General Liability Insurance North Carolina: Everything You Need to Know
There are many risks that North Carolina business owners face daily, including property damages, bodily injuries, and data breaches. Non-fatal workplace injuries can disrupt your business and financial plans and even shut your business for good. That’s why having general liability insurance in North Carolina can help. Here’s everything you need to know.
What is General Liability Insurance NC?
General liability insurance in North Carolina is the most common business liability coverage. It is recommended that every North Carolina business owner considers having it as it protects against third-party bodily injuries and property damages. The policy also covers business owners in case of personal and advertising injury.
Who Needs General Liability Insurance in NC?
Every business owner in North Carolina should think about having general liability insurance as it covers them in many situations that could hurt their finances and business operations. Here are some of the professions that could use general liability insurance in North Caroline more than others:
- Cleaning services
- Personal trainers
- Hair salons
Is Liability Insurance Required by Law in NC?
These are the policies that are required by the law in North Carolina:
Workers’ Compensation Insurance
North Carolina state law requires workers’ compensation insurance for all business owners who employ three or more workers, full-time or part-time. Workers’ compensation insurance covers medical bills for work-related injuries and illnesses.
Commercial Auto Insurance
All vehicles that are used for business purposes in North Carolina must carry commercial auto insurance. Minimum requirements for auto liability insurance in North Carolina are $30,000 bodily injury liability per person, $60,000 bodily injury liability per accident, and $25,000 property damage liability.
Other Types of North Carolina Insurance
General Liability Insurance
General liability insurance in NC covers business owners in case of third-party bodily injuries, property damages, and personal and advertising injuries.
North Carolina Business Owners’ Policy (BOP)
A business owners’ policy combines property and liability coverage into one policy. This insurance is recommended for small to medium-sized businesses that rent or own commercial properties.
Professional Liability Insurance
Businesses in North Carolina that offer professional services should take this policy into consideration as it protects them from claims of professional negligence (actual or alleged), and it helps them pay for defense costs. This type of policy is also known as Errors and Omissions insurance (E&O).
Cyber insurance covers North Carolina business owners in case of data breaches and cyberattacks. Cyber insurance includes first-party and third-party protection for situations such as investigative services, data recoveries, and legal costs. The policy is recommended for businesses that store or manage customer data, like credit card information.
How to Get a North Carolina Liability Insurance Certificate
A certificate of insurance is typically issued by a broker or the insurance company. In some cases, the certificate is issued immediately after the contract between the insurer and the insured is signed. In other cases, you might be required to request a copy of the liability insurance certificate in North Carolina. If this is the case, there might be a short delay and it is advised to make the request a few days before you need it.
How Much is General Liability Insurance in North Carolina?
In most cases, small businesses in North Carolina are expected to pay between $300 and $5,000 per year for their general liability policy. The cost of general liability insurance in NC will depend on the SIC code or the insurance company’s own classification system for GL rating. Other factors that have an impact on the cost of your general liability policy include:
- The type of business
- Business location
- Prior claims
- Years in business
East Insurance Group Offers General Liability Insurance in All North Carolina Cities
You can purchase general liability insurance from East Insurance Group in all cities in North Carolina, including but not limited to:
- High Point
Are you still confused about general liability insurance in North Carolina, or do you need some help getting a quote for your business? Contact us today and get all the information you need fast and for free!
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