Popular QuestionsPopular Questions About North Carolina Business Insurance

Why should I have North Carolina business insurance?

There were 871,376 small businesses in North Carolina in 2016. That same year, $3,582,493,000 in commercial insurance claims were paid. 

No matter what kind of business you’re in, you can experience an unexpected fire, break-in, or weather event that damages your business property. And if your business causes harm to someone else, you can be expected to pay for property damage and medical expenses for injured parties. 

North Carolina business insurance protects your business from serious losses when something bad happens. It can help you repair or replace damaged property, reimburse others, and keep your doors open when the worst happens. 

How have other business owners used their business insurance?

40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:

  • Theft Or Burglary: Average Cost Per Claim - $8,000
  • Water Damage & Freezing Pipes: Average Cost Per Claim - $17,000
  • Wind & Hail Damage: Average Cost Per Claim - $26,000
  • Fire Damage: Average Cost Per Claim - $35,000
  • Customer Slip & Fall: Average Cost Per Claim - $20,000
How does North Carolina business insurance help me?

North Carolina business insurance will pay for covered claims so your business doesn’t have to. It gives you peace of mind so you can focus on what matters: your business's bottom line.

Here’s what a standard business insurance policy should do:

Pay For Damage To Your Building

  • We call this “Commercial Property Insurance.”
  • Example: A tree falls on your office building.

Pay For Damage To Your Business Property

  • We call this “Business Personal Property Insurance.”
  • Example: A fire destroys all your computers.

Pay For Damage To Someone Else’s Property

  • We call this “General Liability Insurance.”
  • Example: A contractor does a poor job of installing a cabinet, resulting in its falling and breaking homeowner's kitchenware.

Pay For Someone Else’s Medical Bills

  • We also call this “General Liability Insurance.” 
  • Example: A customer slips and falls on your recently mopped floor and breaks an arm.

Pay For Accidents in Company Vehicles

  • We call this “Commercial Auto Insurance.”
  • Example: Your salesperson rear-ends someone while driving to an appointment.

Pay For Employee Injuries & Compensation

  • We also call this “Workers' Compensation.”
  • Example: An employee falls off a ladder at work and can’t work for two weeks.

Sometimes, these coverages are not enough to properly protect a business against risk. Your business most likely faces unique risks and may need additional coverages.

To make sure you're properly insured, we can match you with the right independent insurance agent who specializes in covering businesses that operate in your industry.

What insurance does North Carolina require for businesses?

Most North Carolina business owners will need commercial property insurance, general liability insurance, and commercial auto insurance in order to properly protect their assets. The coverage you need depends on your business and your risk exposures.

What’s more, certain customers, vendors, suppliers, and mortgagees may require certain types of coverage in order to do business with you.

All North Carolina businesses that have three or more employees are required by law to obtain workers’ compensation insurance.

How much does North Carolina business insurance cost?

It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.

  • A sole proprietor who owns a garment hemming business: $260 per year
  • A commercial landscaper with five employees who operate heavy machinery: $22,700 per year


How do I find the best business insurance in North Carolina?

Business insurance rates are calculated using a number of factors such as the risks to your business property, your liability coverage needs, and the amount and types of coverage you want. Policies can vary significantly by business industry, so it is best to talk with an experienced insurance agent when building a suitable and comprehensive policy for your business.

It’s usually wise to work with an independent agent in North Carolina since they have access to obtaining quotes and coverage options from multiple insurance companies. Sometimes it’s difficult to find an insurance company who will offer the right coverage for your particular business when you are shopping on your own. Independent insurance agents make it easy.

  • There are 693 independent agents in North Carolina who are ready to help.
  • In 2017 our agents helped 5,674 people.
What are the top business insurance companies in North Carolina?

An independent insurance agent compares policies from multiple companies to find the best coverage for your needs.

metlife auto & home
westfield insurance
the hanover insurance group
cna insurance

InformationFind the Best Insurance in Your City

How does your city measure up?

  • Number of business in the U.S.: 27,626,360
  • Number of businesses in North Carolina:  805,985
  • Burglary rate per 1,000 residents in the U.S.: 4.69
  • Burglary rate per 1,000 residents in NC:  7.10
  • Auto theft rate per 1,000 vehicles in the U.S.: 2.37
  • Auto theft rate per 1,000 vehicles in NC:  1.51


CityPopulationNumber of Established FirmsBurglary Rate Per 1,000 ResidentsAuto Theft Rate per 1,000 Vehicles
Charlotte842,05181,9738.953.11
Asheville89,12112,7859.82.76
Greenville91,4956,5238.10.96
Fayetteville204,75913,90424.654.38
Wilmington117,52514,93513.433.12
Greensboro287,02726,49923.691.86
Winston Salem242,20318,68115.642.96
Raleigh458,88043,8957.361.64
Durham263,01621,33912.342.37
Cary162,32014,9062.10.36
Chapel Hill59,2466,1544.671.10
High Point111,2239,3499.192.18
Burlington52,7094,5128.911.90
Rocky Mount55,4664,71311.431.36
Statesville26,5062,66211.041.72
Hickory40,5675,4158.822.37


Charlotte, NC Business Insurance Cost Factors

Covering Your Business Assets

Property: The cost of business insurance in Charlotte is affected by the crime rate, as well as your risk for other types of property loss or damage due to weather events, fires, and other unforeseen circumstances. Charlotte’s crime rate is close to the national average, but higher than other cities in North Carolina. You may pay more for Charlotte business insurance as a result. 

Commercial Auto: If your business owns a car or a fleet of vehicles, you'll need to purchase commercial auto insurance. It protects your commercial vehicles just like your personal car insurance protects your family cars. If you live in a city with a high rate of auto theft, your commercial auto insurance rates may be higher than average. 

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most North Carolina employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Charlotte, NC workers comp cost looks like.

  • Finance and Insurance Industry, $630/year
  • Retail Trade Industry, $2430/year

For the large number of finance and insurance firms in Charlotte, physical risks for employees are low. Retail workers are more likely to suffer falls or other injuries in the workplace, and retailers therefore tend to pay more for Charlotte workers’ compensation insurance. 

Raleigh, NC Business Insurance Cost Factors

Covering Your Business Assets

Property: Business property insurance protects your assets in the even that robbers, vandals, or even arsonists target your business. If you experience property damage due to a property crime, your insurance will help you repair and replace your business property and can even help you stay operational while repairs are being made. If your business is in a high crime area, expect to pay more for commercial property insurance because of the increased risks you face. 

Commercial Auto: Any business that owns vehicles (cars, trucks, vans, etc.) needs commercial auto insurance. It protects your business from the financial consequences of car accidents and other mishaps, such as theft, with your owned vehicles. If you live in an area with a high rate of auto theft, expect to pay a little more for your commercial auto insurance because of the increased risk that you face. 

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most North Carolina employers. Every workplace has unique risks and hazards for its workers, which is why workers’ compensation rates vary so significantly depending on your industry. 

Based on a $100,000 annual payroll, here is what the two leading industries in Raleigh, NC workers comp cost looks like.

  • Professional, Scientific & Technical Services Industry, $2040
  • Retail Trade Industry, $2430/year

Workers’ compensation insurance for these types of businesses is likely quite affordable, as workers face much less risk for work-related injuries than those in other occupations, such as construction or manufacturing. 

Greensboro, NC Business Insurance Cost Factors

Covering Your Business Assets

Property: You need to protect your business from a number of threats, including fire, burst pipes, or a break-in. All of these can cause damage to your business property and can heave a heavy financial burden upon you, as well. Greensboro has a higher crime rate than many cities in North Carolina, which means you have an increased risk for thefts, break-ins, and vandalism. You may pay more than average for you commercial property insurance as a result. 

Commercial Auto: Commercial auto insurance premiums depend on several unique factors, including the number of vehicles you need to insure, the type of vehicles covered, and the risk for theft and collision in your city. If you live in an area with a high rate of auto theft, expect your commercial auto insurance rates to be higher than average. 

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most North Carolina employers. Every workplace has unique risks and hazards for its workers, which is why workers’ compensation rates vary so significantly depending on your industry. 

Based on a $100,000 annual payroll, here is what the two leading industries in Greensboro, NC workers comp cost looks like.

  • Manufacturing Industry, $5050
  • Retail Trade Industry, $2430/year

Manufacturing occupations tend to carry more risk for injury than retail occupations, and manufacturing companies will likely pay more for workers’ compensation insurance as a result. Talk to a local independent insurance agent about how to obtain workers’ compensation insurance to protect your employees—and your assets—from the costs of workplace accidents. 

Winston-Salem, NC Business Insurance Cost Factors

Covering Your Business Assets

Property: Businesses in areas with a lot of property crime face an increased risk for break-ins, vandalism, arson, and other crimes. If you live in an area with a high crime rate, expect to pay more than average for your commercial property insurance. 

Commercial Auto: Winston Salem has a few more car thefts each year than many other cities in North Carolina. In general, if you live in an area with a high rate of auto theft, you will pay more for commercial auto insurance. Fortunately other factors also play a role, such as the number and type of covered cars and what they are used for. 

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most North Carolina employers. Every workplace has unique risks and hazards for its workers, which is why workers’ compensation rates vary so significantly depending on your industry. 

Based on a $100,000 annual payroll, here is what the two leading industries in Winston-Salem, NC workers comp cost looks like.

  • Retail Trade Industry, $2430/year
  • Manufacturing Industry, $5050

Winston Salem workers' compensation rates are based on the hazards faced by workers in your industry. Retail is an important industry in Winston Salem. Retailers can expect to pay less for workers’ compensation insurance than other high-risk industries like manufacturing. A local independent agent can help you learn more about requirements and costs of North Carolina workers’ compensation insurance.

Durham, NC Business Insurance Cost Factors

Covering Your Business Assets

Property: Whether property damage comes from severe weather, vandalism, or fire, it is an expensive problem for your business. Without the right commercial insurance coverage, you'll have to pay to repair damage and replace property out of your pocket. With commercial property insurance, you can protect your assets from the financial consequences of property damage, and have peace of mind. 

Commercial Auto: Whether you have one company car or an entire fleet, you need commercial auto insurance to protect your vehicles and drivers. The cost for coverage will be based on the number of cars you need to insure, the make and model of the vehicles, and the risk for auto thefts and collisions in your area. If your city has a high rate of auto theft, you may be required to pay more than average. 

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most North Carolina employers. Every workplace has unique risks and hazards for its workers, which is why workers’ compensation rates vary so significantly depending on your industry. 

Based on a $100,000 annual payroll, here is what the two leading industries in Durham, NC workers comp cost looks like.

  • Construction Industry, $12,950
  • Educational Services Industry, $1400/year

What you pay for Durham workers’ compensation insurance is largely based on the type of work you do and the risk level for your workers. Constructions workers face a far greater risk for workplace injuries than those who work in a classroom or office setting, making workers’ compensation premiums for construction firms much higher. 

Fayetteville, NC Business Insurance Cost Factors

Covering Your Business Assets

Property: Any number of events can cause damage to your business property, including severe weather, property crimes, or an unexpected fire. You need Fayetteville business insurance to protect your business from losses, and to help you repair the damage. You might pay slightly more for commercial property insurance in Fayetteville, since the property crime rate is higher than the national average and higher than many other cities in North Carolina. 

Commercial Auto: Auto theft can create a major challenge for businesses that own vehicles. If a company car is stolen, your commercial auto insurance will help you replace your vehicle without taking a hit to your bottom line. Car owners in Fayetteville experience less theft than the national average, which may help to keep commercial auto insurance rates lower than average, too. 

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most North Carolina employers. Every workplace has unique risks and hazards for its workers, which is why workers’ compensation rates vary so significantly depending on your industry. 

Based on a $100,000 annual payroll, here is what the two leading industries in Fayetteville, NC workers comp cost looks like.

  • Public Administration Industry, $240
  • Retail Trade Industry, $2430/year

Office workers, such as those in public administration, face fewer physical risks at work than retail workers, who may face injury from lifting, climbing, and even slips and falls. If your employees have a greater risk of injury or illness than others, expect to pay more for your Fayetteville workers’ compensation insurance. 

Cary, NC Business Insurance Cost Factors

Covering Your Business Assets

Property: In addition to severe weather events and fires, property crimes like theft and vandalism can lead to large losses for your business if you do not have the right insurance. Commercial property insurance helps you to repair and replace lost, damaged, or destroyed business property so you can get back to work as soon as possible. Cary is a relatively safe city, which may help to keep your commercial property insurance rates lower than in other North Carolina cities. 

Commercial Auto: Business-owned vehicles have to be insured just like your personal vehicle. Commercial auto insurance provides protection against collisions, thefts, and liability claims. Your rates will be based on variables such as the number of vehicles you need to insure, your yearly mileage, and the risk for auto thefts in your area. Auto theft is relatively rare in Cary, which may help to keep commercial auto insurance rates down. 

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most North Carolina employers. Every workplace has unique risks and hazards for its workers, which is why workers’ compensation rates vary so significantly depending on your industry. 

Based on a $100,000 annual payroll, here is what the two leading industries in Cary, NC workers comp cost looks like.

  • Professional, Scientific & Technical Services Industry, $2040
  • Manufacturing Industry, $5050

If you employ workers with high-risk occupations, such as construction or manufacturing jobs, expect to pay more for Cary workers’ compensation insurance than employers of office or clerical workers. An independent insurance agent can help you learn more about workers’ compensation insurance and can help you find the right policy for your business. 

Wilmington, NC Business Insurance Cost Factors

Covering Your Business Assets

Property: Property crime is one of the biggest threats to your business assets. If your business is robbed or vandalized, you could face a financial nightmare. Wilmington business insurance can protect you from property losses related to crime, as well as property damage due to severe weather, fire, and other unforeseen events. But be aware: if you live in an area with a high crime rate, you may pay more than average for your business insurance. 

Commercial Auto: Commercial auto insurance protects your company vehicles and drivers just like your personal auto insurance protects your family. Likewise, the auto theft rate in your city plays in role in what you will pay to cover your autos—including your commercial vehicles. Wilmington has a relatively low auto theft rate, which may help you save some money on your business auto insurance. 

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most North Carolina employers. Every workplace has unique risks and hazards for its workers, which is why workers’ compensation rates vary so significantly depending on your industry. 

Based on a $100,000 annual payroll, here is what the two leading industries in Wilmington, NC workers comp cost looks like.

  • Accommodation & Food Services Industry, $2370
  • Retail Trade Industry, $2430/year

While hospitality and retail workers might face similar risks (e.g., lifting, trips and falls), other workers face much greater risks at work. Talk to an independent insurance agent to learn more about Wilmington workers’ compensation insurance and the premiums for your industry. 

High Point, NC Business Insurance Cost Factors

Covering Your Business Assets

Property: Severe weather and fire aren’t the only risks for your High Point business property. Crimes like theft, arson, and vandalism can also pose a serious risk to your assets if you don't have the right commercial insurance coverage for your High Point business. But remember, if you live in an area with a high property crime rate, you might pay more than average for your coverage. 

Commercial Auto: You need protection for your commercial vehicles regardless of where your business is located. It protects your business-owned vehicles just like your personal auto insurance protects your family. What you pay is based on several factors, like the makes and models of the covered vehicles, what the vehicles are used for, and the risk for theft and collisions in your city. Auto theft is not a serious problem in High Point, so it likely has little impact on the cost of coverage. 

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most North Carolina employers. Every workplace has unique risks and hazards for its workers, which is why workers’ compensation rates vary so significantly depending on your industry. 

Based on a $100,000 annual payroll, here is what the two leading industries in High Point, NC workers comp cost looks like.

  • Manufacturing Industry, $5,050/year
  • Retail Trade Industry, $2,430/year

Much of the industry in High Point revolves around manufacturing. Workers in manufacturing settings are much more likely to be injured at work than retail, office, or clerical workers. Talk to an independent insurance agent to learn more about workers’ compensation insurance in North Carolina. 

Greenville, NC Business Insurance Cost Factors

Covering Your Business Assets

Property: Greenville is generally a safe place, but accidents and break-ins can happen when you least expect it. If your business is victimized by a property crime, your Greenville business insurance will help you pay to repair and replace lost, stolen, or vandalized property. It also helps you recover if you experience damage due to fire, severe weather, or other unforeseen circumstances. 

Commercial Auto: Commercial auto insurance is a necessity if your business owns a vehicle or a fleet of vehicles. Auto theft is relatively rare in Greenville, which may help keep rates low, but you still need commercial auto insurance to protect you should the worst happen. Business auto insurance also protects your drivers and your vehicles after collisions and other types of mishaps with your company cars. 

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most North Carolina employers. Every workplace has unique risks and hazards for its workers, which is why workers’ compensation rates vary so significantly depending on your industry. 

Based on a $100,000 annual payroll, here is what the two leading industries in Greenville, NC workers comp cost looks like.

  • Educational Services Industry, $1,400
  • Manufacturing Industry, $5,050

Greenville’s two largest industries are education and manufacturing. Workers in these two industries face very different on-the-job risks, and rates for workers’ compensation insurance vary significantly as a result.

Asheville, NC Business Insurance Cost Factors

Covering Your Business Assets

Property: Asheville has a relatively high property crime rate compared to other cities in North Carolina, which may make commercial insurance rates higher than average. No matter where you do business, you need business insurance to protect your assets from the costs of theft, vandalism, and other property threats like fire and severe weather. 

Commercial Auto: Commercial auto insurance rates are largely determined by the number and type of vehicles you need to insure, as well as the risks you face for collisions or other types of losses. A high auto theft rate in your city may increase your business auto insurance premiums. 

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most North Carolina employers. Every workplace has unique risks and hazards for its workers, which is why workers’ compensation rates vary so significantly depending on your industry. 

Based on a $100,000 annual payroll, here is what the two leading industries in Asheville, NC workers comp cost looks like.

  • Accommodation & Food Services Industry, $2370
  • Retail Trade Industry, $2430/year

Employees of these businesses have a relatively low-risk for at-work injuries compared to people who work in high-risk occupations like manufacturing or construction. Talk to a local independent insurance agent who can help you find North Carolina workers’ compensation insurance.

Rocky Mount, NC Business Insurance Cost Factors

Covering Your Business Assets

Property: Rocky Mount has a relatively high property crime rate compared to other cities in North Carolina, which may make commercial insurance rates higher than average. No matter where you do business, you need business insurance to protect your assets from the costs of theft, vandalism, and other property threats like fire and severe weather. 

Commercial Auto: Commercial auto insurance is a necessity if your Rocky Mount business owns a vehicle or a fleet of vehicles. Auto theft is not a huge problem in Rocky Mount, which may help keep rates low, but you still need commercial auto insurance to protect you should the worst happen. Business auto insurance also protects your drivers and your vehicles after collisions and other types of mishaps with your company cars. 

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most North Carolina employers. Every workplace has unique risks and hazards for its workers, which is why workers’ compensation rates vary so significantly depending on your industry. 

Based on a $100,000 annual payroll, here is what the two leading industries in Rocky Mount, NC workers comp cost looks like.

  • Manufacturing Industry, $5,050/year
  • Retail Trade Industry, $2,430/year

Manufacturing employees have a far greater risk for workplace injuries than retail workers, and workers’ compensation costs for these businesses is higher as a result. A local independent insurance agent can tell you more about workers’ compensation costs for your industry. 

Chapel Hill, NC Business Insurance Cost Factors

Covering Your Business Assets

Property: Property crime poses a serious financial risk for businesses. Would you be able to repair or replace stolen, damaged, or destroyed property if you were a victim? Commercial property insurance lets you rest easy, knowing your assets are protected. But remember, if you live in an area with a high crime rate, you may pay more than average for your coverage because of the increased risk you face. Luckily, Chapel Hill is a relatively safe city with a low property crime rate. 

Commercial Auto: If your business owns one vehicle or a whole fleet of cars and trucks, you need commercial auto insurance to protect your vehicles and drivers. Your premiums will be based on a variety of factors, such as the makes and models of the covered cars, what the vehicles are used for, and the risk for auto theft and collisions in your city. Auto theft is relatively rare in Chapel Hill, so business owners are likely to enjoy lower commercial auto premiums than in other parts of the state. 

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most North Carolina employers. Every workplace has unique risks and hazards for its workers, which is why workers’ compensation rates vary so significantly depending on your industry. 

Based on a $100,000 annual payroll, here is what the two leading industries in Chapel Hill, NC workers comp cost looks like.

  • Educational Services Industry, $1,400
  • Professional, Scientific & Technical Services Industry, $2040

Fortunately for business owners in these industries, they employ mostly low-risk workers, and their workers’ compensation premiums reflect this. Talk to a local independent insurance agent to learn more about workers’ compensation and discover what coverage will cost for your particular business.