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There were 871,376 small businesses in North Carolina last year. 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.
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:
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
Pay For Damage To Your Business Property
Pay For Damage To Someone Else’s Property
Pay For Someone Else’s Medical Bills
Pay For Accidents in Company Vehicles
Pay For Employee Injuries & Compensation
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.
It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.
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.
Number of businesses in the US: 27,626,360
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
|City||No. businesses||Burglaries / 1,000 people||Auto thefts / 1,000 cars|