North Carolina is an extremely friendly state for anyone who wants to start a small business. It has low corporate taxes compared to other locations in the United States. It’s also a fantastic location for finding talented hires, so entrepreneurs are far from uncommon. Add in state incentives and workforce development, and it’s no surprise so many people are building businesses in the state.
Regardless of the type of business you want to start (or have already established), business insurance is essential in the Tar Heel State. But, since it’s something you need, we want to ensure you can get it at a reasonable price while being sure you’re fully protected. Therefore, this article will share the seven best companies for insurance for businesses and what sets them apart.
- The 7 North Carolina business insurance companies
- What types of insurance coverages may North Carolina small businesses need?
- Which types of business insurance are required in North Carolina?
- How much does North Carolina business insurance cost?
- Tips for finding inexpensive North Carolina business insurance
The 7 North Carolina business insurance companies
- CoverWallet: Best for comparing several quotes
- The Hartford: Best for excellent offerings from a reputable company
- NEXT: Best for quick and inexpensive online quotes
- AmTrust Financial: Best for customizing your insurance coverage
- Chubb: Best overall for North Carolina business insurance
- Nationwide: Best for mid-sized businesses
- Progressive: Best for keeping customers satisfied
CoverWallet: Best for comparing several quotes
When it comes to insurance shopping, comparing several quotes is the only way to make sure you will get the cheapest price. If that’s what you are trying to do, CoverWallet is a good option to start with. CoverWallet is a digital broker specializing in small business insurance. They work with several leading small business insurance companies such as Liberty Mutual, Employers, Chubb, Hiscox, and CNA, etc.
Their quote process is very simple and straightforward. It usually doesn’t take more than 10 minutes for you to get several quotes to compare and select the best one for you.
CoverWallet offers several business insurance coverages from general liability insurance, workers comp insurance to commercial auto and employment practices liability insurance. They also cater to small businesses in a wide range of industries. So regardless of your industries and the type of coverages you are looking for, you can count on CoverWallet finding you the best coverages.
Below is an example of workers comp insurance quotes from CoverWallet:
The Hartford: Best for excellent offerings from a reputable company
The Hartford primarily focuses on small business insurance in North Carolina. For instance, you can get commercial auto, worker’s compensation, business income, general liability, and business property insurance. It’s an established provider with top-notch financial strength. Digital quotes are available, and purchasing takes very little time. Getting insurance from The Hartford is quick and easy so that you can move on to other aspects of your business.
NEXT: Best for contractors general liability insurance
A newer option but still high-quality, NEXT helps you get coverage quickly and easily. As a new entrant, NEXT is focused on providing general liability insurance for contractors and making it available completely digitally. If you are a contractor in North Carolina, whether a handyman or a construction contractor, you should definitely try to get a quote from NEXT insurance.
NEXT uses AI tech to make the process a breeze for contractors who prefer to get insurance online. On the other hand, phone calls will set you up with an agent who can help you get through the process. It’s all up to your preferences.
AmTrust Financial: Best for customizing your insurance coverage
AmTrust Financial is also a great choice, focusing on nonprofits and small businesses with minimal to moderate risk. Not everyone is qualified, but those who are can customize packages to meet their protection needs. However, speaking to an agent is mandatory since quotes aren’t provided online. This is a top choice for anyone who needs customized insurance that is pieced together specifically to meet their needs.
Chubb: Best overall for North Carolina business insurance
Chubb is a dream when you need business insurance in North Carolina. It’s the largest casualty and property insurance company on earth. You can purchase insurance through an agent or online. Chubb has over 30 policies for businesses, so what you need is likely provided. In addition, you can use the same individual every call if you work with an agent. This gives them unique insight into your business needs.
Nationwide: Best for mid-sized businesses in North Carolina
Nationwide is a vast US insurance provider with many policies available. They also offer asset management, banking, savings, and retirement options. The brand is very reputable and offers add-on coverage so you can get all the protection you want. Nationwide also provides surety bonds and a ton of business policies. So when you want a well-established insurance provider in North Carolina, you can’t beat Nationwide.
Progressive: Best for keeping customers satisfied
Well-known and highly rated by customers, Progressive also offers business insurance in North Carolina. It works as an agency providing insurance from several other companies. Bundling is available to ensure low prices. Progressive is known by most and has a website teeming with information. The insurance provider has been in place since 1937, making it another highly reputable company. Pretty much everyone has mentioned it, and those comments were likely positive ones.
What type of insurance coverage do North Carolina small businesses need?
It all depends on the business. Some may need one type, while others might require several. General liability is the most commonly purchased policy, but for many companies, that won’t give you all the coverage you need. Below are the most common versions of North Carolina business insurance and what they offer you.
North Carolina general liability insurance
General liability insurance protects from third-party injury and property damage claims, advertisement liability claims, and personal claims. Most businesses should have this insurance. It’s especially essential when you work from one location. You’ll be protected anytime you do work there. View the top-rated general liability providers and those that are the most inexpensive.
North Carolina commercial property insurance
Commercial property insurance covers property you own or rent in the case of fires, burst pipes, vandalism, storms, and explosions. The items inside are also covered for extra peace of mind. Take a look at the top commercial property insurance providers.
North Carolina BOP (Business Owners’ Policy)
Combining general liability and commercial property creates BOP. It’s often a cheaper way to get both insurance policies in North Carolina. Depending on your needs, it can sometimes be bundled with business income interruption policies. Learn more about great insurance companies that offer BOP.
North Carolina commercial auto insurance
If vehicles are used for business, a commercial auto insurance policy is needed. The only exception is if you only use a vehicle to commute from and to your business location. Check out some of the least expensive options for coverage.
North Carolina workers’ compensation insurance
When there are at least three employees, a business needs North Carolina worker’s compensation insurance. This handles medical costs, lost wages, and additional losses when a worker is injured or becomes sick at work. Look at the most affordable worker’s comp companies and find out about the best companies with coverage.
North Carolina E&O (errors & omissions) insurance
E&O, professional liability, and malpractice insurance are one and the same. It covers job mistakes. In addition, it can protect you if something doesn’t get done that should be handled at work. It’s relatively self-explanatory and may be helpful for your North Carolina business.
North Carolina inland marine insurance
While goods and products are moving over land, inland marine insurance covers them. Commercial property insurance only protects these items while at your business. There are several excellent inland marine insurance companies to keep your property protected while on the road.
North Carolina cyber liability Insurance
Cyber liability insurance helps protect you from data breaches and hacking. View some of the top data breach insurance companies and the ultimate list of excellent cyber liability insurance providers.
North Carolina liquor liability insurance
Bars, restaurants, and other locations that serve alcohol need a liquor liability license. This covers you against lawsuits if someone is intoxicated and an accident occurs. Check out the best liquor liability companies available.
Which types of business insurance are required in North Carolina?
If at least three employees work at a business, workers’ compensation insurance is needed. In addition, any vehicles owned by the company have to be covered by commercial auto insurance to meet the minimum requirements. Some industries may have additional guidelines to follow.
How much does North Carolina business insurance cost?
Business insurance costs will vary based on what kind of business you have, how risky the company is, where it is located, and more. You’ll also find prices vary depending on which insurance product you choose, your policy limits, and other types of coverage you have.
On average, North Carolina small businesses pay from $300 to $4,000 annually for general liability policies. The less risk, the less insurance typically costs.
Different companies offer different rates. Be sure to shop around with a few companies to compare several quotes before making your final decisions.
Tips for finding inexpensive North Carolina business insurance
There are three major ways to ensure you get the least expensive North Carolina business insurance. Check them out and use them to ensure you get the right coverage while sticking to your budget:
- Check various companies. Get quotes from several providers and then compare and contrast them. Make sure you get the coverage you need while paying the least money.
- When a policy is expiring, do another check of several companies. You may find that switching to another provider offers you a lower price.
- Look into bundling and discounts. If these are available, it can cut the price by 10% or more. It never hurts to ask about your options.
Various insurance coverage needs for unique North Carolina businesses
|Type of business||Needed varieties of business insurance|
|Medical clinic||Employment practices liability insuranceProfessional liability insuranceCyber liabilityGeneral liability|
|Small bar in Raleigh||Liquor liabilityWorker’s compensationFood spoilage/food contaminationGeneral liability|
|Retail shop||Property insuranceBusiness liabilityWorker’s compensationUmbrellaFire coverageBusiness income coverageGeneral liability|
All of the businesses listed need general liability insurance. It protects if a customer falls and is injured. In addition, it covers advertising injuries, copyright infringement, and third-party property damage. General liability gives the most coverage for the money. Some clients will not work with you without proof that you have it.
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