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North Carolina Business Insurance

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Business insurance in North Carolina

North Carolina is one of the top 10 states for small companies and self-employed workers, with nearly 900,000 such businesses.1 

Starting and growing a small business is hard work, so it’s essential to protect your investment with the right insurance coverage.

Business insurance in North Carolina helps pay for incidents such as:

  • Damage to someone else’s property
  • Accusations of injury
  • Employees who get hurt on the job
  • Alleged professional negligence
  • Accidents that happen while driving for work

Next Insurance helps more than 1,000 types of small businesses and self-employed workers easily get the coverage they need online at the best price. We specialize in small business insurance, so we can easily help you find a custom insurance package that is right for you.

Continue reading to find out about the most important types of business insurance in North Carolina or start a free instant quote to review options for your business.

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How Next can help you with business insurance in North Carolina

We offer a quick and simple way for you to get business insurance quotes online, purchase coverage and share your certificate of insurance. The entire process typically takes just a few minutes.

Our team of licensed, U.S.-based advisors can help you if you have any questions. 

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Business insurance coverage and requirements in North Carolina

The types of business insurance you’ll need and your policy limits depend on a few factors, including:

  • Risks you frequently encounter 
  • Your industry
  • Your company’s headcount

Business insurance in North Carolina typically comes in a package that includes some or all of the following types of coverage:


General Liability insurance 

General liability insurance is one of the most important forms of small business coverage in North Carolina. 

If someone claims that your actions caused injury or property damage, general liability insurance in North Carolina helps the business pay for medical expenses and to repair or replace items. 

For example, an employee at a Charlotte-based cleaning company forgets to place warning signs about wet floors and a visitor to the building has a slip-and-fall injury. The cleaning company’s general liability coverage helps cover the visitor’s medical bills and would also assist with legal expenses in the event of a lawsuit.

Construction and cleaning companies in North Carolina often add tools and equipment insurance to their general liability coverage. This upgrade helps pay to replace business items that are stolen, damaged or lost.


Workers’ Compensation insurance

North Carolina law requires that business with at least three employees carry workers’ compensation coverage. The state allows for exemptions in a few cases.2

But even if you only have one employee or are technically exempt, workers’ comp coverage can save your company money and headaches in the long run. This coverage helps employees who get hurt at work pay for medical expenses, lost wages and physical rehab costs.

For instance, a worker at a Greensboro landscaping firm cuts a hand while pruning bushes. If the employee needs medical attention, workers’ comp coverage assists with hospital bills and partially covers lost wages during recovery.


Professional Liability (E&O) insurance 

No business owner wants to be accused of negligence. But if someone claims that your company makes a professional mistake, misses a deadline or fails to deliver work, professional liability, or errors and omissions (E&O) insurance, helps cover lawsuit costs and damages.

Professional liability coverage would apply in the following situation:

A client says that a self-employed accountant in Raleigh made a tax error that caused several thousands dollars in losses and filed a lawsuit to recoup damages. Professional liability insurance helps the accounting firm cover attorney fees, court costs and settlements up to the policy’s limits.


Commercial Auto insurance

North Carolina requires all businesses that own vehicles to carry a minimum of $60,000 in commercial auto insurance.3 Your personal auto insurance policy is unlikely to cover accidents that happen when driving for business purposes.

For instance, business partners at a welding company in Durham drive a rented van back from a job in the Research Triangle and have an accident that damages several cars. Commercial auto coverage helps the welders repair or replace vehicles up to the policy’s limits.

Commercial auto insurance helps pay for accident damages and medical bills if business owners or employees have an accident while driving for work. Hired and non-owned auto insurance is a type of commercial auto insurance that pays for accident damages for employees who sometimes drive their own cars or rent vehicles for work.

Depending on your company’s operations, you might benefit from both forms of coverage.

If an Asheville-based catering company sometimes rents extra vans on busy weekends, commercial and hired and non-owned auto insurance would help cover accident damages in both-business owned and rented vehicles.

How much does business insurance in North Carolina cost?

According to Next Insurance data, our customers in North Carolina spend a median of $43 each month on business insurance .How much you should budget for coverage depends on considerations like:

Your industry and associated risks. Businesses in higher-risk industries should plan for higher insurance costs. North Carolina-based construction companies spend a median of $60 each month since the risk of injury is significantly higher than in other industries. Retailers pay $25 per month for insurance.

The amount of coverage you purchase. You’ll save money on business insurance if you choose minimal protection and lower policy limits. But in the event of an accident, you’ll probably pay more out of pocket to fix the problem.

The number of employees at your business. Companies with several employees will spend more on workers’ comp insurance each month, so make sure you know exactly how many people you employ before shopping for coverage.

Start a quote with Next Insurance today to explore coverage options for your business in just a few minutes.


More resources for North Carolina small businesses and self-employed workers

Check out these links if you would like to learn more about starting a business in North Carolina:

Article sources: 

  1. U.S. Small Business Association
  2. North Carolina Industrial Commission 
  3. North Carolina Department of Motor Vehicles