If you own and operate a business in North Carolina, you need to know and understand the commercial insurance requirements that are put in place to protect you and the investment of money, time, and hard work that you have already put into your business.
Under North Carolina law, you must carry workers' compensation insurance if you have three or more employees. This requirement includes full or part-time employees. This type of insurance policy will cover the medical bills for your employees if they sustain an injury while working on the job and will protect you from liability claims in the future due to the injury of an employee.
If you have purchased vehicles that are owned through your business and used for your business, those vehicles must be covered under commercial auto insurance. This type of policy will protect you and your business if one of your employees has an accident while driving one of your business’ vehicles. In North Carolina, you are not required to have commercial insurance coverage for personal vehicles that are driven for work-related purposes, but it is a good idea to have the extra protection.
You must obtain commercial auto insurance that includes at least $30,000 in bodily injury liability insurance for each person involved in an accident or at least $60,000 per accident. You must also have at least $25,000 of property damage coverage for each accident that occurs along with uninsured motorist coverage of at least $30,000 per person or $60,000 for each accident. This part of your policy should also include coverage of at least $25,000 in property damage insurance for each accident.
In addition to the commercial insurance requirements in North Carolina, you can obtain more coverage, including general liability insurance, professional liability insurance, and cyber liability insurance.
To decide which coverage options will be most beneficial to you and your business, you should enlist the help of an insurance agent who is experienced in commercial liability insurance. At the Trapp Insurance Group Inc in North Carolina, our trusted and knowledgeable commercial insurance agents are ready to assist you. Call for an appointment today!