Find the Best Business Insurance Options in North Carolina
There are over 994,000 small businesses in North Carolina, representing 99.6 percent of the businesses in the state. Small businesses employ over 44 percent of the workforce in North Carolina, making small business an important driver of the state’s economy.
Business owners of all sizes in North Carolina face numerous risks, including property damage caused by crime, severe weather, fires, and natural disasters. And a liability claim or a lawsuit can lead to financial devastation that is difficult to overcome for any business.
A comprehensive business insurance program can help you repair and rebuild damaged property after a disaster. And it can help you stay in business and pay for your defense if you are faced with a lawsuit.
An independent insurance agent can help you compare business insurance quotes in North Carolina.
Best Business Insurance Companies in North Carolina
These business insurance companies near you are highly rated for their mix of valuable coverage offerings and competitive pricing.
- EMC Insurance Companies: EMC is in the top 60 business insurance companies in the United States. The company specializes in designing well-rounded insurance programs to protect the financial assets of many types of businesses and organizations.
- Travelers: Travelers offers highly rated business insurance in North Carolina. The company provides a variety of business insurance options, including inland marine, workers' compensation, and general liability.
- West Bend: West Bend is a relationship-based company with core values that emphasize excellence, integrity, and responsibility. The company offers highly-rated business insurance in North Carolina.
- Progressive: Progressive is based in Ohio, but offers business insurance across all 50 states, including North Carolina. North Carolina business owners can look to Progressive for most of their business insurance needs.
- Nationwide: Nationwide provides business insurance and other popular types of insurance coverage in North Carolina. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states, including North Carolina.
An independent insurance agent in your area can help you learn more about these and other North Carolina business insurance companies. A local agent can help you get competitive quotes for the coverage that fits your North Carolina business insurance needs.
North Carolina Business Insurance Requirements
Business insurance is a package of insurance policies that cover your property and liability risks. Business insurance is not required in North Carolina, but if your business owns any vehicles, you'll likely have to buy commercial vehicle insurance that complies with the state’s car insurance laws.
In addition, all North Carolina businesses with three or more employees, including corporations, sole proprietorships, limited liability companies, and partnerships, must obtain workers’ compensation insurance or qualify as self-insured employers for purposes of paying workers’ compensation benefits to their employees. Employers in certain industries may be exempt from this requirement.
Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job.
An independent insurance agent in your area can help you learn more about North Carolina’s business insurance requirements.
What Business Insurance Covers in North Carolina
When you purchase business insurance in North Carolina, you’ll be purchasing several individual policies or a package of policies designed for your industry. Business insurance in North Carolina will typically include the following types of policies and coverage:
- Commercial general liability insurance (CGL): Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your CGL policy even covers personal injury claims such as libel and slander.
- Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, and other covered perils.
- Business interruption coverage: Protects your earnings and pays certain expenses if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you are forced to close for a while to make repairs or rebuild your business, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
- Commercial auto insurance: Protects your business-owned cars and trucks from property damage and liability claims.
- Workers’ compensation insurance: Pays for medical expenses and a portion of an employee's lost wages after a work-related injury.
Your business insurance in North Carolina may include additional coverage types or policies that cover your unique risks.
Liability Coverage Options for Small Businesses in North Carolina
Most small businesses would have a hard time recovering if they were faced with a lawsuit. Liability insurance can cover you when you’re accused of causing harm to an individual or another business. There are numerous liability coverage options for small businesses in North Carolina.
A commercial general liability (CGL) policy offers broad protection from lawsuits. It covers your legal costs, medical expenses and other damages for the injured party, and other expenses related to a liability claim against your business.
CGL policies do not protect you from every type of lawsuit. You'll likely need additional liability policies or endorsements that supplement your CGL policy and eliminate any gaps in your protection.
Talk to an independent insurance agent about why you might need environmental liability insurance, professional liability insurance, cyber liability insurance, or other types of liability coverage for your North Carolina business.
Property Coverage Options for Small Businesses in North Carolina
Commercial property losses can originate in a variety of ways and cause tremendous financial harm to your business. You need these basic business property coverage options to help you repair or rebuild your physical losses, and even to compensate you for lost income while you recover after a covered property loss.
Commercial property insurance protects you when your commercial property is damaged by someone else or by some type of unforeseen event like a fire or severe weather. You need business property insurance if you own your building or have tangible business assets (furniture, computers, fixtures, inventory, materials, tools, etc.). It helps you pay for repairs or to replace damaged or destroyed commercial property after a covered loss.
Business interruption insurance is a separate coverage that is typically included as part of a commercial property policy. It is designed to protect your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown, or some other covered event. This means that if you’re forced to close your doors for a period of time in order to make repairs or rebuild, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
A local independent insurance agent can help you get quotes for business property insurance in North Carolina.
Other Insurance Options for Small Business Owners in North Carolina
Most businesses in North Carolina likely need more than just basic property and liability insurance. Other insurance options for small business owners in North Carolina include:
- Business owners policy (BOP): A package policy that includes commercial liability insurance, commercial property insurance, and business interruption insurance.
- Workers’ compensation insurance: Typically required for any business that has employees. It pays for lost income and medical expenses for employees who are injured on the job.
- Commercial vehicle insurance: Covers your vehicles and drivers in the event of an accident or other types of vehicle damage.
- Cyber liability insurance: Provides coverage in the event of a data breach involving your business.
- Employment practices liability insurance: Protects you if an employee sues you for discriminatory employment practices.
- Flood or hurricane insurance: Your basic commercial property policy does not cover flood or hurricane damage. Talk to your agent about flood and hurricane insurance if you live in an area that is prone to these events.
- Professional liability insurance: Protects you if a client claims you have been negligent in providing professional services.
- Commercial umbrella insurance: Provides excess liability coverage above and beyond the limits of your applicable underlying commercial liability policies.
This is not an exhaustive list of your business insurance options in North Carolina. An independent insurance agent can make sure that all of your North Carolina business insurance needs are met.
Average Cost of Business Insurance in North Carolina
Every business is unique and there are many variables that contribute to the cost of business insurance, making it difficult to compute an average cost of business insurance in North Carolina. Several factors, including the following, influence the cost of North Carolina business insurance:
- The size and physical location of your business
- Your number of employees
- Your gross sales and payroll
- The nature of your business (what do you do?)
- The value of your physical assets (buildings, vehicles, machines, equipment, inventory, etc.)
- Your prior claims history
- The types and amounts of coverage that you need
An independent business insurance agent can help you understand all the risks you face and get quotes for affordable business insurance in North Carolina.
National Business Insurance Stats
Number of businesses in the US: 30,819,176
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. of businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Asheville | 12,785 | 8.89 | 5.75 |
| Burlington | 4,512 | 9.87 | 2.61 |
| Cary | 14,906 | 1.07 | 0.45 |
| Chapel Hill | 6,154 | 2.99 | 0.59 |
| Durham | 21,339 | 7.04 | 2.70 |
| Fayetteville | 13,904 | 6.51 | 1.84 |
| Greensboro | 26,499 | 7.43 | 3.31 |
| Greenville | 6,523 | 4.41 | 1.21 |
| Hickory | 5,415 | 5.73 | 3.61 |
| High Point | 9,349 | 5.48 | 3.53 |
| Raleigh | 43,895 | 2.51 | 1.57 |
| Rocky Mount | 4,713 | 7.80 | 2.03 |
| Statesville | 2,662 | 11.04 | 1.73 |
| Wilmington | 14,935 | 6.18 | 2.07 |
How Does Your North Carolina City Measure Up?
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 significantly depending on your industry.
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: Whether 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 of 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 significantly depending on your industry.
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: Whether 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 workers' compensation rates vary significantly depending on your industry.
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 significantly depending on your industry.
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 significantly depending on your industry.
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 significantly depending on your industry.
Property: Business property insurance protects your assets if robbers, vandals, or even arsonists target your business. If you experience property damage due to a property crime, your insurance will help you repair or 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 company-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 significantly depending on your industry.
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 a 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 significantly depending on your industry.
Popular Questions About Business Insurance in North Carolina
While you can't predict the exact costs of business insurance in North Carolina, it’s important to understand what variables play a role in your insurance rates. Here are just a few of the factors that insurance companies use when calculating your business insurance costs in North Carolina:
- Type of industry
- Number of employees
- Gross annual sales
- Location of business
- Number of company vehicles
- Past claims reported
- Number of years in operation
In North Carolina, it’s essential for almost every business to carry a comprehensive business insurance package. Business insurance is not required by law in North Carolina, but every employer in the state with three or more employees must carry workers’ compensation insurance.
In addition, if your business owns any vehicles, you’re required to comply with North Carolina’s car insurance laws by purchasing appropriate commercial vehicle insurance.
Most businesses in North Carolina need a combination of property and liability insurance, in addition to workers’ compensation insurance and commercial vehicle insurance, as required by the state.
Depending on your unique business and the risks you face, you’ll likely need some additional coverage, such as professional liability insurance, commercial umbrella insurance, or cyber liability insurance.
Small business liability insurance is a primary building block of your North Carolina business insurance program. It helps protect your operation from bodily injury and property damage lawsuits that come your way as a result of doing business.
Though not mandatory by North Carolina state law, this policy is necessary to avoid the major financial repercussions of even a single negligence claim or lawsuit.
Health insurance and other employee benefits are important for many small businesses and their employees. A good employee benefits plan helps companies support a healthy and satisfied workforce. In addition, employers who offer employee health plans may also be eligible for significant tax benefits.
There are many small business health insurance plans and options available in North Carolina. An independent insurance agent can help you find business health insurance plans near you.
EMC, Travelers, West Bend, Progressive, and Nationwide are some of the best business insurance companies in North Carolina. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for business owners
Small businesses in North Carolina may need the following types of business insurance:
- Commercial general liability insurance
- Commercial property insurance
- Business interruption/loss of use insurance
- Workers’ compensation insurance
- Commercial vehicle insurance
- Commercial umbrella insurance
Business owners in North Carolina may also need additional policies, including professional liability insurance, equipment breakdown insurance, inland marine insurance, employment practices liability insurance, and more, to cover their unique risks.
A certificate of insurance is a document you obtain from your insurance company to prove you have business insurance. Certificates of insurance assure your clients that you have the right insurance before they agree to work with you. This can be very important in certain industries, such as construction.
Most insurance companies make it easy to request a certificate of insurance. You can usually request one directly from your insurance company by phone or online, or your independent insurance agent can handle it for you.
While your industry does not affect what business insurance is required by the state of North Carolina, it does affect what businesses insurance is likely needed to properly protect your assets when you have a loss. The business insurance package for a retail store will definitely be very different than the business insurance package for a manufacturer, a landscaper, or even a restaurant.
An independent insurance agent in your area can help you understand the unique risks faced by businesses in your industry and how the right business insurance policies can protect you.
Searching for the best and most affordable business insurance can be frustrating and confusing. That’s why it pays to have an experienced insurance professional in your corner.
Find an independent insurance agent in North Carolina now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice