North Carolina Commercial Insurance Requirements
In the state of North Carolina, if your business employs three or more part-time or full-time employees, you must have workers’ compensation insurance in place to cover them. This type of coverage is put in place to help pay the medical costs and time off of work for your employees if they are injured on the job.
Also in North Carolina, you must have commercial auto liability insurance on all business-owned vehicles, and you should have the same coverage on personal vehicles that are used for business purposes. These state laws are required for all drivers in North Carolina.
Business Owner’s Insurance and General Liability
Your business owner’s insurance policy will cover any injuries that may happen to a customer while visiting your business or because of an incident that occurred while your business is conducting a service for your business. It will also cover customer property that is damaged by your business and any damages your business sustains from vandalism, theft, a natural disaster, or a fire.
General liability will also cover customer injuries, customer property damage, and business property damage along with libel or slander lawsuits.
Other Coverage Options
You can also obtain professional and cyber liability insurance to help protect your business even further. Professional liability insurance covers any mistakes and oversights that have been with your business along with negligence lawsuits, and late or incomplete work by your business. Cyber insurance covers any data breaches, notification expenses for communicating with your clients if there is a security breach and fraud monitoring costs.
To get your commercial insurance policy started or for a quote, contact the agents at the Leavitt Elite Insurance Advisors in Mooresville, NC today!