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Do You Need Commercial Insurance in North Carolina?
Commercial liability insurance is not required in the state, but there are many benefits to having it. North Carolina is a negligence fault state, and there are no caps on damage awards. The statute of limitations on personal injury lawsuits is ten years. One lawsuit can wipe out a business without the proper insurance. Workers compensation is required for any businesses that have three or more employees. If you are driving a truck or car for commercial use, then you need a commercial auto insurance policy since you are required to have car insurance in the state.
When determining how much liability insurance to purchase, it will depend on the business you operate and the products you have. Many businesses should have between $500,000 and $1 million of insurance. If you have a high-risk business, such as a retail store that has a lot of interaction with the public, you may want to purchase additional coverage. Even if you run a business out of your home, you may still want to have a commercial policy. An agent at Griffin Insurance Agency can help you determine how much coverage you should get. Other optional coverage choices include business property insurance, professional liability, product liability, or errors and omissions.
We value the entrepreneurial spirit. We can help you implement the proper risk management strategy and insurance coverages to protect the business you have created and to ensure your business continues to have an opportunity to succeed and grow.
The following are some key coverages to consider for your small business:
As a business owner, you are potentially liable for every product, service, and operation relating to your business. While sound procedures may be stressed throughout your organization, the fact remains that no person or machine is perfect. In spite of your best efforts, harm caused to a third party relating to your business could lead to litigation. Commercial liability insurance is designed to protect business owners and assets from a variety of exposures.
Imagine that a fire breaks out and you lose your entire inventory. Or your business is burglarized causing physical damage and possibly lost assets. Your ability to recover from these incidents is dependent on your commercial property insurance.
Do you have business equipment, materials, or supplies in transit? Do you store business property in an off-site location? Protect your most valuable business property or equipment wherever it may be with inland marine coverage.
Your basic insurance policy does not protect you against damage from earthquakes and floods. Whether you are in a high-risk area or moderate-to-low risk area, you should consider adding earthquake and flood insurance to your policy. More than half of all flood claims occur in areas considered to have low flood exposure, and each year there are around 5,000 earthquakes in the United States.
Imagine you were involved in an accident in your personal vehicle while engaged in company business. Did you know your personal insurance may not cover you? What if you have employees on the road making service calls to customers? Commercial auto insurance provides valuable protection for your company-owned vehicles, leased or rented vehicles, and your employees' vehicles used for business purposes.
Without an excess or umbrella policy, a catastrophic claim could deplete your future income and business assets. Every business is vulnerable to devastating losses and lawsuits that could possibly exceed your primary insurance coverage. This is a critical coverage—especially for small to mid-sized businesses.
Contact Griffin Insurance Agency to get a quote on commercial insurance.