Business Insurance Charlotte: Types of Coverage

Business Insurance Charlotte – 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. Click her for the Wall Street Journal.

North Carolina Minimum Business Insurance Requirements

• Small Business Liability Insurance Quotes Available in Your State:
• Business Income and Extra Expense
• Business Owners Policy
• Business Property Insurance
• Commercial Auto Insurance
• Commercial Crime Coverage
• Commercial Insurance Packages
• Commercial Umbrella Policy Data Breach Insurance
• Workers Compensation
• Errors & Omissions Insurance
• General Liability Insurance
• Hired and Non-Owned Coverage
• Inland Marine Coverage
• Liquor Liability Insurance
• Professional Liability Insurance

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NC Business Liability Costs

Liability insurance costs for business insurance in Charlotte can vary widely between insurance companies. Liability insurance rates are generally factored using a) the gross sales for the business, b) the gross payroll for employees and owners, c) the square footage of the premises and d) any subcontractor exposures (if applicable). Insurance rates are developed at a rate per $1,000 utilizing one or more of the above factors.

A typical small business in North Carolina can expect to pay anywhere between $300 and $5,000 annually for their general liability policy. The final cost of liability coverage from one business to the next will vary significantly based on the SIC code or the insurance company’s own classification system for GL rating. Some additional factors used to develop insurance costs include the nature of your business, your physical location, prior claims experience, and your years in business.

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