Raleigh, NC Business Insurance
Experts break down Raleigh commercial insurance costs, coverages, companies, and more.
Raleigh, NC is home to more than 40,000 businesses. From large corporations to small, privately-owned companies, each plays an important role in the local economy. If you are among the many businesses owners in this city, business insurance can help your company stay profitable in times of trouble.
Local independent agents can help you identify your company’s various exposures and can recommend the best and most affordable commercial insurance products to cover against each of them. Find an independent insurance agent near you to get started.
Is Business Insurance Required in Raleigh?
As a general rule, business insurance is not required. However, there are cases where some types of businesses coverage may be necessary. For instance:
- If you have a business loan, your lender may require you to carry commercial property insurance.
- If you have a company-owned car, truck, or another vehicle, it will need to be covered by commercial vehicle insurance.
- If you employ at least three workers, you are required by the state of North Carolina to carry workers’ compensation insurance.
- If you are a contractor, some clients may require you to show proof of liability coverage before you can be hired to do a job.
Business insurance may be optional, but it can prove quite beneficial if a liability lawsuit, natural disaster, property crime, or forced closure impacts your company’s bottom line.
How Much Does Business Insurance Cost in Raleigh, NC?
The cost of business insurance can vary significantly from one company to the next because premiums are calculated based on several considerations like:
- The type of business you own and the industry in which it operates
- Your company’s expected annual revenues
- The number of workers your business employs
- The value of your company’s property and other assets
- Your company’s liability exposures
- The types of coverage you want to include in your business policy package
To find out how much coverage will cost for your particular business, you can start by requesting customized quotes from a few different insurance providers.
Why Is It a Good Idea to Compare Business Insurance Quotes in Raleigh?
Because every insurance company has its own method for assessing risk and calculating rates, every company you contact for a customized business insurance quote is likely to offer their coverage at a different price.
Comparison shopping lets you choose the policy that offers the coverage your business needs at the most competitive price. Independent insurance agents simplify this process by doing comparison shopping for you.
What Does Raleigh Business Insurance Cover?
Business insurance is designed to shield your company from financial losses in a few different ways. You can expect a standard policy to cover your business against:
- Potential liability lawsuits
- Property loss or damage
- Loss of revenue due to certain forced closures
You can customize your business insurance by supplementing your basic coverage with additional commercial insurance policies. That way, you can build a business insurance policy package that is tailored to meet your company’s specific coverage needs.
How Does Raleigh Business Insurance Cover against Liability Lawsuits?
Even small businesses can face extremely expensive liability lawsuits. Business liability insurance products are designed to cover expenses related to legal defense, court costs, mediation, settlements, and judgments if your company is sued for a covered event.
All business insurance policies include general liability insurance, which covers the most common liability risks that businesses face. General liability insurance includes:
- Premises liability insurance: This covers third-party injuries and property damage caused by accidents that occur at your place of business.
- Product liability insurance: This covers injuries, illnesses, and property damage caused by products your company sells or produces.
- Media liability insurance: This covers against accusations of media and marketing errors like copyright infringement and false advertising.
Many businesses need to supplement their general liability coverage with other policies to be fully protected against all potential liability lawsuits. Some of the additional commercial liability products frequently purchased by businesses in Raleigh include:
- Employment practices liability insurance (EPLI): This covers your business against accusations of illegal employment practices like harassment, discrimination, retaliation, and wrongful termination.
- Errors and omissions insurance (E&O): This covers your business and your employees against lawsuits related to accusations of negligence, inadequate work, and other professional errors.
- Cyber liability insurance: This covers your company’s financial obligations to affected individuals if hackers break into your company’s computer network and access their personal, financial, or other data.
- Commercial vehicle liability insurance: This can cover against the increased liability risks your business faces if you or one of your employees causes an accident while driving a company vehicle.
- Workers’ compensation insurance: This protects your company from potential liability lawsuits by covering your employees’ medical treatments, lost wages, and other losses if they are injured on the job.
These are just a few of the many commercial liability products that are available to your business. You will want to be sure that all of your company’s potential liability exposures are covered by the right policies.
What Kinds of Property Coverage Does Raleigh Business Insurance Offer?
Commercial property insurance is included in every business insurance policy. It is designed to cover repair or replacement costs if your company-owned property is damaged or destroyed by a covered event like:
- Fires and explosions, including damage caused by smoke and firefighting efforts
- Property crimes like theft and vandalism
- Severe weather such as thunderstorms, windstorms, tornadoes, hail, snowstorms, ice storms, and freezing temperatures
Commercial property insurance only covers your property while it is located on your business premises. You may therefore want to supplement this coverage with inland marine insurance.
Inland marine insurance is designed to cover your company’s portable property while it is being transported over land or is located away from your place of business. For instance, if you own a vending machine service, inland marine insurance can cover your machines at their various locations.
How Can Business Interruption Insurance Protect Companies in Raleigh?
Raleigh has a relatively low risk of weather-related disasters. The hurricane risk in this city is very low, and the risk of tornadoes, though moderate and slightly higher than the state average, is lower than the national average.
However, Raleigh is not immune to disasters. For instance, on April 16, 2011, North Carolina experienced an outbreak of 30 tornados. Some of these twisters tore through downtown Raleigh and surrounding communities, causing extensive damage to several homes and businesses.
When disasters strike, property damage isn’t the only expensive risk your company is likely to face. If resultant damage to your business or the roads serving it is severe, you may need to close down for several days or weeks while repairs are made.
Business interruption insurance is designed to protect your company against this risk. It is designed to provide your business with a continuation of income if it is forced to temporarily halt operations because of damage caused by a covered event.
This coverage should be sufficient to enable your company to continue paying regular expenses like salaries, taxes, bills, and rent until you can reopen for regular business.
What about Insurance Products for Employee Benefits Packages?
One way to make your business more attractive to the area’s best workers is by offering a competitive employee benefits package. If you are considering doing this for your employees, an independent insurance agent can also help you with finding the right:
When shopping for products and policies like these, it can be very beneficial to have the guidance of an experienced insurance professional.
What Are the Best Business Insurance Companies in Raleigh, NC?
The best business insurance companies in North Carolina are those that have a consistent record of providing their policyholders with exceptional customer service, reliable coverage, and competitive rates.
Independent insurance agents in Raleigh have teamed up with some of the area’s top insurance providers. This means you can trust that any business insurance policies these agents recommend to you are offered by good providers.
How an Can Independent Agent Help Me Find the Best Business Insurance in Raleigh?
Independent agents can do a complete risk assessment of your business to identify all potential risks and can recommend the right business insurance products to cover against each of them. These agents can then shop around to find the best and most affordable policies to meet all of your company’s needs.
Set up an obligation-free meeting with an independent insurance agent near you to get more information and to start comparing customized business insurance quotes.
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