North Carolina (NC) Business Insurance

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Choose The Hartford for Your North Carolina Business Insurance Needs

Business Insurance North CarolinaWith over 10 million people living in the state of North Carolina, it’s no surprise that many of them work in small businesses. Small businesses make up nearly 98% of all North Carolina businesses and employ 46% of the state’s private workforce.1 The Hartford offers business insurance and small business insurance to North Carolina businesses to help protect company property, income and other assets belonging to the business. Learn more about North Carolina business insurance.
 

Top Types of North Carolina Business Insurance Offered

Liability Insurance North Carolina

Liability Insurance is one of the most important insurance policies North Carolina business owners can have. North Carolina Liability Insurance helps protect your business against claims that you are responsible for causing reputation damage, property damage or bodily injury to another. The Hartford includes Liability Insurance and business property insurance in our Business Owner’s Policy (BOP) insurance package. A BOP is convenient for business owners because it provides broad coverage for some common types of claims. Also, it often saves businesses money by combining these major coverages in one overarching policy. A North Carolina Business Owner’s Policy can also be customized to meet the specific needs of businesses by adding on additional optional coverages. Consider a Business Insurance Policy with The Hartford to help protect your business for example from the incidents like the following:
 
  • Your company is accused of reputation damage after you compare your services to another business’s services on your website.
  • A customer slips and is injured at your workplace, requires surgery and is now filing a lawsuit asking you to cover their medical expenses.
  • A customer claims your business damaged their property and wants you to replace it in full.

North Carolina Business Owner’s Policy

A Business Owner’s Policy combines business property and business liability insurance coverage into one policy for North Carolina business owners. A Business Owner’s Policy (BOP) can help cover your NC business from costs resulting from fire damage, vandalism or other covered claims. A BOP also includes business income insurance coverage to replace lost income when a business must suspend operations due to a covered loss. Businesses in NC can tailor a BOP to meet their specific needs by adding optional coverages including data breach insurance. Consider acquiring a BOP if for example:
 
  • Your business has inventory that can be damaged or stolen. This includes digital assets, customer information, office furniture or equipment, cash or other inventory.
  • Your business owns or rents a physical location including a storefront, office building or other workplace.
  • Your business has the potential of being involved in a lawsuit. This can include a customer getting injured in your workplace.

North Carolina Commercial Flood Insurance

Commercial Flood Insurance helps protect your North Carolina business from the damage that may come from flood waters. A commercial flood insurance policy will not only help cover your physical assets and content, but can also help cover the location of your business as well. A commercial flood insurance policy is designed to help protect your North Carolina business from the resulting costs if any part of your business sustains floodwater damage including floors, walls, ceilings, fixtures, furniture and inventory. Even if you live in an area that is not prone to flooding, consider commercial flood insurance if for example:
 
  • You run a business in an area with cold wintery conditions, including snow and warm springs. Fast melting snow is a top cause of flooding.
  • You experience moderate to intense rainfall throughout the year where your business resides. Even with average rainfall, municipal drains can become clogged and overflow into your workplace causing flood damage.

North Carolina Workers’ Compensation Insurance

The North Carolina Workers’ Compensation Act requires that all NC businesses that employ three or more employees, including those operating as corporations, sole proprietorships, limited liability companies and partnerships, obtain workers’ compensation insurance or qualify as self-insured employers for the purpose of paying workers’ compensation benefits to their employees.2 Workers’ Compensation Insurance provides benefits to employees for work-related injuries or illnesses including wages for lost work time, medical care and more. Workers' Comp can even provide a deceased worker’s family with financial benefits. Workman’s comp can help protect your North Carolina business in the event for example:
 
  • An employee stumbles over a rug in your office, injures himself and requires a trip to the emergency room and weeks of recovery time.
  • An employee injures her back lifting a box of office supplies and requires a physician’s attention, medication and recurring physical therapy.
  • An employee returning to the office from a client visit at the lake is injured in a car accident and requires an ambulance trip to the hospital and medical care.

North Carolina Minimum Business Insurance Requirements

The North Carolina Workers’ Compensation Act requires that all businesses that employ three or more employees obtain workers’ compensation insurance or qualify as self-insured employers for purposes of paying workers’ compensation benefits to their employees. Businesses in which one or more employees are employed in activities which involve the use or presence of radiation are required to have workers’ compensation coverage. If you subcontract work to a subcontractor who does not have workers’ compensation insurance, you may be liable for the work-related injuries of the subcontractor’s employees, regardless of the number of employees you or the subcontractor employs. If you fail to carry workers’ compensation insurance, you may face stiff financial penalties, be charged with a misdemeanor, be charged with a felony, or be imprisoned.3
 

Additional North Carolina Business Insurance Links

Get a quote on Small Business Insurance for your business today.
 
 
1 https://www.nccommerce.com/Portals/0/Research/MoEconOverview/North-Carolina-Economic-Facts.pdf
 
2, 3 http://www.ic.nc.gov/wcinsrqmt.html
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