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If you own a small business in the Old North State, this information will help you understand North Carolina Commercial Liability insurance and protect your business and your personal assets from legal claims and settlements that can spell financial ruin. Having sufficient general liability insurance is an important part of any small business plan in North Carolina.
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If you own a small business in the North Carolina , this information will help you understand North Carolina Commercial Liability insurance and protect your business and your personal assets from legal claims and settlements that can spell financial ruin. Whether you work in Raleigh, Charlotte, Greensboro, Durham, Winston-Salem, Fayetteville or anywhere else in the Tar Heel State having sufficient commercial liability coverage is an important part of any small business plan in North Carolina.
A small business is defined as any company with fewer than 500 employees. Small business is vital to North Carolina’s economic well-being, accounting for 98% of all state employers. Of North Carolina’s 802,460 small businesses in 2008 (the latest data available), 172,732 were small employers, accounting for nearly 48% of the state’s private-sector jobs. Another 629,728 were sole proprietorships with no employees.
Source: SBA North Carolina Small Business Profile 2011.
Commercial liability insurance (also called business liability insurance and commercial general liability insurance) protects your North Carolina business from financial loss resulting from claims of injury or damage cause to others by you or your employees. A policy typically covers:
Commercial Liability Insurance is not mandatory for businesses operating in North Carolina. North Carolina is a pure contributory negligence fault state. The plaintiff may not recover any damage if he or she has any fault in an accident. There are no caps on damage awards in North Carolina. The statute of limitations for personal injury for negligent conduct is 3 years up to a maximum of 10 years. It is 6 years from the date of purchase. Accidents and lawsuits (legitimate and frivolous) do happen in North Carolina. If you own property or other valuable assets you would be wise to invest in sufficient commercial general liability coverage for your North Carolina small businesses.
Each situation is unique, but as a general guideline, the type of North Carolina business you operate or products you manufacture should determine how much North Carolina commercial general liability insurance you need. A good rule of thumb for most small businesses is between $500,000 and $1 million. However, if yours is a high-risk business such as the building trades or has a high volume of interaction with the public such as a restaurant or retail business, you should consider increasing your coverage. Note that if you operate out of your home, your homeowner’s or renter’s insurance has limited coverage for business liability and loss.
North Carolina commercial liability insurance premiums are based on a number of factors including the types of service or products you provide, the number of people you employ, how long you’ve been in business, and your claims history. Coverage is typically capped at a specific dollar amount for your policy period.
Mandatory
Optional
North Carolina Department of Insurance
This agency is responsible for regulating all insurance policies sold in the state, including commercial liability coverage.
| Visit: | www.ncdoi.com |
| Call: | (800) 546-5664 |
| Write: | North Carolina Department of Insurance 1201 Mail Service Center, Raleight, NC 27699-1201 |
North Carolina Small Business Administration
The SBA is an independent agency of the federal government created to aid, counsel, assist and protect the interests of small business concerns and maintains District Offices in Charlotte, Asheville and Cary. Get the link to the North Carolina SBA at www.sba.gov.
National Association of Insurance Commissioners (NAIC)
This is an organization of insurance regulators from the 50 states, District of Columbia and the five U.S. territories. NAIC provides a forum for the development of uniform policies when appropriate. It also offers an online form for filing complaints, reporting suspected insurance fraud and downloading key financial information about insurance carriers at naic.org.
Insurance Information Institute (III)
This organization’s mission is to improve public understanding of insurance – what it is and how it works. Visit III at www.iii.org.
E-Insure
Get competitive quotes for commercial liability insurance and all your business insurance needs at www.EINSURANCE.com/business-insurance.
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