In North Carolina, a business is not required to have commercial liability insurance because the state is a contributory negligence fault state. However, accidents can happen, and there are not caps on damage awards in the state. Therefore, it's wise to make sure you have enough coverage for your business.
However, if your business employs three or more people, whether they are full time or part time, you are required to have workers compensation in North Carolina. If a business is a sole proprietorship with no employees, they are not required to carry this insurance. Since auto insurance is also required in the state, if you are using a car or truck for business, you should also have a commercial vehicle policy.
Other optional coverage you can have includes employee disability insurance, professional liability, product liability, commercial property insurance, and errors and omissions protection.
The type of business you have or the products you sell can help determine how much liability insurance you need. Most small businesses need between $500,000 and $1 million. If you have a high-risk business, you may want to consider more coverage. A high-risk business can include a business that has a lot of interaction with the public, such as a retail store. If your business operates outside the home, be sure to note that renters or homeowner's insurance won't cover you for a lot of your loss, so you may still want to investigate a commercial insurance policy. Contact an agent at Wood Insurance Consultants LLC to learn more about how much coverage you should need for your business.
Commercial insurance will protect your business from financial loss due to an injury, or damage caused by you or employees. A policy will typically cover bodily injury, personal injury, property damage, advertising injury, and legal defenses and judgments.
Get a quote for commercial insurance at Wood Insurance Consultants LLC. Our agents are ready to help you get the protection your business needs.
