When you are a business owner in North Carolina, you have to have certain types of commercial insurance by law. In The state, there are two types of commercial insurance that are mandated for certain businesses. If you need commercial insurance policies for your business, call us today at Allen Insurance Agency in Ramseur, NC to find out more.
Required Commercial Insurance in North Carolina
Workers’ Compensation
If your North Carolina business has three or more employees, you must have this insurance for them. Even if the employees are part-time, this insurance is required. It will pay for the medical bills for injured employees or get certain illnesses while at work. If the worker is severely injured, it will pay for their disability. It may also pay for lost wages if necessary. With this insurance in place, you have protection against your liability. Medical bills can be expensive, and this insurance ensures that they can be paid. It also means that lawsuits against your company are far less likely.
Commercial Auto Coverage
In North Carolina, any business-owned vehicle has to have a commercial auto insurance policy. These policies pay for the medical bills of people injured by your company’s vehicle. There are different types of coverage that are included in this policy. There is an amount of coverage required for when one person becomes injured by your vehicle. A different amount is required for all of the injuries that stem from an accident with your vehicle. There is also an amount of coverage required for any property damage done by the vehicle. All of these amounts are relatively low compared to the coverage required by other states, so you might want to get more than is required.
Get Commercial Insurance
Besides these required commercial insurance types, there are others that might be helpful for your business. Call us at Allen Insurance Agency in Ramseur, NC to talk to an agent.
