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Recommended insurance policies for small businesses in North Carolina
General liability insurance
General liability covers common risks for small businesses in North Carolina, including customer injuries. Commercial leases often require this policy.
- Customer injuries at your company
- Damaged customer property
- Copyright and defamation lawsuits
Errors and omissions insurance
This policy is also called professional liability insurance. It protects professionals against lawsuits over mistakes, missed deadlines, and oversights.
- Work errors and oversights
- Professional negligence lawsuits
- Late or incomplete work
Cyber liability insurance
This policy protects North Carolina small businesses against data breaches and cyberattacks that affect your business or a client.
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Business owner’s policy
This policy bundles property insurance and general liability insurance. It's often the most cost-effective type of commercial insurance for a North Carolina small business.
- Customer injuries
- Damaged customer property
- Damaged business property
Workers’ compensation
Workers’ compensation is required for North Carolina small businesses that have three or more employees. It can cover medical costs for work injuries.
- Employee medical expenses
- Wages lost while unable to work
- Lawsuits over employee injuries
Commercial auto insurance
This policy is required for vehicles owned by North Carolina small businesses. It covers injuries and property damage in an accident, along with other types of damage.
- Accidents involving business-owned vehicles
- Theft of a business-owned vehicle
- Damage to a company vehicle
Looking for different coverage? Check out our other policies.
What are the insurance requirements for small businesses in North Carolina?
Workers' compensation insurance
North Carolina state law requires businesses with three or more employees, full-time or part-time, to carry workers’ compensation insurance. This policy covers medical bills for work injuries and illnesses.
Commercial auto insurance
Vehicles owned by small businesses in North Carolina must be covered by commercial auto insurance. North Carolina’s commercial auto insurance requirements are:
- Bodily injury liability: $30,000 per person / $60,000 per accident
- Property damage liability: $25,000 per accident
- Uninsured motorist coverage: $30,000 per person / $60,000 per accident / $25,000 property damage per accident
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance, as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
How much does small business insurance cost?
Commercial insurance can be affordable for a small North Carolina company. Factors that influence the cost include:
- Your industry and risk
- Coverage limits
- Location
- Number of employees
We specialize in business insurance for North Carolina technology professionals
Our agents are experts in insurance for North Carolina tech businesses. They can help you find policies that fit your company and fulfill state requirements. TechInsurance is licensed by the North Carolina Department of Insurance as BIN Insurance Holdings, LLC (NPN 15752926) for property and casualty insurance and for surplus lines. You can verify our licensure with the Department of Insurance on its Licensee Look-up page by selecting “Business Entity” in the first dropdown and then entering our North Carolina state license, 1000087158.