Commercial Insurance in North Carolina
Do You Need Commercial Insurance in North Carolina?
Commercial liability insurance is not required in the state, but there are many benefits to having it. North Carolina is a negligence fault state, and there are no caps on damage awards. The statute of limitations on personal injury lawsuits is ten years. One lawsuit can wipe out a business without the proper insurance. Workers compensation is required for any businesses that have three or more employees. If you are driving a truck or car for commercial use, then you need a commercial auto insurance policy since you are required to have car insurance in the state.
When determining how much liability insurance to purchase, it will depend on the business you operate and the products you have. Many businesses should have between $500,000 and $1 million of insurance. If you have a high-risk business, such as a retail store that has a lot of interaction with the public, you may want to purchase additional coverage. Even if you run a business out of your home, you may still want to have a commercial policy. An agent at Griffin Insurance Agency can help you determine how much coverage you should get. Other optional coverage choices include business property insurance, professional liability, product liability, or errors and omissions.
What Does Commercial Liability Cover?
Commercial liability covers a number of different things that benefit your business. Bodily injury will cover any injuries to someone other than an employee, as well as any injuries that are caused by an employee at the client's workplace or home. Personal injury will cover any invasion of privacy, slander, libel, copyright infringement, or wrongful eviction that can damage a person’s reputation. Property damage will cover any damage to someone’s personal property by an employee when conducting business. Advertising injury covers any losses that are caused by advertising efforts. Defense and judgments protection covers the costs to defend any lawsuits and judgments.
Contact Griffin Insurance Agency to get a quote on commercial insurance.