What to Know about Business Insurance

in North Carolina

Facts about Business Insurance in North Carolina

Business insurance is a plan designed to cover your company against losses related to hazards like hurricanes, severe storms, wildfires, property crimes, and liability lawsuits. Although a business insurance policy is not required by law, some types of business coverage may be. If you have at least three employees, you will be required to have worker's compensation insurance; and if your business owns and operates vehicles, you will need to cover them with a commercial auto insurance policy. 

More North Carolina business insurance facts 

  • In 2018, Hurricane Florence caused more than $50 billion in damage.
  • In 2016, wildfires burned more than 47,000 acres in North Carolina.
  • NC businesses collect an average of $6.7 billion in claims each year.
  • One in 37 residents of NC will be a victim of a property crime.

Cost of Business Insurance in North Carolina

The cost of business insurance can vary significantly from one company to the next. Factors that may influence your rates include the size of your business, the value of your commercial assets, your liability risks, and the number of people you employ. There are several different policy types and options that you can choose from as you customize your commercial coverage. An independent insurance agent can help you find the best price for the coverage you need while ensuring that you are not spending money on coverage that doesn’t make sense for your particular business.

Average Cost of the Top Business Insurance Claims

average cost of business insurance claims

Why Choose an Independent Agent in North Carolina?

  • Local agents are familiar with the risks you face in your city.
  • Unlike captive agents, independent agents can shop for rates.
  • Independent agents can help with all of your insurance needs.

Find an independent agent in North Carolina

In the environmental business, it's hard to find a company that will have the coverage that we need or that will even cover us at all. So, we found an agent at Trusted Choice who was willing to write us a policy. The process was easy, and I will continue to refer them to anyone in search of business insurance.

5 stars Joe of Asheville, NC Consumer Affairs

What Does Your Business Insurance Policy Cover?

Every business is different. That is why commercial insurance providers allow business owners to customize their insurance so that every policy is customized to meet each individual company’s specific coverage needs. An independent insurance agent can work with you to ensure that you understand your multiple coverage options and that your policy does not include any unintentional coverage gaps. A typical business insurance policy in North Carolina covers:

  1. Commercial property: Property insurance can cover your business assets, from merchandise and décor to tools and machinery. Hurricane-force winds destroy the roof of your retail store and damage your full inventory.
  2. Liability lawsuits: Liability insurance pays your legal fees, court costs, and damages if your business is sued for a covered event. A diner at your restaurant is hospitalized with salmonella after eating undercooked chicken.
  3. Company vehicles: Commercial vehicle insurance can cover property damage and bodily injury liability costs if your driver causes a collision. An unexpected snowstorm causes your delivery driver to lose control and hit another car.
  4. Employee injuries: Worker's compensation can cover medical costs and lost wages if an employee is hurt on the job. A worker at your tobacco manufacturing plant becomes ill from exposure to endotoxins in the air.
  5. Property crimes: Your insurance policy can reimburse you for losses caused by property crimes like theft, vandalism, and arson. An audit at your financial services firm reveals that an employee has embezzled large sums of money.

Although hurricane damage is covered by most business insurance policies, the flood damage that typically goes along with these storms is not. If your business is located in a flood zone, or is otherwise at risk for flash flooding, be sure to talk to your independent insurance agent about supplementing your coverage with a commercial flood insurance policy through the National Flood Insurance Program (NFIP).

Top Insurance Companies That Support Independent Agents in North Carolina

There are currently 693 independent insurance agencies in North Carolina who are ready to help. These agents can save you  time and money by helping you find reasonably-priced coverage that is custom-built to meet the specific coverage needs of your North Carolina business. Talk to an insurance agent near you to get more information and to start comparing commercial insurance quotes.

Why go Independent

Why Go Independent When Looking for Business Insurance

  • Expertise in your business
  • Multiple quotes from one agent
  • Get more value for your money