistance, our licensed BizInsure insurance agents in the U.S. can help.

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The coverage you need for your business

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