Icon.
North Carolina

Insurance for Small Business Owners

Do You Need Small Business Insurance in North Carolina?

From Charlotte to Jacksonville, small businesses have made a big impact on the Tar Heel state. In North Carolina, these businesses provide products and vital services across various industries—such as healthcare, manufacturing, and real estate.

  • There are over 840,000 small businesses employing 1.6 million workers in North Carolina  
  • Small businesses account for 97% of all businesses in North Carolina
  • Those small businesses with fewer than 100 employees comprise the largest share of employment

Given the jarring financial impact of company vehicle accidents, theft, building or equipment damage, etc., small businesses in North Carolina are required to have certain types of insurance coverage. And while certain insurance coverages are mandated by the state, other entities—such as a commercial property leasing agent—may require additional coverage that extends beyond state requirements.

Required North Carolina Business Insurance Coverage

The State of North Carolina requires the following insurance coverage for small businesses:
  1. 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).

  2. 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.

Recommended Business Insurance Coverage in North Carolina

The following insurance coverage is recommended for North Carolina small businesses:
  1. 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.

  2. 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. 

  3. 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." 

  4. 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. 

Our Small Business Insurance Company Is Here to Help

  1. Q
    Does B2Z offer small business coverage in North Carolina?
    A

    Yes. We currently offer North Carolina small business owners the following types of insurance policies:

  2. Q
    How do I get a quote for small business insurance in North Carolina?
    A

    It’s simple! Click on the Request a Quote button and answer a few questions.