Business Insurance

Why Get Business Insurance in North Carolina
Business liability insurance offers financial protection to every type of business in North Carolina. Whether you own a small retail establishment or a large business with hundreds of employees, North Carolina business insurance protects business owners from loss by covering the cost of damages and injuries due to accidents or natural disasters. As with all types of insurance, there are exceptions as to what is covered. Some of these exclusions are professional liability, claims involving discriminatory or unfair practices, and claims brought by a subcontractor. As a responsible business owner, it is important that you remain well-informed as to what North Carolina liability coverage does and does not pay for in the event of a claim. By doing this, you can further protect yourself and your assets by purchasing additional types of coverage and adding them to your liability policy.

Workers Compensation in North Carolina
If you own a business in North Carolina and have employees working within the state, you are required to provide worker’s compensation insurance for them. Waivers are not allowed. The procurement of worker’s compensation insurance may either be through private insurance carrier or self-insurance.

The following are exempt under the provisions of the Worker’s Compensation Act:

  • Employers with less than three employees
  • Sawmill and logging operators with fewer than ten employees
  • Agricultural employers with less than ten non-seasonal full-time agricultural workers
  • Domestic servants working for an employer who hired fewer than ten non-seasonal full-time laborers

Other benefits received by the employee in accordance with the Worker’s Compensation Law are medical, disability and death benefits.

Coverage for North Carolina Business Insurance
There are a few important things that should be considered when putting together a business liability insurance policy. First, worker’s compensation is required for all employees. Unfortunately, no one knows when an accident might occur. Even if your business adheres to the strictest safety standards, accidents do happen. Whenever an accident does happen, the normal response is for the injured party to file a claim against your business. Adequate liability insurance means that the expenses that result from an accident such as medical bills, lost wages, and even legal and court costs will all be covered by your policy.

Liability coverage for businesses may include:

  • Bodily injury
  • Negligence
  • Property damage
  • And many other optional add-ons

Business liability insurance rates in North Carolina normally are based on the type of business that is being insured and the number of employees. A company which is considered “high risk” by insurance underwriters can expect to pay higher premiums than one that is classified as “low risk”. For example, a business which deals with heavy equipment or hazardous chemicals will more than likely pay more for liability insurance than a restaurant or small retail establishment.

Furthermore, North Carolina business liability insurance allows business owners to add coverage that is not a part of the basic default policy. The basic coverage includes property damage, physical injury and advertising injury. Other coverage options which you may want to consider are:

  • Professional Liability – also referred to as errors & omissions. This insurance will pay damages to third parties due to the negligence or wrongdoing on the part of a business.
  • Employment Practices Liability shields companies against employees’ claims for wrongful termination, discrimination or harassment.

When you’re looking for comprehensive business liability insurance, a good place to start is online. Using the internet, you can contact several different insurance companies to get multiple quotes and compare different policies. By doing this, you can make a financially sound decision when you choose your policy. Protect your hard-earned business investment by purchasing adequate North Carolina business insurance. It’s one of the smartest decisions you can make as a business owner.