Insurance for Small Business Owners in North Carolina

Commercial Auto Insurance.

Commercial vehicles operated by businesses in North Carolina must have adequate automobile insurance coverage. Coverage should include bodily injury liability ($30,000 per person/$60,000 per accident) and property damage liability ($25,000 per accident).

Workers’ Compensation Insurance.

For North Carolina businesses employing three or more employees, Workers’ Compensation insurance is a requirement. It typically covers expenses related to employee-involved injuries and illnesses, as well as legal claims stemming from those incidents.

Insurance for Small Business Owners.

A Business Owner’s Policy (or BOP) provides value to small businesses in North Carolina by combining property insurance and general liability insurance into a cost-effective coverage package. The liability coverage typically extends to injury claims made by customers, and the property coverage extends to building, machinery, and personal property damage.

General Liability Insurance.

While the state does not require this coverage, a commercial leasing agent may require general small business liability coverage in their property leasing contracts. This coverage helps small businesses manage the financial burden of paying out costly customer injury claims, as well as legal expenses related to slander and libel lawsuits. 

Professional Liability Insurance.

North Carolina businesses that provide expertise and consulting services can protect themselves from costs resulting from work mistakes and errors, missed deadlines, incomplete work and professional negligence lawsuits. Professional liability insurance is often referred to as "errors and omissions insurance." 

Cyber Liability Insurance.

In North Carolina recommended cyber liability coverage can help businesses recover from hacking and data breaches by paying related customer notification and fraud monitoring costs, as well as associated legal fees.